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The European Central Bank surprised the market during the last week’s monetary announcement. The bank left the interest rate unchanged. However, the bank didn’t rule out a rate hike in 2022 and announced the end of the asset purchases under the PEPP (Pandemic Emergency Purchase Program). The ECB surprised the markets with the announcement for reduction of the net purchase under their APP (Asset Purchase Program). The bank will reduce the net purchases to €40 billion in Q2, €30 billion in Q3, and €20 billion from October onwards for as long as necessary. This announcement moved the European bonds markets sizeable. The divergence between the FED monetary policy and the ECB is no longer that profound, and the length of the period of that divergence is reducing significantly.
The Bank of England announced an interest rate hike, highly anticipated by the markets. The bank increased the interest rate from 0.25% to 0.50%. The Bank of England signaled that further interest rates increase will be necessary in the coming months. The bank will also reduce the stock of UK government bond purchases, financed by the issuance of central bank reserves, by ceasing to reinvest maturing assets.
Last week the markets also received the latest monetary policy from the Reserve Bank of Australia. The bank left the Australian interest rate unchanged at 0.10%, which was expected. However, the Reserve Bank of Australia announced the end of its QE program. The 275$ billion bond purchase program will end with a final purchase in February the tenth of 2022.
The following data reports will be released in the coming week:
Monday, 07, February 2022
- Japan Foreign Exchange Reserves JAN
- Japan Leading Economic Index Prel DEC
- Japan Coincident Index Prel DEC
- Australia TD-MI Inflation Gauge MoM JAN
- Australia Retail Sales MoM Final DEC
- Australia ANZ Job Advertisements MoM JAN
- China Caixin Services PMI JAN
- China Caixin Composite PMI JAN
- China Foreign Exchange Reserves JAN
- Switzerland Unemployment Rate JAN
- Switzerland Foreign Exchange Reserves JAN
- Germany Industrial Production MoM DEC
- Germany 3-Month Auction
- France Foreign Exchange Reserves JAN
- France 3-Month BTF Auction
- France 12-Month BTF Auction
- France 6-Month BTF Auction
- UK Halifax House Price Index YoY JAN
- UK Halifax House Price Index MoM JAN
- UK BBA Mortgage Rate JAN
- Spain Consumer Confidence JAN
- US Total Vehicle Sales JAN
- US 3-Month Bill Auction
- US 6-Month Bill Auction
- US Consumer Credit Change DEC
Tuesday, 08, February 2022
- Japan Overtime Pay YoY DEC
- Japan Household Spending MoM DEC
- Japan Household Spending YoY DEC
- Japan Average Cash Earnings YoY DEC
- Japan Current Account DEC
- Japan Bank Lending YoY JAN
- Japan Eco Watchers Survey Current JAN
- Japan Eco Watchers Survey Outlook JAN
- Australia NAB Business Confidence JAN
- UK BRC Retail Sales Monitor YoY JAN
- France Balance of Trade DEC
- France Current Account DEC
- France Exports DEC
- France Imports DEC
- Spain Industrial Production YoY DEC
- Italy Retail Sales MoM DEC
- Italy Retail Sales YoY DEC
- Canada Balance of Trade DEC
- Canada Exports DEC
- Canada Imports DEC
- US NFIB Business Optimism Index JAN
- US Balance of Trade DEC
- US Imports DEC
- US Exports DEC
- US Redbook YoY 05/FEB
- US IBD/TIPP Economic Optimism FEB
- US NY Fed Treasury Purchases 22.5 to 30 yrs
- US 3-Year Note Auction
- US API Crude Oil Stock Change 04/FEB
Wednesday, 09, February 2022
- Japan Machine Tool Orders YoY JAN
- Australia Westpac Consumer Confidence Change FEB
- Australia Westpac Consumer Confidence Index FEB
- Germany Balance of Trade DEC
- Germany Imports MoM DEC
- Germany Exports MoM DEC
- Germany Balance of Trad DEC
- Germany Current Account DEC
- Germany 30-Year Bund Auction
- Canada BoC Gov Macklem Speech
- US MBA 30-Year Mortgage Rate 04/FEB
- US MBA Mortgage Applications 04/FEB
- US MBA Mortgage Market Index 04/FEB
- US MBA Mortgage Refinance Index 04/FEB
- US MBA Purchase Index 04/FEB
- US Wholesale Inventories MoM DEC
- US EIA Crude Oil Stocks Change 04/FEB
- US EIA Gasoline Stocks Change 04/FEB
- US EIA Gasoline Production Change 04/FEB
- US EIA Heating Oil Stocks Change 04/FEB
- US EIA Refinery Crude Runs Change 04/FEB
- US EIA Distillate Stocks Change 04/FEB
- US EIA Cushing Crude Oil Stocks Change 04/FEB
- US EIA Distillate Fuel Production Change 04/FEB
- US EIA Crude Oil Imports Change 04/FEB
- US WASDE Report
- US 10-Year Note Auction
Thursday, 10, February 2022
- Japan PPI MoM JAN
- Japan PPI YoY JAN
- Japan Stock Investment by Foreigners 05/FEB
- Japan Foreign Bond Investment 05/FEB
- Australia Building Permits MoM Final DEC
- Australia Private House Approvals MoM Final DEC
- China Vehicle Sales YoY JAN
- China New Yuan Loans JAN
- China Outstanding Loan Growth YoY JAN
- China Total Social Financing JAN
- China M2 Money Supply YoY JAN
- Italy 12-Month BOT Auction
- US Inflation Rate YoY JAN
- US Core Inflation Rate YoY JAN
- US Core Inflation Rate MoM JAN
- US Inflation Rate MoM JAN
- US Initial Jobless Claims 05/FEB
- US Jobless Claims 4-week Average 05/FEB
- US Continuing Jobless Claims 29/JAN
- US EIA Natural Gas Stocks Change 04/FEB
- US NY Fed Treasury Purchases 7 to 10 yrs
- US 8-Week Bill Auction
- US 4-Week Bill Auction
- US 30-Year Bond Auction
- US Monthly Budget Statement JAN
- Canada 5-Year Bond Auction
- New Zealand Business NZ PMI JAN
- New Zealand Electronic Retail Card Spending MoM JAN
- New Zealand Electronic Retail Card Spending YoY JAN
Friday, 11, February 2022
- New Zealand Business Inflation Expectations Q1
- Australia Consumer Inflation Expectations FEB
- Germany Inflation Rate YoY Final JAN
- Germany Inflation Rate MoM Final JAN
- Germany Harmonised Inflation Rate MoM Final JAN
- Germany Harmonised Inflation Rate YoY Final JAN
- UK Balance of Trade DEC
- UK GDP Growth Rate QoQ Prel Q4
- UK GDP Growth Rate YoY Prel Q4
- UK GDP YoY DEC
- UK Industrial Production MoM DEC
- UK Industrial Production YoY DEC
- UK Manufacturing Production YoY DEC
- UK Business Investment QoQ Prel Q4
- UK Business Investment YoY Prel Q4
- UK GDP MoM DEC
- UK GDP 3-Month Avg DEC
- UK Goods Trade Balance DEC
- UK Goods Trade Balance Non-EU DEC
- UK Construction Orders YoY Q4
- UK Manufacturing Production MoM DEC
- UK Construction Output YoY DEC
- UK NIESR Monthly GDP Tracker JAN
- Switzerland Inflation Rate YoY JAN
- Switzerland Inflation Rate MoM JAN
- France IEA Oil Market Report
- Italy 15-Year BTP Auction
- Italy 20-Year BTP Auction
- Italy 3-Year BTP Auction
- Italy 30-Year BTP Auction
- Italy 7-Year BTP Auction
- US Michigan Consumer Sentiment Prel FEB
- US Michigan Current Conditions Prel FEB
- US Michigan 5 Year Inflation Expectations Prel FEB
- US Michigan Consumer Expectations Prel FEB
- US Michigan Inflation Expectations Prel FEB
- US Baker Hughes Total Rig Count 11/FEB
- US Baker Hughes Oil Rig Count 11/FEB
