Weekly Economic Calendar

Weekly Economic
Calendar
Date ET Release For Consensus Prior
Jan 30 8:30 AM Personal Income Dec NA 0.1%
Jan 30 8:30 AM Personal Spending Dec NA 0.1%
Jan 30 8:30 AM PCE Prices – Core Dec NA 0.1%
Jan 31 8:30 AM Employment Cost Index Q4 NA 0.3%
Jan 31 9:00 AM Case-Shiller 20-city Index Nov NA -3.4%
Jan 31 9:45 AM Chicago PMI Jan NA 62.5
Jan 31 10:00 AM Consumer Confidence Jan NA 64.5
Feb 1 7:00 AM MBA Mortgage Index 01/28 NA NA
Feb 1 8:15 AM ADP Employment Change Jan NA 325K
Feb 1 10:00 AM ISM Index Jan NA 53.9
Feb 1 10:00 AM Construction Spending Dec NA 1.2%
Feb 1 10:30 AM Crude Inventories 01/28 NA NA
Feb 1 2:00 PM Auto Sales Jan NA 4.20M
Feb 1 2:00 PM Truck Sales Jan NA 6.04M
Feb 2 7:30 AM Challenger Job Cuts Jan NA 30.6%
Feb 2 8:30 AM Initial Claims 01/28 NA NA
Feb 2 8:30 AM Continuing Claims 01/21 NA NA
Feb 2 8:30 AM Productivity-Prel Q4 NA 2.3%
Feb 2 8:30 AM Unit Labor Costs Q4 NA -2.5%
Feb 3 8:30 AM Nonfarm Payrolls Jan NA 200K
Feb 3 8:30 AM Nonfarm Private Payrolls Jan NA 212K
Feb 3 8:30 AM Unemployment Rate Jan NA 8.5%
Feb 3 8:30 AM Hourly Earnings Jan NA 0.2%
Feb 3 8:30 AM Average Workweek Jan NA 34.4
Feb 3 10:00 AM Factory Orders Dec NA 1.8%
Feb 3 10:00 AM ISM Services Jan NA 52.6
Gold and Silver Commentary
Global Futures
As with crude, gold prices are looking to the US GDP report for direction cues. A pickup in output growth unchecked by the Fed after policymakers clearly lurched to the dovish side of the policy spectrum earlier this week promises to boost inflation expectations, boosting demand for the yellow metal as a store-of-value hedge. Needless to say, a disappointing outcome would reverse this dynamic, weighing on prices. In fact, given gold’s already considerable advance over the last two days, a print squarely in line with expectations may also produce a bit of corrective downside amid profit-taking.
Crude Oil Commentary
Global Futures
The spotlight has turned to the fourth-quarter US GDP figures into the week-end. Output is expected to expand at an annualized rate of 3 percent in the fourth quarter, marking the best performance since the three months through June 2010. Broadly speaking, a pickup in growth bodes well for the WTI contract in terms of an improved demand outlook, although crude’s relatively mute price action over recent session casts doubt on the outcome’s market-moving potential.
Forex Commentary
Global Futures
It appears a new trend has emerged, one that is indicative of a top forming across higher yielding currencies and risk-correlated assets. After the U.S. session has closed, there has been a slight sell-off, culminating in a bottom being put towards the end of Asian trading, with new highs set in afternoon trading in New York. Today, however, the script has been flipped: markets topped in European trading and moved lower ahead of trading in New York. That’s to say that during the more liquid trading hours; market participants have bid higher lower yielding and safer assets.
Fundamental Analysis:
Global Futures
Fitch took ratings actions on six Euro-zone sovereigns today, resulting in downgrades of five nations. The downgrades follow the Rating Watch Negative (RWN) placed on the six nations, Spain, Belgium, Italy, Slovenia, Cyprus and Ireland, on December 16, 2011.

Despite the sovereign credit downgrades, the Euro remained to climb against the U.S. dollar. The U.S. dollar remains weak, as investors continue to await news on a Greek deal being reached.

Posted in Economic Calendar