The first week of February has been eventful for the economy, with the Bank of England meeting taking center stage and key US and Canadian labor market reports scheduled for release on Friday.
Eurozone:
● At 10:00 a.m. GMT, the Eurozone's inflation report for January was published. The core CPI stayed at 2.7% year-over-year, while the Consumer Price Index rose from 2.4% to 2.5%.
United States:
● At 2:45 p.m. GMT, the US Manufacturing PMI for January was released, showing an increase from 49.4 to 51.2.
● At 3:00 p.m. GMT, the US ISM Manufacturing PMI was published, rising from 49.2 to 50.9.
United States:
● At 3:00 p.m. GMT, the JOLTS job openings report for December was released, showing 7.600 million job openings, down from 8.156 million in the previous period.
Germany:
● At 8:55 a.m. GMT, the services PMI was released, rising from 51.2 to 52.5.
Eurozone:
● At 9:00 a.m. GMT, the Eurozone services PMI was released, dropping from 51.6 to 51.3.
United States:
● At 1:15 p.m. GMT, the ADP Nonfarm Payrolls report was released, showing 183,000 jobs added in January, up from 176,000 previously.
● At 2:45 p.m. GMT, the US Services PMI was published, coming in at 52.9, down from 56.8 the previous month.
● At 3:00 p.m. GMT, the ISM Non-Manufacturing Purchasing Managers' Index decreased from 54.0 to 52.8.
● At 3:30 p.m. GMT, the US Energy Information Administration (EIA) released data on crude oil inventories, which showed an increase of 8.664 million barrels, compared to 3.463 million barrels in the prior period.
Great Britain:
● At 12:00 p.m. GMT, the Bank of England held a meeting and, as anticipated, reduced the key interest rate from 4.75% to 4.50%. The Minutes of the Monetary Policy Committee meeting were also published.
● At 2:15 p.m. GMT, the Governor of the Bank of England Andrew Bailey delivered a speech.
United States:
● At 1:30 p.m. GMT, the weekly report on initial unemployment claims was released, showing 219,000 claims, up from 208,000 in the previous period.
United States:
● At 1:30 p.m. GMT, the US labor market report for January is set to be released. Average hourly earnings are expected to rise by 0.3% month-on-month, matching the previous period. Nonfarm payrolls are forecast to increase by 169,000, down from 265,000 in December. The unemployment rate is anticipated to remain at 4.1%.
Canada:
● At 1:30 p.m. GMT, the Canadian labor market report for January will be published. Employment change is expected to be 25,500, a decrease from 90,900 previously, and the unemployment rate is forecast to rise to 6.8% from 6.7%.
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