Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Monday’s key data release is the Eurozone unemployment data for November. This is preceded by the Italian data.
As this data is the November numbers, it can be seen as somewhat stale as it omits the implications of the surging wave of omicron COVID-19 cases in the past six weeks and their effect on the labour market outlook.
Italian Unemployment Continues to Improve (0900 GMT)
Analysts are seeing Italian unemployment improving marginally to 9.3% for November, edging downwards from 9.4% in October 2021. This follows a downwards trend since April 2021 and is in line with late 2011 levels, however high youth unemployment continues to present a key issue for the Italian labour market.
Eurozone Unemployment to Return to Pre-Pandemic Levels for November (1000 GMT)
Eurozone unemployment is forecasted to have improved marginally to 7.2% for November, down from 7.3% in October, bringing Eurozone unemployment in line with pre-pandemic February 2020 levels. This continued recovery follows the downwards trend since July 2020 where government support bolstered job retention. Youth unemployment in the Eurozone follows has been following a similar trajectory and came in at 15.9% on October.
With Friday’s flash Eurozone inflation data beating expectations and hitting euro-era peak of 5.0% y/y, the ECB will be disappointed by relentlessly elevated eurozone inflation encouraging scepticism regarding their insistence on dovishly slow tightening and no hikes this year. December’s unemployment data will be highly relevant as it will shed more light on the recovery of the labour market amidst high inflation and the current surge of covid cases.
There are no key central bank policymaker appearances scheduled for today.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 10/01/2022 | 0830/0930 | ** |  | SE | Private Sector Production |
| 10/01/2022 | 1000/1100 | ** |  | EU | unemployment |
| 10/01/2022 | 1500/1000 | ** |  | US | wholesale trade |
| 10/01/2022 | 1600/1100 | ** | | US | NY Fed survey of consumer expectations |
| 10/01/2022 | 1630/1130 | * | | US | US Treasury Auction Result for 13 Week Bill |
| 10/01/2022 | 1630/1130 | * | | US | US Treasury Auction Result for 26 Week Bill |
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.