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.
Wednesday is light on the data front, however markets will be paying close attention to ECB board members speaking today at the European Systematic Risk Board conference to catch comments about potential rake hikes following hawkish comments from Austrian central bank governor Robert Holzmann regarding the possibility of them running parallel to bond purchasing.
French Payrolls (0630 GMT)
French payroll employment is predicted to dampen in Q3 this year to 0.5%, following last quarter’s reading of 1.1%, returning to pre-pandemic levels. Q3’s reading is likely to highlight a substantial drop in employment related to a Summer coronavirus wave.
US Mortgage Applications (1200 GMT)
Mortgage application data is due to come out today, following the previous week’s plunge to -7.2% as interest rates rise and applications to refinance homes dropped.
US JOLTS Job Openings (1500)
Analysts forecast October job openings to have risen to 10469k for October, up from 10438k in September but coming in below July’s record high of 10934k. The persistently high readings this year reflect severe labour shortages across the US, following Friday’s nonfarm payrolls coming in at 210k for November, less than half of the consensus estimate.
Bank of Canada Rate Decision (1500 GMT)
The Bank of Canada will likely highlight strong inflation and Covid variant risks Wednesday and affirm conditions for raising the record low 0.25% interest rate may be in place by April as a growing number of investors doubt policy makers will be able to hold off until July, our Ottawa bureau writes.
Consumer spending is leading economic growth as Governor Tiff Macklem predicted and inflation is coming in well above the central bank's 2% target as projected in an October forecast. The statement due at 10am EST may also offer revised language on the pandemic given the recent emergence of the omicron variant, but that wouldn't alter rate hike bets given a strengthening economic backdrop.
Upcoming speeches of interest today include ECB President Lagarde, ECB VP de Guindos and ECB Executive Board member Schnabel at the Conference of the European Systematic Risk Board.
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.