All three are due to release some vital data later today/tomorrow morning that will give us an indication of the health of all three economies.

Europe is releasing a whole swathe of data, including: German & Italian Prelim GDP, European Flash GDP, French Final CPI, German & Euro ZEW Economic Sentiment and Euro Trade Balance. The GDP figures are crucial as they reflect the growth of the respective economies. CPI is vital as it reflects consumer spending, consumer habits and consumer confidence. The ZEW Economic Sentiment is a gauge of confidence within the economy. Finally, the Trade Balance is simply the difference between the value of imported and exported goods.

The UK is also releasing quite a bit of data. This includes: CPI & Core CPI, PPI (Producer Price Index) Input & Output, RPI (Retail Price Index) and HPI (House Price Index). As with Europe, the CPI figures are important as they reflect consumer spending. This is particularly vital  post-Brexit vote. PPI shows the change in prices paid for raw materials (Input) and the price of goods sold (Output) by manufacturers. This can help indicate the strength of the manufacturing industry. RPI is the change in price of goods and services purchased by consumers for the purpose of consumption. Please note, this differs slightly from CPI. Finally, the HPI is the change in the selling price of homes. A growth in this figure would indicate a stronger housing market.

The US is releasing some crucial data in the early hours of tomorrow morning. This set of data includes: Retail & Core Retail Sales, Empire State Manufacturing Index, Import Prices and Business Inventories. The most important data in this set are the Retail Sales figures. These reflect the health and strength of the retail sector. Growth in this area means consumers are spending money, which is vital to keep the economy ‘ticking over’. The Manufacturing Index is an index reflecting the opinions of manufacturers on general business conditions and their outlook on the economy.

Also of interest today is the Inflation Report Hearings out of the UK, while US Fed Reserve Member (FOMC) Fischer is speaking. The Inflation hearings has the ability to move markets as the BOE Governor and several MPC (Monetary Policy Committee) Members testify on inflation and the economic outlook before Parliament’s Treasury Committee.