Economic Calendar of The Week - February 9-13, 2015

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This week traders should be closely monitoring the situation in Greece as the EU holds a special meeting on Wednesday to discuss the Greek bailout. Eurozone finance ministers will discuss how to proceed with financial support for Athens at a special session next Wednesday ahead of the first summit of EU leaders with New Greek Prime Minister Alexis Tsipras the following day.
Ministers said no progress was made at a meeting of senior finance ministry officials in Brussels on Thursday because Greece and its Eurozone partners were so far apart. “It was Greece against all others, basically one versus 18,” one official said. Athens’s partners broadly lined up in support of a hardline German document rejecting any rollback of reforms or commitments made by previous Greek governments.
News headlines and speeches this week should keep euro traders on edge. The US dollar rallied on Friday after the better than expected jobs data. On Friday after the release of the NFP comments from Fed members gave indications that the committee might raise interest rates sooner than expected. Conditions are likely to come together that will allow the Federal Reserve to hike short-term interest rates anytime "from June on," said Dennis Lockhart, the president of the Atlanta Fed, on Friday. Comments and speeches this week from Fed members is also likely to keep markets volatile.
Otherwise the main focus will be on the Bank of England's Inflation Report for February, which at least a couple of economists have warned might surprise markets with a slightly more hawkish tone than expected.
In the US, the most important indicators scheduled for release are Thursday's retail sales report for January, followed by the preliminary reading on US consumer sentiment from the University of Michigan on Friday.
Lastly, data on the Eurozone's gross domestic product on Friday is expected to show that the single currency area's economy expanded at a 0.3% quarter-on-quarter clip in the fourth quarter of 2014.

By Barry Norman, Investors Trading Academy

Published 3 years ago

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