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Today event risks are moderate across board. Focus is on employment report from Canada.
Data released so far -
- Japan - Industrial production improved in January by 3.7% mom however deteriorated by -2.8% on yearly basis.
- Germany - Wholesale price index came at 0.5% increase mom but still down by -2.1% on yearly basis. Yesterday CPI data showed inflation moved to positive territory.
Upcoming -
- Italy - Consumer price index to be released at 9:00 GMT. Positive inflation could provide some support for Euro but downside pressure to persist overall.
- India - Trade valance data might be released at 11:300 GMT.
- Canada - Employment data to be published at 12:30 GMT. Current unemployment rate is 6.6% and is expected to rise to 6.7% in today's report. Last month 35,400 people joined payroll and the number is expected to fall by 5000 in today's report.
- US - Two important sets of data to be released today but may not be market moving from intraday perspective. Producer price index (PPI) to be released at 12:30. After months of positive print there was no increase in January. Today's expectation is in similar line. However strong gain in producer prices despite fall in energy price will provide fuel for USD bulls. Michigan consumer sentiment to be released at 13:55 GMT.
