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Big Week Of Red Flag Releases
G-7 finance ministers and central bank chiefs begin a two-day meeting next Friday in Iqaluit, Canada, a town situated at roughly 60 degrees latitude in the Northwest Territories where the sun sets shortly after 15:00 and the outside temperature is expected to range from minus 20 to minus 26 degrees centigrade or minus 4 to minus 15 degrees Fahrenheit. Blizzard conditions are currently not predicted for February 5-6, but don’t be surprised if that changes.
The week has a bunch of planned central bank meetings, the results of which are likely to run the full spectrum from rate cuts (Romania) to no change in Britain, Euroland, Indonesia, the Czech Republic and Peru and also some rate increases in Australia and Norway, each of which has already begun tightening cycles. The Reserve Bank of Australia will also release its quarterly Monetary Policy Statement.
Being the start of a new month, numerous countries as scheduled to release purchasing manager indices for manufacturing (mostly due Monday) and services on Wednesday. The United States, Japan, South Africa and Britain will be reporting motor vehicle sales.
The January labor force survey (including the unemployment, change in jobs, and hourly earnings) tops a big slate of U.S. data that also includes quarterly productivity and unit labor costs, monthly personal income and spending, pending home sales, private jobs according to ADP, factory orders, chain store sales, consumer credit, and construction spending.
There will also be weekly information on jobless claims, energy inventories, chain store sales, consumer confidence, and mortgage applications. Treasury Secretary Geithner testifies yet again, and Bullard and Warsh of the Federal Reserve will be speaking publicly.
The other particularly large contingent of upcoming data releases belongs to Britain. Full Article...