SMFX

For the US, Monday sees final Markit PMI (services and composite data) while Trade data are released Tuesday, along with Factory Orders. The ADP Employment report Wednesday is the prelude to Friday NFP report but after the huge divergence last month markets may be less inclined to react to another surprise. The consensus expects a 175k gain in payrolls for December.
In the Eurozone, annual CPI inflation is forecast to have picked up to 1.4% in December from 1.0% in November. That would be its highest rate since last April. Meanwhile, November German factory orders (Wed) and industrial production (Thu) will be watched for signs that the slump in manufacturing activity is levelling off.

UK Parliament reconvenes on Tuesday with the final passage of the EU Withdrawal Act first on the agenda Given the Government’ssubstantial majority the Bill seems certain to pass ensuring that the UK, by theend of January, enters the transition period ahead of full withdrawal. Discussions between the UK and the EU on their long-run relationship will then get underway. Next week’s very light UK economic data calendar is unlikely to provide clarification, although the BRC’s unofficial retail sales measure (Thu) will give a potentially interesting gauge of the strength of retail activity over the Christmas period.

The Asian data docket is relatively light with the likes of Japan manufacturing and services PMI, wage growth data and household spending

Downunder in Australia key data includes the Performance of Manufacturing and Services PMIs, trade report,Westpac Consumer Confidence and retail sales.

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The week ahead will see a slew of top-tiered data releases before the holidays kickoff in the final two weeks of December. We start the week with the flash Markit PMIreadings for the US, Eurozone, UK and Japan that provide the latest gauge of manufacturing and services sectors across these major economies.
In the US, main highlight will be the final reading of US 3Q GDP growth alongside the PersonalOutlay Report that publishes personal income, personal spending and core PCE inflation. Other key readings are housing data such as housing starts, buildingpermits, NAHB Housing Market Index and existing home sales, industrial production, regional manufacturing surveys (NY Fed Empire State, Phily Fed and Kansas City Indexes) as well as University of Michigan Consumer Sentiment Index.
In Europe, the flash HICP inflation rate for the Eurozone, trade report as well as theflash consumer confidence index is due next week.
It will be another busy week for the UK as the Bank of England meets for the last time in 2019 and the data docket comprises of such top-tiered data as CPI, job numbers, retail sales, CBI trends total orders index as well as the final 3Q GDP growth reading. The BOE is widely expected to leave bank rate unchanged.
Meanwhile in Japan, the BOJ will also announce its monetary policy decision and data due include trade numbers and CPI.
Downunder, we will also be expecting the RBA’s latest meeting minutes whereas data include home loans and investment lending figures and wednesdays all important jobs data.