Compared to the rest of the week, today is a relatively quiet day on the announcement front. However, that doesn’t mean that what is announced today is any less important.

Headlining proceedings are speeches to be given by ECB (European Central Bank) President Mario Draghi, UK MPC (Monetary Policy Committee) Deputy Governor Ben Broadbent and US FOMC (Federal Open Market Committee) Member Stanley Fischer. While these aren’t speeches being given at interest rate meetings, they are important as they are people that have influence on the markets by what they say, as sometimes they give hints on the direction of their respective central bank policy. These speeches are set to be given early

On the announcement front, most of the activity is coming from Europe and the US. From Europe, we have the Italian Trade Balance as well as the European CPI and Final Core CPI. The trade balance is important as it shows the strength of trade in Italy. The CPI figures are important as they reflect consumer confidence in Europe.

From the US, the Capacity Utilisation Rate, Industrial Production and Empire State Manufacturing Index are all being released. The capacity utilisation rate is important as it reflects workforce productivity. The industrial production and manufacturing index is important as it gives us an indication of the relative strength of both sectors in the world’s largest economy.