A number of announcements are due today, with the US once again dominating proceedings.

The US is set to release a number of pieces of data in the early hours of tomorrow morning. This includes: Advance GDP, Core Durable Goods Orders, Advance GDP Price Index, Durable Goods Orders and Revised UoM (University of Michigan) Consumer Sentiment & Inflation Expectations. The most crucial of these announcements is the GDP figure. The GDP figure gives us a vital indication of the growth of the world’s largest economy. During these uncertain times, particularly after the ascension of Donald Trump to the Presidency, it is imperative to the economy that growth keeps ticking along. This will give markets around the world that there are no drastic effects with the change in Presidential administration. This is a quarterly figure, so although it would not reflect any of the policy changes that Trump has made during the last week or so, this figure may also reflect the economy ‘preparing’ for a Trump Presidency. The Durable Goods figures are important as they help reflect the strength of the manufacturing sector. This sector has been much maligned in the US economy and one which Donald Trump has specifically focussed on during the election campaign as well as the first days of his Presidency.

Also to note from the US, it still remains quite important for traders to ‘keep an eye on’ speeches, announcements and press conferences by Donald Trump and his closest advisors. As the new President makes his mark from early on, it will be crucial to see how he goes about implementing his policies and how they are going to be paid for. How will markets react? Will it send markets up? Will gold fall as a result? Or are some policies going to be ‘watered down’, bringing about market uncertainty? Only time will tell.

Elsewhere, Japan is due to publish BOJ (Bank of Japan) Core CPI data and Europe will communicate a couple of figures, including M3 Money Supply & Private Loans. Meanwhile, EU Finance Ministers are set to hold Economic and Financial Affairs Council meetings.