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.
The calendar remains quiet Thursday, with the only data scheduled in Europe the release of EZ flash consumer confidence at 1500GMT. In the US the main publications to look out for include initial jobless claims and the Philadelphia Fed manufacturing index, both due at 1330GMT.
EZ flash consumer confidence forecast to improve
Consumer confidence in the Eurozone remained subdued throughout the pandemic with small improvements seen during the summer in 2020. The indicator fell to -15.5 in January after rising to -13.8 in December. In February markets expect flash consumer confidence to change only marginally and improve to -15.0. Most countries in Europe still have strict restrictions in place and the vaccination program saw a slow start which bodes ill with consumer sentiment.
US Weekly Jobless Claims seen improving
Initial unemployment insurance claims filed through February 13 should continue to improve, with Bloomberg forecasting a decline to 760,000 from 793,000 through February 6. Continuing claims eased to 4,545,000 in the week ending January 30, while the insured unemployment rate registered at 3.2%.
Source: U.S. Department of Labor
Philadelphia Fed Manufacturing index expected to edge lower
The index for current activity of the Philadelphia Fed business outlook survey is expected to drop to 20.0 in February after rising sharply to 26.5 in January. The current conditions indicators in the survey rose markedly and all of them remained positive for the eighth consecutive month. Moreover, the future indices remained positive as well, as firms expect growth in the next six months. Similar survey evidence signals an upside risk. The Empire State Manufacturing index surprised in February when it rose to 12.1, its highest level in several months.
The main events to look out for include speeches by BOE's Michael Saunders, Fed's Lael Brainard, Atlanta Fed's Raphael Bostic and ECB's Isabel Schnabel.
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.