In Euroland we have a full calendar for the week to come. The main
release is Q4 GDP figures for Euroland, Germany and France on Tuesday.
On Tuesday we expect the US retail sales report for January to
surprise positively. On Wednesday the Minutes from January's FOMC
meeting will give some indication how far the new found unity in the
FOMC goes. Further look out for housing data, local confidence surveys
from New York and Philadelphia Fed and core CPI during the following
part of the week.
There are two vital events in the UK; the CPI release on Tuesday and
Bank of England's Inflation Report on Wednesday.
Also look out for the release of Chinese consumer prices, which are
expected to have risen quick reflecting seasonal distortions from the
Chinese New Year holiday.
France chairs G20 in 2011 and will host the first G20 finance minister
meeting on 18-19 February in Paris.
*Global Update*
It's been a very cool week on the data front in the US, but overall
data continued to give more reason for optimism regarding the
sustainability of the recovery.
The main focus this week remained on the ongoing riots in Egypt. The
Egyptian President Mubarak clung on to power as he announced a
transfer of power to his vice president in a speech Thursday night,
but retained his title.
Fed chairman Ben Bernanke repeated his dovish tone at his testimony
for the housing committee this week. Although sounding a bit more
positive on the employment outlook he reiterated that unemployment is
still very high and far from Fed's target of full employment.
*Full Report in PDF*
Source: ActionForex.Com
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