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.
Thursday's key data points include German PPI, French Manufacturing and Norway's policy rate decision, followed by final inflation data for the Eurozone and US jobless claims.
German PPI Growth to Stabilise (0700 GMT)
Germany’s producer price growth is seen all but stabilising in December at 0.8% m/m unchanged from November’s 70-year high and 19.3% y/y up slightly from 19.2% y/y in November. The key driving factor pushing up factory gate inflation continues to be surging energy prices, although substantial effects are being felt from persistent supply chain disruptions inflating input costs and low base year effects.
French Manufacturing Sentiment Optimistic (0745 GMT)
French manufacturing sentiment is seen improving by one point to 112 for January, rising for the fourth consecutive month and continuing a streak of optimism above the break-even point since April. January’s reading is likely to reach the highest reading since April 2018.
Norway Policy Rate to Remain Unchanged (0900 GMT)
Norway’s deposit rate is seen remaining at 0.5% following their January meeting, due largely to uncertainties of surging covid cases dampening economic activity once again. Norges Bank last hiked on December 16 by 25bp following a unanimous decision against a backdrop of low unemployment and high capacity utilisation. The period of May 2020 to August 2021 saw Norway cut rates to zero, with the first 25bp hike in September 2021, putting them in the vanguard of developed nation ventral banks tightening.
Eurozone Final Inflation Up Marginally (1000 GMT)
Eurozone final inflation data is forecasted to grow slightly on the year to 5.0% y/y, up from the flash estimate of 4.9% y/y for December. The forecasted monthly reading and core reading are expected to remain in line with the preliminary figures 0.4% m/m and 2.6% y/y respectively.
US Jobless Claims Higher Due to Omicron (1330 GMT)
US initial jobless claims are seen edging lower to 225k for the week ending January 15, following a 23k rise to 230k in the week prior. Last week’s jump was contributable to economic disruptions due to the omicron wave of covid cases, however jobless claims continue to remain below pre-pandemic numbers due to the tight US labour market.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 20/01/2022 | 0700/0800 | ** |  | DE | PPI |
| 20/01/2022 | 0745/0845 | ** |  | FR | Manufacturing Sentiment |
| 20/01/2022 | 0900/1000 | *** |  | NO | Norges Bank Rate Decision |
| 20/01/2022 | 1000/1100 | *** |  | EU | HICP (f) |
| 20/01/2022 | 1100/0600 | * |  | TR | Turkey Benchmark Rate |
| 20/01/2022 | 1230/1330 | | EU | ECB publishes Dec meet accounts | |
| 20/01/2022 | 1330/0830 | ** |  | US | Jobless Claims |
| 20/01/2022 | 1330/0830 | ** | | US | Philadelphia Fed Manufacturing Index |
| 20/01/2022 | 1330/0830 | ** | | US | WASDE Weekly Import/Export |
| 20/01/2022 | 1500/1000 | *** | | US | NAR existing home sales |
| 20/01/2022 | 1530/1030 | ** | | US | Natural Gas Stocks |
| 20/01/2022 | 1600/1100 | ** | | US | DOE weekly crude oil stocks |
| 20/01/2022 | 1630/1130 | * | | US | US Bill 08 Week Treasury Auction Result |
| 20/01/2022 | 1630/1130 | ** | | US | US Bill 04 Week Treasury Auction Result |
| 20/01/2022 | 1800/1300 | ** | | US | US Treasury Auction Result for TIPS 10 Year Note |
| 21/01/2022 | 2330/0830 | *** |  | JP | CPI |
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.