Major indices of the US stock market closed mixed yesterday. The Dow Jones declined by 0.11% (19804.72), S&P 500 was up 0.18% (2271.89), the Nasdaq rose 0.31% (5555.65). European markets closed in the green zone. Germany's DAX gained 0.51% (11599.39), London's FTSE 100 rose 0.38% (7247.61).
Today we expect the number of publications of macroeconomic indicators, and also speeches by monetary authorities that may affect investor's decisions during of trading.
At 00:35 MSK in America it was published weekly crude oil inventories according to the American petroleum Institute (API).
At 03:30 MSK Australia released data on the employment change for December.
At 15:45 MSK the Eurozone it will be published Deposit Facility Rate.
At 15:45 MSK the Eurozone it will be published interest rate decision for January.
At 16:30 MSK in America it will be published number of issued building permits in December.
At 16:30 MSK in America, it will be published the manufacturing Index Philadelphia Fed for January.
At 16:30 MSK a press-conference of the ECB will be in Europe.
At 19:00 MSK in America it will be published Crude Oil Inventories.
At 19:00 MSK in America, it will be published tdata on excess reserves of oil in Cushing (Oklahoma).
At 23:45 MSK FOMC member Williams speaks.
In yesterday's trading session in Europe was visible, as the indices are consolidating in anticipation of today's ECB conference and publication of the decisions on interest rates. According to yesterday's statistics, the December inflation data in Germany showed a maximum of three years and amounted to 1.7%.
American markets and the national currency of the country, showed sluggish growth. The catalyst for yesterday's rise was the statement of the Fed Janet Yellen. In a speech in the Commonwealth Club San Francisco she said: "As the economy approaches our objectives, it makes sense to gradually reduce the level of monetary policy support". As a result, the market growth remained inside the consolidation range, though in its upper part.
Despite the excess of publications of important macro economic data and speeches of the monetary authorities, most investors are focused on the inaugural speech of Donald Trump on Friday. Investors are waiting for any specifics on the changes of the tax system, infrastructure costs, building relationships with China and the deregulation.
Late last night, were published weekly crude oil inventories according to the American petroleum Institute (API), according to which, contrary to expectations of growth, there was a substantial fall. This fact could have a positive impact on the continued growth of prices on black gold during today's trading. The Asian session has opened with a raise. However, this can be considered a correction to yesterday's fall, which was caused by the January OPEC report informing investors about the decline of 221 thousand barrels. a day, which is significantly lower than planned volumes. Also there are lots of the skeptical sentiments expressed in Davos. However, speed of price falling is not observed, the energy market is in consolidation in anticipation of the OPEC meeting this weekend.
Sincerely, Global FX chief analyst Sergey Melnikov.