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The Federal Reserve and the art of navigating a soft landing ... when economic data sends mixed signals 
Think the RBA will lift rates on Melbourne Cup day? Don't bet your house on it 
Lots of economic data and events scheduled for today, and some with high volatility risks associated.
Data released so far:
- Japan: Nikkei manufacturing PMI rose to 54.8 in January.
- Australia: Building permits declined 20 percent in December, down 5.5 percent from a year ago. In the fourth quarter, import price 2 percent, while export price rose by 2.8 percent.
- China: Caixin manufacturing PMI came at 51.5 in January.
Upcoming:
- Switzerland: SECO consumer climate index will be updated at 6:45 GMT, followed by retail sales report at 8:15 GMT, and SVME PMI report at 8:30 GMT.
- United Kingdom: Nationwide house price report will be released at 7:00 GMT. Markit manufacturing PMI report will be released at 9:30 GMT.
- Spain: Markit manufacturing PMI report will be released at 8:15 GMT.
- Italy: Markit manufacturing PMI report will be released at 8:45 GMT.
- France: Markit manufacturing PMI report will be released at 8:50 GMT.
- Germany: Markit manufacturing PMI report will be released at 8:55 GMT.
- Greece: Markit manufacturing PMI report will be released at 9:00 GMT.
- Eurozone: Markit manufacturing PMI report will be released at 9:00 GMT.
- United States: Challenger jobs report will be released at 12:30 GMT, followed by weekly jobless claims, fourth quarter labor productivity, and labor cost reports at 13:30 GMT. Markit manufacturing PMI report will be released at 14:45 GMT, followed by ISM manufacturing PMI report at 15:00 GMT. EIA will release weekly inventory report at 15:30GMT.
- Canada: January manufacturing report will be released at 14:30 GMT.
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