- The USD has been supported on dips so far today, with only yen up in the G10 space (on further BoJ tightening speculation). The A$ is lower despite an earlier jobs beat. Tsy Secretary nominee Bessent is expected to highlight the USD's global status as important for the US economy.
- US Tsys have been relatively steady, holding Wednesday gains. JGB futures remain stronger and at session highs, +35 compared to settlement levels.
- China interbank liquidity remains tight despite recent PBoC support. The BoK left rates on hold, despite widespread expectations of a cut. FX volatility was cited as a factor.
- Later we get UK data, including monthly GDP, while in the US initial jobless claims, retail sales and Philly Fed survey print.
MARKETS
US TSYS: Tsys Hold Onto Overnight Gains, Jobless Claims & Retail Sales Later
- Tsys futures are trading slightly lower after last nights rally, ranges have been narrow and we hold near the overnight highs, while volumes are slightly below recent averages. TU is -01 at 102-23⅛, while TY is -02+ at 108-08.
- Earlier this morning there was a large block seller of TY at 108-09+ for a DV01 of $545k, while overnight In treasury options, continued demand for upside hedges for 10yr notes was seen via a large buyer of March 109.00 calls, which followed heavy buying of the 108.50 calls on Monday; the trades anticipate 10yr yield falling to 4.55% and 4.6% respectively
- Cash tsys curves have flattened slightly today, with yields +/-1bps. The 2yr is +1bps at 4.274% vs 4.255% low made overnight, while the 10yr is +0.2bps at 4.655%. The 2s10s is 0.5bps lower at 37.875 after reaching a high of 42.568 on Tuesday, its steepest levels since June 2022
- Projected rate cuts through mid-2025 moved forward on the calendar with July now fully pricing in a 25bp cut. Current vs. this morning levels* as follows: Jan'25 steady at -0.7bp, Mar'25 at -7.4bp (-4.9bp), May'25 -12.8bp (-10.3bp), Jun'25 -22.2bp (-17.7bp), Jul'25 at -25.7bp (-21.7bp).
- Across the APAC region, BOK kept rates on hold which was against consensus, the market was expecting a 25bps cut, while BoJ officials see a good chance at a rate hike next week, the market currently pricing in about an 85% chance of a 25bps hike.
- A busy data session later with Weekly Jobless Claims, Retail Sales, Import/Export Indexes and regional Fed services and business outlooks all at 0830ET. Business Inventories and NAHB Housing Market Index at 1000ET. No scheduled Fed speakers as yet - Fed enters Blackout period Friday at midnight.
JGBS: Bull-Flattener After Strong 20Y Auction, 82% Chance Of BoJ Hike Next Week
JGB futures remain stronger and at session highs, +35 compared to settlement levels.
- “Nomura analysts bring forward their call for the next BoJ rate hike to January from March, as recent comments suggest it is more confident about factors likely to influence the decision. Citing a BoJ branch managers meeting and speech by Deputy Gov. Himino, the analysts think the BoJ will conclude there is less uncertainty about wage hikes in Japan and US policy.” (per Dow Jones)
- OIS market expectations currently indicate: an 82% probability of a 25bp hike in January; a cumulative 92% chance by May; and a full 25bp increase fully priced in by May 2025.
- Cash US tsys are 1bp cheaper to 1bp richer, with a flattening bias, in today’s Asia-Pac session. Weekly Jobless Claims and Retail Sales highlight today’s US calendar.
- Cash JGBs have bull-flattened following the strong 20-year auction, with benchmark yields 1-5bps richer. The benchmark 20-year yield is 4.8bps lower at 1.972%.
- Notably, today’s 20-year JGB auction featured an outright yield at a cycle high, 10–15bps above last month’s auction.
- Swap rates are flat to 2bps higher, with swap spreads wider.
- Tomorrow, the local calendar will see International Investment Flow data.
JAPAN DATA: Dec PPI Close To Expectations, Import Price Measure Up 1% Y/Y
Japan's PPI for Dec was close to expectations, rising 0.3%m/m, against a 0.4% forecast and 0.3% prior. In y/y terms, we were unchanged at 3.8%, which was in line with market expectations.
- The chart below plots the PPI (white line) against headline nationwide CPI. Whilst the rate ascent in the PPI has slowed in y/y terms, it is still consistent with headline inflation holding around 2% or a little higher.
- In terms of the detail, in m/m terms the biggest rise was seen in petrol, coal, up 1.2%. Most other sub-categories were either modestly down or close to flat. Manufacturing rose 0.1%.
- A measure of import prices rose 1.0%y/y (although was down in the month), ending a recent run of negative y/y outcomes. This is in line with USD/JPY y/y changes turning positive through Q4 of 2024.
Fig 1: Japan PPI Versus Headline CPI Y/Y
Source: MNI - Market News/Bloomberg
AUSSIE BONDS: Sharply Richer Despite Jobs Beat, US Claims & Retail Sales Due
ACGBs (YM +9.0 & XM +11.0) remain sharply richer despite today’s stronger-than-expected December Employment Report.
- Employment growth exceeded expectations, with a net increase of +56.3k jobs. However, the gain was entirely driven by part-time employment (+80k), while full-time jobs declined by -23.7k. The unemployment rate ticked up to 4.0%, aligning with forecasts.
- Economists say there is no urgency for the RBA to deliver a pre-election cash rate cut in February after a bumper jobs report showed the labour market continued to defy expectations of a looming slowdown. (See AFR link)
- Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s strong post-CPI rally. Weekly Jobless Claims and Retail Sales highlight today’s US calendar.
- Cash ACGBs are 8-11bps richer with the AU-US 10-year yield differential at -14bps.
- Swap rates are 7-9bps lower.
- The bills strip has bull-flattened, with pricing +1 to +10.
- RBA-dated OIS pricing is flat to 8bps softer across meetings today, with late 2025 leading. A 25bp rate cut is fully priced for April (106%), with the probability of a February cut at 69% (based on an effective cash rate of 4.34%).
- Tomorrow, the local calendar is empty apart from the AOFM's planned sale of A$700mn of the 2.75% 21 November 2027 bond.
BONDS: NZGBS: Richer But Off Bests, May-41 Auction Sees Strong Demand
NZGBs closed with a bull-flattening bias, as benchmark yields fell 7–10bps. However, yields ended 2–4bps off their intraday lows, with the 2-year bond showing the largest deviation from its best levels.
- NZGBs underperformed their $-bloc counterparts, with the NZ-US and NZ-AU 10-year yield differentials widening by 1–2bps.
- The NZ Treasury’s sale of May 2041 bonds recorded the highest bid-to-cover ratio since the security's launch in 2020, climbing to 5.25 from 3.61 at November's auction. This improvement followed the recent rise in its yield, boosting investor interest.
- Monthly price indicators released today suggest NZ inflation remains contained, even as there are signs that price momentum may have bottomed out. Nevertheless, the data indicates potential downside risks to the RBNZ’s inflation projections.
- Swap rates closed 4-7bps lower, with the 2s10s curve flatter.
- RBNZ-dated OIS pricing closed 1–5bps softer across meetings today, with late 2025 leading the decline. 47bps of easing is priced for February, with a cumulative 108bps by November 2025.
- Despite today’s softness, ois pricing remains 4–25bps firmer compared to pre-US Payrolls levels last Friday.
- Tomorrow, the local calendar will see the BusinessNZ Manufacturing PMI.
STIR: RBNZ Dated OIS Softer Today But Still Firmer Than Friday
RBNZ-dated OIS pricing is 1–5bps softer across meetings today, with late 2025 leading the decline.
- 47bps of easing is priced for February, with a cumulative 107bps by November 2025.
- Despite today’s softness, pricing remains 4–24bps firmer compared to pre-US Payrolls levels last Friday. Notably, the expected OCR for November has firmed by 24bps since Friday’s close.
- This week’s firming was primarily driven by the Q4 NZIER Business Opinion Survey (QSBO). To sum up, the QSBO survey showed that a net 16% of businesses expect the economy to improve, vs 1% expecting it to get worse in Q3. This was the first positive outlook since Q2 2021. After seasonal adjustment, a net 9% of businesses expect the economy to improve, vs a revised 4% expecting deterioration in Q3.
Figure 1: RBNZ Dated OIS Today vs. Friday’s Close (%)
Source: MNI – Market News / Bloomberg
FOREX: USD Pares Early Losses, USD/JPY Back Above 156.00, A$ Down To 0.6200
The USD has steadily recovered from early weakness, with the USD BBDXY index pushing back above 1312.45 in latest dealings (earlier lows were just under 1310).
- Yen is the only currency that has rallied against the USD so far today, although gains have been pared. USD/JPY sits near 156.10 currently, up around 0.25% in yen terms. Earlier lows in the pair were at 155.21, which came after BBG headlines crossed that the BoJ sees a good chance to hike rates next week absent a US shock (likely caused by new policies from the Trump administration) (per BBG sources).
- BoJ hike odds sit above 80% for the Jan meeting, but down from intra-session highs. Earlier Japan PPI data was close to expectations, rising 3.8%.
- AUD/USD got close to 0.6250 earlier, after Dec jobs data comfortably beat expectations. Still, the detail showed all of the jobs created were part time (with full time falling), while the unemployment rate edged up to 4.0% as forecast. AUD/USD is back to 0.6200 currently, off 0.45% versus end NY Wednesday levels.
- NZD/USD has been dragged lower as well, last near 0.5600/05, but is only off around 0.25% at this stage. GBP/USD is off by a similar amount, last near 1.2210/15, while EUR/USD is little changed near 1.0285.
- In the cross asset space, US equity futures have lost a little ground, while regional equities have seen tech sensitive plays gain, but more modest gains elsewhere. US yields are up a touch, but haven't shown strong trends.
- Later we get UK data, including monthly GDP, while in the US initial jobless claims, retail sales and Philly Fed survey.
EQUITIES: HSI Bounces Off 200-Day EMA, Put/Call Ratio Shows Index Oversold
- The Hang Seng Index is extending its rally this week, supported by optimism from strong US bank profits and a benign CPI report. A short squeeze in Hang Seng futures, coupled with the cash index rebounding off the 200-day EMA, reflects improving investor sentiment.
- The HS Put/Call ratio remains at extreme levels, suggesting that the index is at oversold levels.
- Options expiring Jan 27 suggest traders see the HSI pushing higher over the coming two weeks, with the most common expiry being the 22,000 strike, suggesting a 13.12% upside.
- Hong Kong equities are rallying despite news of potential tax hikes on top earners, a stark contrast to last year's market reaction, thanks to China’s supportive measures for markets.
Chart. Hang Seng vs 200-day EMA vs HS Put/Call Ratio
ASIA STOCKS: Asian Equities Rally Following Cooling US CPI Data
Asian stocks extended gains for a third day, supported by cooling US core inflation, which renewed expectations for Federal Reserve easing this year. The MSCI Asia Pacific Index climbed 1.2% at one point, it trades 0.90% now, the yen strengthened on reports of a potential Bank of Japan rate hike next week. US inflation data showed core CPI rising 0.2% in December, its slowest pace in six months, bolstering investor confidence. Fed officials acknowledged progress on disinflation but emphasized the 2% target remains distant. Swap traders now fully price in a Fed rate cut by July.
- Taiwan equities are leading gains as TSMC rallied 4.60% on optimism ahead of its quarterly results due out today. The TAIEX is 2.75% higher.
- South Korea's Kospi rose 1.1%, despite the central bank surprising the market and keeping rates unchanged.
- Japan's Nikkei is trading 0.30%, while the TOPIX is unchanged, even as reports suggested the Bank of Japan may hike rates soon with the market now pricing in 88% chance of a hike in Jan and 94% for March.
- Hong Kong stocks advanced with the HSI +0.80%, while China mainland equities are unchanged to slightly higher, supported by tech and home appliance shares, while RedNote-related stocks extended their rally amid potential TikTok bans.
- Australia's ASX200 is 1.40% higher, after Financials rallied after US lenders reported strong full-year results and notched their second-most profitable year ever in 2024.
- Key upcoming events include ECB meeting minutes, US jobless claims and retail sales data, China’s GDP, and Eurozone CPI.
ASIA STOCKS: Foreign Investors Continue To Sell Taiwan Equities
Foreign investors continue dumping Taiwanese equities, every region now has negative ytd flows
- South Korea: Recorded outflows of -$84m yesterday, contributing to a 5-day total of -$437m. YTD flows are flat at -$84m. The 5-day average is -$87m, worse than the 20-day average of -$55m and the 100-day average of -$157m.
- Taiwan: Experienced outflows of -$959m yesterday, resulting in a 5-day total of -$4.33b. YTD flows are negative at -$3.53b. The 5-day average is -$866m, significantly worse than the 20-day average of -$245m and the 100-day average of -$139m.
- India: Posted outflows of -$897m Tuesday, contributing to a 5-day total of -$2.81b. YTD flows are negative at -$3.52b. The 5-day average is -$562m, worse than the 20-day average of -$269m and the 100-day average of -$59m.
- Indonesia: Registered inflows of +$36m yesterday, with the 5-day total at -$36m. YTD flows are negative at -$207m. The 5-day average is -$7m, slightly better than the 20-day average of -$25m, but worse than the 100-day average of +$5m.
- Thailand: Recorded outflows of -$28m yesterday, resulting in a 5-day total of -$183m. YTD flows are negative at -$150m. The 5-day average is -$37m, worse than the 20-day average of -$10m and the 100-day average of -$7m.
- Malaysia: Posted outflows of -$73m yesterday, contributing to a 5-day total of -$251m. YTD flows are negative at -$334m. The 5-day average is -$50m, worse than the 20-day average of -$28m and the 100-day average of -$16m.
- Philippines: Recorded outflows of -$9m yesterday, resulting in a 5-day total of -$39m. YTD flows are negative at -$61m. The 5-day average is -$8m, worse than the 20-day average of -$7m but equal to the 100-day average of $0m.
Table 1: EM Asia Equity Flows
OIL: After Yesterday’s Surge, Oil Calm with Eyes on Middle East.
- The US has upped the ante on Russia with the most aggressive use of sanctions as outgoing President Biden looks to leave a mark on the outlook for Ukraine.
- The US has targeted known Russian firms that handle more than 20% of Russian exports as well as insurers and market traders in a bid to halt Russian oil deliveries to key ports.
- The Biden administration is seeking to disrupt the Russian oil supply chain with key buyers like India suggesting that they may no longer buy Russian shipments.
- Whilst the sanctions may take some time to be fully in place, there is clear evidence that shipments are idling at sea as ports in China as port owners are now wary of taking Russian deliveries.
- The International Energy Agency has revised down its forecast for the surplus of oil to 725,000 from 950,000 citing new sanctions from the US, in its monthly report.
- This decline in expected output could result in more supply coming on line by those providers currently on hold as prices have halted their increase.
- Crude inventories have been falling and are down now for eight consecutive weeks.
- Oil prices surged yesterday having spent the early part of the trading day doing very little, WTI hit a low of US$77.24 before surging to $80.77 before closing at $80.04.
- On a low volume trading day a late morning surge in prices quickly evaporated to see WTI at $80.30 into the close.
- Brent followed a similar pattern, hitting a low of US$79.62 before closing at $82.03.
- Brent too had a mid morning surge up to $82.57, before backing off into the Asia afternoon to be at a $82.25
- The day ahead will see markets continue to digest the news and impact of the Russian sanctions as well as news of a ceasefire in the Gaza conflict and its potential ramifications for Middle East tensions.
GOLD: US Inflation Data Gives Gold a Boost.
- The US consumer price index rose less than forecast giving bonds and gold a reason to rally overnight.
- The core CPI rose just +0.2%, having languished at +0.03% for four consecutive months.
- Whilst the CPI print may not predicate a cut in January (following recent stronger than expected jobs data), it does re-ignite the discussion as to rate cuts for the year ahead.
- Gold got a boost on the CPI print, having fallen to US$2,669.44 during the trading day to close at $2,696.32.
- Having peaked in late October as interest rate cut expectations grew, gold given back some of those gains and today’s moves takes bullion back to levels of mid-December.
- UBS has released a report yesterday forecasting gold to reach US$2,850 by year end on trade and geopolitical uncertainties driving investors into the safe haven asset.
CHINA: Liquidity Crunch in China’s Interbank, No Easy Solutions
- A sharp funding squeeze for China’s domestic banks is pushing short term funding rates to extreme levels with the 7-day interbank pledged repo index rising to the highest it has been in over a year.
- Yesterday, as markets headed into the close, the CCDC delayed clearing by ten minutes as settlement failures wreaked havoc in the interbank market with the increase in borrowing costs.
- Yesterday’s open market operations saw net CNY954bn injected in what appeared to be a straightforward injection leading into the Lunar New Year period, according to local media.
- However the reality is that funding is very challenging at present for banks as retail investors prefer to park their cash in the bond market, in lieu of bank deposits.
- The PBOC in recent weeks has been defending the currency arguably at a time when it could have been softening the pressures in the interbank market.
- This week’s funding squeeze is a potential early warning that yesterday’s large injection may need to be the first of many as Lunar New Year, Tax Time and bond demand withdraws cash from the system.
- The rise in the interbank rate prompted officials to recognize that currency stability is not their only priority and at a press conference late on Tuesday indicated that: ‘ their goal was to keep the currency stable, whilst taking steps to maintain liquidity in they system.’
- Some market commentators are suggesting that as liquidity and funding pressures are rising so rapidly into the holidays, the PBOC may be forced to cut the RRR in the near term as a measure to support the liquidity in the system. Onshore media commentary has noted that recent liquidity injections are the equivalent of a 0.5ppt RRR cut.
- Whilst this appears to be an easy fix, it could fuel further investment into a very hot bond market creating bubbles - something that the Central Bank would appear unlikely to want.
- Easier policy settings may bias the yuan softer, all else equal, highlighting the difficult policy juggling act the authorities have at the moment. xx
SOUTH KOREA: BOK on Hold but Only for Now.
- The BOK surprised the market by remaining on hold, in the face of the political uncertainty that remains in the country.
- With one voting member calling for a rate cut, Governor Rhee noted that all six voting members are open to rate cuts in the coming months and that downside potential exists for economic growth.
- Rhee pointed out that that currency is weaker than necessary and that unsurprisingly the exchange rate volatility has increased due to the political situation, but it is likely to ease.
- He also confirmed that the BOK has conducted measures to seek to stabilize the currency.
- Rhee indicated that the BOK is waiting to have an understanding of Trump’s policy and how it will impact that pace of easing for the BOK but stated clearly that the Central Bank is in an easing cycle and that the cycle is to continue for some time.
- Rhee noted that the potential for rating downgrade by the credit ratings agency is a key risk at present.
- He also noted that GDP growth may be +0.2% or lower – potentially giving a heads up prior to the GDP release next week.
- Governor Rhee also shared concerns for a potential rise in inflation going forward.
- The market remains balanced in their view on rates in Korea with 45 bps in cuts priced in for 1 year, and only 11bps of cuts for 3 months.
- The risk for the market is that the BOK cuts more aggressively than is currently factored in based on the comments from the Governor today.
- Bonds have rallied today with the 3YR Government bond down in yield by 5bps, though likely this is more to do with the overnight move from the US.
- The Korean 3YR future is +0.25 higher and the 10YR +.93 higher in price.
- There is no significant data releases tomorrow in Korea with next week seeing PPI, first 20 days Exports and Imports, Consumer Confidence and GDP.
INDIA: Country Wrap: RBI Must Avoid Excessive FX Intervention.
- India’s central bank must avoid excessive intervention in the foreign exchange market and allow companies to adjust to volatility, according to a former central bank chief. (source: BBG).
- Short-Term Rates at 10-Month High on Tight Cash (source: BBG).
- The Indian central bank has decided to conduct Variable Rate Repo, or VRR, auctions on all working days after a review of the current and evolving liquidity conditions, according to a statement on RBI website. (source: BBG).
- India’s NIFTY 50 was up on early trading by +0.4% to mark a third successive positive day.
- INR: the rupee was weaker today by -0.145% at 86.48
- Bonds: India’s 10YR opened strongly at 6.77% following yesterday’s close of 6.81%.
ASIA FX: USD/CNH Steady Ahead of Dec Data Tomorrow, USD/KRW Rebounds On Dovish BoK Hold
In North East Asia, CNH has remained steady, while the won has given up gains following BoK's surprise on hold outcome. USD/TWD is back sub 33.00, likely seeing some benefit from the onshore tech led equity bounce.
- USD/CNH has been very steady, largely ignoring broader USD trends. Spot was last close to 7.3480, little changed for the session. Onshore spot remains above 7.3300. The CNY fixing was steady, while onshore equities are up a touch. Tomorrow we get monthly Dec activity, along with house prices. The bounce in services PMIs for Dec points to better China retail sales. Focus will also be on housing momentum and signs of stabilization in activity metrics. Q4 GDP also prints.
- The BoK surprised the market, keeping rates on hold. FX stability is a key focus point given onshore political turmoil BoK Governor Rhee noted. Spot USD/KRW saw some downside post the decision, getting to lows 1449.70, but sits higher now, last near 1456/57, little changed for the session. The tone from Governor Rhee's press conference was that further policy was coming, which all board members agreed on this as well. This, along with broader stability in USD sentiment, helped lift USD/KRW higher. Rhee also highlighted the downside risks to economic growth
- Spot USD/TWD is back sub 33.00, with the +2.35% bounce in local equities likely helping sentiment. Local equity outflows have been large this past week, but with TSMC earnings coming up, sentiment could stabilize.
ASIA FX: In SEA, USD/Asia Pairs Up From Lows, IDR A Laggard On BI Cut
Some SEA currencies are firmer, following USD softness post the US core CPI miss on Wednesday. We are mostly up from session lows though from a USD/Asia standpoint. IDR is the clear exception which has weakened following yesterday's surprise rate cut.
- USD/IDR spot sits at 16375 in latest dealings, just off session highs. Upside focus will rest on a test of the 16400 level, last seen in June 2024. BI's abrupt shift to focus on growth (as opposed to FX stability) has seen some sell-side forecasters revise up their USD/IDR forecasts. Still, BI comments crossed the wires earlier noting that the rupiah's depreciation remains under control (per RTRS). This suggests some comfort with further depreciation.
- USD/THB got to lows of 34.48, but sits slightly higher in latest dealings, last near 34.58, still up 0.40% for the session. Recent ranges have held in the pair.
- USD/PHP is near 58.45/50, up around 0.20% in PHP terms. Likewise this pair is respecting recent ranges. MYR has been very steady, last just under 4.5000.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 16/01/2025 | 0700/0700 | ** |  GB | UK Monthly GDP |
| 16/01/2025 | 0700/0700 | ** | GB | Trade Balance |
| 16/01/2025 | 0700/0700 | ** | GB | Index of Services |
| 16/01/2025 | 0700/0800 | *** |  DE | HICP (f) |
| 16/01/2025 | 0700/0700 | *** | GB | Index of Production |
| 16/01/2025 | 0700/0700 | ** | GB | Output in the Construction Industry |
| 16/01/2025 | 0900/1000 | ** |  IT | Italy Final HICP |
| 16/01/2025 | 1000/1100 | * |  EU | Trade Balance |
| 16/01/2025 | 1230/1330 | EU | Account of Dec 2024 ECB Monetary Policy Meeting | |
| 16/01/2025 | 1315/0815 | ** |  CA | CMHC Housing Starts |
| 16/01/2025 | 1330/0830 | *** |  US | Jobless Claims |
| 16/01/2025 | 1330/0830 | ** | US | WASDE Weekly Import/Export |
| 16/01/2025 | 1330/0830 | *** | US | Retail Sales |
| 16/01/2025 | 1330/0830 | ** | US | Import/Export Price Index |
| 16/01/2025 | 1330/0830 | ** | US | Philadelphia Fed Manufacturing Index |
| 16/01/2025 | 1500/1000 | * | US | Business Inventories |
| 16/01/2025 | 1500/1000 | ** | US | NAHB Home Builder Index |
| 16/01/2025 | 1530/1030 | ** | US | Natural Gas Stocks |
| 16/01/2025 | 1630/1130 | ** | US | US Bill 04 Week Treasury Auction Result |
| 16/01/2025 | 1630/1130 | * | US | US Bill 08 Week Treasury Auction Result |
| 16/01/2025 | 1730/1230 | CA | BOC Deputy Gravelle speech to women in markets group. | |
| 17/01/2025 | 0200/1000 | *** |  CN | Fixed-Asset Investment |
| 17/01/2025 | 0200/1000 | *** | CN | Retail Sales |
| 17/01/2025 | 0200/1000 | *** | CN | Industrial Output |
| 17/01/2025 | 0200/1000 | *** | CN | GDP |
| 17/01/2025 | 0200/1000 | ** | CN | Surveyed Unemployment Rate M/M |
| 17/01/2025 | 0700/0700 | *** | GB | Retail Sales |
| 17/01/2025 | 0900/1000 | ** | EU | EZ Current Account |
| 17/01/2025 | 1000/1100 | *** | EU | HICP (f) |
| 17/01/2025 | 1100/1200 | EU | ECB's Cipollone lecture at Crypto Asset Lab conference | |
| 17/01/2025 | 1330/0830 | * | CA | International Canadian Transaction in Securities |
| 17/01/2025 | 1330/0830 | *** | US | Housing Starts |
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