Events to Look out for Next Week

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By: Andria Pichidi


  • Eurogroup Meeting
  • US Bank Holiday – US banks will be closed in observance of Presidents’ Day – NYSE, Nasdaq and Bond markets are all fully closed.

Tuesday – 18 February 2020


  • RBA Minutes (AUD, GMT 00:30) – The RBA minutes will provide more insight on the views the Australian Central Bank has about the economy.
  • Average Earnings and Unemployment (GBP, GMT 09:30) – Earnings are expected to have slowed by 3.1% in the last quarter of 2019, while the ILO Unemployment Rate for the 3 months to December is seen steady at 3.8%.
  • ZEW Economic Sentiment (EUR, GMT 10:00) – German Economic Sentiment for February is projected at 15.0 from the 26.7 seen last month, as the current conditions indicator for Germany declines further. The overall Eurozone reading though is expected to rise to 30.0 from 25.6.
  • Trade Balance (JPY, GMT 23:50) – Japanese imports should decrease -15.8% y/y in January, compared to -4.9% in December, in expectation of lower domestic consumption. Overall, the trade balance is expected to have worsened in January.

Wednesday – 19 February 2020


  • Consumer Price Index (GBP, GMT 09:30) – Prices are expected to have eased in January, with overall inflation expected to stand unchanged at 1.3% y/y, and core at 1.5% from 1.4% y/y last month.
  • Consumer Price Index (CAD, GMT 13:30) – Prices are expected to have improved to 0.1% in January following a flat CPI in December. The overall inflation should have expanded in January to a 2.2% y/y, matching December’s reading.
  • FOMC Minutes (USD, GMT 19:00) – The FOMC minutes will provide more insight on the views the FED has about the economy.

Thursday – 20 February 2020


  • Employment Data (AUD, GMT 00:30) – Employment change s.a. is expected to have increased by 31K in Australia in January, compared to 28.9K in December. The unemployment rate is expected to have increased to 5.2%.
  • Retail Sales (GBP, GMT 09:30) – Following the unexpected 0.6% m/m contraction in UK retail sales in December, Retail Sales are expected to grow by 0.6% in January.
  • ECB Monetary Policy Meeting Accounts (EUR, GMT 12:30) –The ECB Monetary Policy Meeting Accounts, similar to the FOMC minutes, provide information with regard to the policymakers’ rationale behind their decisions.
  • National CPI Index (JPY, GMT 23:30) – The Japanese price index should fall to 0.7% on a y/y basis, compared to 0.8% in December.

Friday – 21 February 2020


  • EU PMIs (EUR, GMT 09:00) – Both manufacturing and services February PMIs are expected to have dropped, leaving the composite at 51.0, down from 51.3 in the preliminary release for February. In Germany meanwhile, composite PMI should slow to 50.7 from 51.2.
  • UK Service PMI (GBP, GMT 09:30) – The final services PMI for January was unexpectedly revised up, to 53.9 from 52.9 in the preliminary estimate, and the highest level in 16 months.
  • Consumer Price Index (EUR, GMT 10:00) – CPI inflation is forecasted to hold at 1.4% y/y as seen in January.
  • Retail Sales (CAD, GMT 13:30) – Core Canadian sales are anticipated to have risen by 0.4% m/m in December, compared to 0.2% m/m in November.
  • US PMIs (USD, GMT 14:45) – The Manufacturing PMI is expected to have increased to 52.5 in February, compared to 51.9 in January, while the Services PMI is expected to have slowed to 52.9.
  • Existing Home Sales (USD, GMT 14:45) – We expect a 0.4% rise in existing home sales in January to a 5.560 mln pace, after a rise to 5.540 mln in December. Pending home sales have grown substantially since Q4 of 2018, though we saw a big -4.9% pull-back in December.

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