Important upcoming events and publications

Important upcoming events and publications for January 31 (GMT):

10:00 Euro area GDP preliminary estimate may have a visible impact on EUR. Economists, on average, are expecting to see the slowdown from 1.6% to 1.2% y/y, which would be the slowest growth from 2014. Until the release of data for the whole Euro-region, indicators for individual countries will be released, which could also trigger EUR volatility. In our view, there are risks of even more rapid deceleration.

13:30 Canada GDP is expected to fall by 0.1% in November to 1.6% y/y. Weaker data can further harm CAD, underlining the economic weakness. At the same time released producer prices index could also affect prices.

13:30 U.S. Initial unemployment claims are in the market focus in the run-up to the release of Friday employment report. A week earlier this figure fell to 199K, which was a very good result. Another portion of the strong data (low claims number) are able to support the USD, tuning markets on healthy employment growth.

See the detailed Economic calendar here