• Gross Domestic Product (GBP, GMT 07:00) – GDP for Q4 is expected to ease at 0.4% y/y from 1.9% y/y. The new forecasts contained in the updated Monetary Policy Report suggest that the economic downturn will be shorter and shallower than predicted in November. The estimates still show a decline of almost 1% in gross domestic product across five quarters, and activity is set to decline by around 0.5% this year and 0.25% in 2024. Back in November, the projections predicted a -1% contraction this year and next.
• Labour Market Data (CAD, GMT 12:30) – Canada’s unemployment is anticipated higher in January to 5.2% from 5.0%. In December, Canada’s employment rose 104k, while for January it is expected to be seen at just 8K, something that could hint a potential pause of further tightening from BOC. As the bank stated last time “if economic developments evolve broadly in line with the MPR outlook, the Governing Council expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases”.
• Prelim. Michigan Consumer Sentiment (USD, GMT 15:00) – US consumer sentiment edged up to 64.9 in the final January print (was 64.6 preliminary), having risen from the 59.7 in December and the 56.8 in November. The figure was the best since April’s 65.2, while November’s is the lowest since July. The record low of 50.0 was hit in June.

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Andria Pichidi

Market Analyst

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