The key highlights of the past week were the inflation and retail sales reports from major economies. The spotlight was primarily on the US inflation data, along with trends in producer prices and oil inventories.
Monday, however, saw no significant macroeconomic updates.
United States:
● At 1:30 p.m. GMT, the US Producer Prices report for December was released. The Core Producer Price Index (PPI) dropped to 0.0% from 0.2%, while the overall PPI decreased to 0.2% from 0.4%.
Great Britain:
● At 7:00 a.m. GMT, the UK inflation report for December was released. The Consumer Price Index declined from 2.6% to 2.5% year-over-year.
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● At 1:30 p.m. GMT, the US inflation data for December was published. The Core Consumer Price Index decreased from 3.3% to 3.2% year-over-year and from 0.3% to 0.2% month-over-month. Meanwhile, the overall consumer price index rose from 2.7% to 2.9% year-over-year and increased from 0.3% to 0.4% month-over-month.
● At 3:30 p.m. GMT, the weekly US crude oil inventory report from the Energy Information Administration (EIA) was released. Inventories fell by 1.962 million barrels, marking a larger decline compared to the previous decrease of 0.959 million barrels.
Great Britain:
● At 7:00 a.m. GMT, the UK GDP data for November was released. Growth accelerated from -0.1% to 0.1%, falling short of the forecasted 0.2%.
Germany:
● At 7:00 a.m. GMT, Germany's inflation report for December was published. The Consumer Price Index increased from 2.2% to 2.6% year-over-year and from -0.2% to 0.5% month-over-month.
Eurozone:
● At 12:30 p.m. GMT, the minutes from the European Central Bank's monetary policy meeting were released.
United States:
● The US retail sales data for December were published at 1:30 p.m. GMT. The Core Retail Sales Index increased from 0.2% to 0.4%. Overall, retail sales grew by 0.4%, surpassing the previous growth of 0.8%.
● Additionally, at 1:30 p.m. GMT, the weekly report on initial jobless claims in the US was released. The number of claims reached 217,000, exceeding the prior level of 203,000.
● At the same time, the Philadelphia Fed Manufacturing Activity Index for January was announced, showing a significant improvement to 44.3 compared to the previous figure of -10.9.
Great Britain:
● At 7:00 a.m. GMT, the UK retail sales report for December will be released. Retail sales are projected to increase by 4.2% year-over-year, significantly higher than the previous figure of 0.5%. On a month-over-month basis, growth is anticipated to rise from 0.2% to 0.4%.
Eurozone:
● At 10:00 a.m. GMT, the eurozone inflation data for December is set to be published. Core CPI is expected to remain steady at 2.7% year-over-year. Meanwhile, the headline CPI is forecasted to increase from -0.3% to 0.4% month-over-month while holding steady at 2.4% year-over-year.
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