Economic calendar: NFP day

7:32 AM January 8, 2021
  • European markets expected to open higher

  • NFP report for December at 1:30 pm GMT

  • Biden reportedly considers massive stimulus package

European stock markets are expected to launch today’s trading higher as ‘Blue Wave’ reflation trade continues. Reports surfaced saying that Biden is considering a massive tax and infrastructure stimulus worth $3 trillion and it is also supporting risk assets. NFP report for December is the most important macro reading of the day. ADP report released on Wednesday suggested an unexpected decline in US employment. Risks are tilted to the downside but data will not capture an impact of recently passed economic relief. Having said that, markets may 

look past an ugly reading and continue to reposition for policy changes resulting from Democrats taking control over the Congress.

10:00 am GMT – Euro area, unemployment rate for November. Expected: 8.5%. Previous: 8.4%

1:30 pm GMT – US, NFP report for December.

  • Non-farm payrolls. Expected: +100k. Previous: +245k

  • Wage growth. Expected: 4.4% YoY. Previous: 4.4% YoY

  • Unemployment rate. Expected: 6.7%. Previous: 6.7%

1:30 pm GMT – Canada, labour market report for December.

  • Employment change. Expected: -25k. Previous: +62k

  • Unemployment rate. Expected: 8.6%. Previous: 8.5%

  • 3:00 pm GMT – US, wholesale inventories for November. Expected: -0.1% MoM. Previous: 1.1% MoM

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