Quite a bit of data coming out later today and the early hours of tomorrow morning, with most of the activity centred around the UK and US.

The UK is going to release a few pieces of data, including: Average Earnings Index, Claimant Count Change, Unemployment Rate and CB (Conference Board) Leading Index, meanwhile, MPC (Monetary Policy Committee) Member Jon Cunliffe is delivering a speech.  The Earnings Index, Claimant Count and Unemployment rate are all vital figures when looked at collectively as they reflect the strength of the labour/jobs market. The Leading Index gives us a very general indication of economic conditions.

The US is also releasing a few pieces of data. This includes: PPI (Producer Price Index) & Core PPI, Capacity Utilisation Rate, Industrial Production and Crude Oil Inventories, while FOMC Member Stanley Fischer is also speaking. The PPI figures are important as they show the change in price of goods & services sold by producers. A growth in this figure means that there is a demand by consumers to purchase goods & services, therefore can indicate a strengthening of consumer confidence and can also lead to an increase in inflation. Capacity Utilisation Rate is the percentage of available resources being utilised by manufacturers etc. The closer this figure is to full capacity, the more likely that inflation will increase. If industry is using close to all available resources and materials, that means that there is consumer demand for products. This enables producers to charge more for products, therefore increasing inflation. Industrial Production data helps provide information regarding the relative strength of the industrial sector. Crude Oil data is a weekly count of oil stockpiled in the US. This has the ability to affect world oil prices.

Elsewhere, Australia is releasing Wage Price Index and New Motor Vehicle Sales data, while Canada is releasing important Manufacturing Sales figures.