WEEKLY HIGH IMPACT NEWS: 13-Jan Fri
13:30 US- Retail Sales
13:30 US- PPI
15:00 US- preliminary University of Michigan
I was not sure what to expect from the Trump press conference Wednesday, but it certainly generated some substantial market volatility. The volatility appeared to stem from disappointment that the President-elect did not come up with statements that were supportive of the equity markets and this saw the USD fall after the markets had set up for a positive outcome.
Thurrsday's calendar is light again in the way of potential market-moving news. U.S. weekly Jobless Claims are always a key release for economists, but markets rarely find anything in the data at current levels to elicit price volatility.
Trump will be inaugurated as President one week from Friday, on January 20.
The top item of the week is retail sales data due on Friday. Next Monday, U.S. markets will be closed for the Martin Luther King Holiday. President-elect Trump will be inaugurated as President one week from Friday, on January 20.
The key event Thursday will be the latest ECB policy meeting. At the last meeting, President Draghi announced that the central bank would extend its bond purchase program to the end of 2017. The central bank will continue to purchase bonds at the current monthly pace of EUR 80 billion until the end of March. From April 2017, net asset purchases will continue at a reduced monthly pace of EUR 60 billion until the end of December 2017. One question some have is will the ECB speed up the tapering of its bond purchases later this year. With the ECB still not having even STARTED to taper, it is premature to expect a new announcement as early as this meeting.
The rest of this week sees a calendar chock full of potentially market-moving events. See calendar above. On Friday, January 20 starting at 11:00 ET, Donald Trump will be inaugurated as U.S. President. His inaugural address will be carefully combed for any items related to economic policy.
The Trump comment that he would use forex as a policy tool would be a new element for the markets. The Trump comments rattled the markets.
The Tuesday Brexit speech by U.K. PM May continues to impact trade.on her plans for Brexit. May said she wanted no "half-in or half-out" agreements. Her goal remains complete political independence from the EU. The GBP remains vulnerable.
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