Focus will be on emerging markets where one of the important battle lines so far has been Turkey's attempt to stabilise its currency. The Turkish central bank has announced an emergency meeting this evening and will announce a decision at 23:00 CET, see Preview: emergency monetary meeting in Turkey , 27 January. The Turkish central bank is expected to finally bite the bullet and hike its overnight lending rate by 200-300bp from currently 7.75% - but this may not necessarily stabilise the lira.
In the data calendar the main event will be preliminary Q4 13 GDP in the UK. We expect GDP to have expanded a solid 0.7% q/q in Q4 after increasing 0.8% q/q in Q3. Bank of England governor Mark Carney is scheduled to speak at 14:15 CET in connection with his first official visit to Scotland.
In the US, durable goods orders, NAHB housing market index and conference board consumer confidence will be released. Durable goods orders should give us an idea of the strength of business investment in late 2013. We expect the December data to be relatively soft, mainly reflecting a pay-back on the very strong November data.
Swedish retail sales and Norwegian industrial confidence are due.
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