Data from the Eurozone continued to disappoint. However, the final services PMI ticked higher, rising to 51.2 which beat estimates of an unchanged print at 50.8 from the month before.
However, retail sales fell 1.6% on the month in December which was slightly worse than the median estimates of a 1.5% decline.
The UK’s services sector showed that business activity eased to 50.1 on the index, missing estimates of an increase to 51.1.
The economic calendar today starts with the release of Germany’s factory orders report. Factory orders should increase by 0.3% on the month following a 1.0% decline in November 2018. An uptick in the factory orders report could potentially soothe the declines in the euro currency given the downbeat data over the week.
The NY trading session will see the release of Canada’s building permits. Economists forecast that building permits fell 0.9% in December. This following a 2.6% increase the month before.
Later in the day, the Ivey PMI report from Canada is due and is forecast to show a decline in business activity. The Ivey PMI index is expected to slide to 56.4 from 59.7 previously.
The overnight trading session will see the release of New Zealand’s employment figures for the fourth quarter of 2018. Economists forecast that New Zealand’s unemployment rate will rise to 4.1% up from 3.9% in the third quarter. The quarterly employment change should increase by 0.3% marking a slower pace from 1.1% previously.
