What are the primary occasions for right this moment?

The main highlight in the European session was the Switzerland CPI report which came in line with expectations but the Core measure jumped to 1.2% Y/Y. That doesn’t change anything for the SNB anyway. The main highlights will be in the American session with the US PPI and the US Jobless Claims on the agenda. Trump is also expected to announce his reciprocal tariffs today.

13:30 GMT/08:30 ET – US January PPI

The US PPI Y/Y is
expected at 3.2% vs. 3.3% prior, while the M/M figure is seen at 0.3% vs. 0.2%
prior. The Core PPI Y/Y is expected at 3.3% vs. 3.5% prior, while the M/M
reading is seen at 0.3% vs. 0.0% prior. The markets kinda forgave yesterday’s higher than expected CPI due to the “January-effect” and especially because we got some positive tariffs headlines and an upbeat Trump-Putin call. We might see the market fading a potential hotter than expected PPI as well.

13:30 GMT/08:30 ET – US Jobless Claims

The US Jobless
Claims continue to be one of the most important releases to follow every week
as it’s a timelier indicator on the state of the labour market.

Initial
Claims remain inside the 200K-260K range created since 2022, while Continuing Claims continue to hover around
cycle highs although we’ve seen some easing recently.

This week Initial
Claims are expected at 215K vs. 219K prior, while
Continuing Claims are seen at 1880K vs 1886K prior.

Central bank speakers:

• 08:40 GMT – ECB’s Cipollone (dove – voter)
• 09:00 GMT – Fed’s Goolsbee (neutral – voter)
• 17:00 GMT/12:00 ET – ECB’s Nagel (neutral – voter)