Market movers today
The US labour market report for January will be the main market mover. We expect the labour market to have picked up some momentum although the bad weather, which may have had a significant impact on last month's job report, continued throughout most of January. We do not expect the job report to affect the Fed's tapering decision as, in our view, the FOMC is more or less on autopilot. Moreover, the job report for February will be released ahead of the next FOMC meeting.
ECB's Mersch speaks on reviving growth in the euro area. Any elaboration on Draghi's comments at the press conference yesterday will be followed closely.
German industrial production for December is expected to decline but yesterday's modest drop in factory orders together with an upward revision to the November figure imply there is a small upside risk to our forecast.
Moody's may today review Finland's sovereign rating (currently 'Aaa' (stable)), according to the schedule published by the rating agency (see Fixed Income section).
Industrial production data from all Scandi countries are due for release.
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