Economic calendar: Focus on survey data and earnings

Summary:
- Euro area industrial production seen dropping in February
- UoM data should show slight deterioration
- JP Morgan (JPM.US) and Wells Fargo (WFC.US) to report earnings today

Macroeconomic calendar on Friday looks a bit thin. Only two readings are scheduled that have potential to move markets. However, major US investment banks are launching earnings season today therefore volatility on the US stock market may be elevated in the nearby future.

10:00 am GMT - Euro area, Industrial production for February. Industrial production across the euro area members took quite a significant dip in November and December. Adding to that lacklustre readings of manufacturing PMIs one get quite a pessimistic picture of the European economy. However, January brought some kind of a relief as the industrial production increased by 1.4% MoM. Confirmation of such rebound in today’s data could boost sentiment. Nevertheless, market consensus expects a drop of 0.6% MoM.

3:00 pm GMT - US, UoM consumer sentiment for April. Two most closely watched sentiment surveys from the US once again diverge in March. UoM data showed a bounce higher while Conference Board index dipped significantly. No improvement is expected in April as UoM index is forecasted to move lower from 98.4 pts to 98 pts.

Central bank speakers scheduled for today:
- 10:15 am GMT - Riksbank’s Floden
- 1:45 pm GMT - ECB’s Praet
- 5:30 pm GMT - BoE Governor Carney
- 7:00 pm GMT - BoC Deputy Governor Lane

Major US companies reporting earnings today:
- JP Morgan (JPM.US)
- Wells Fargo (WFC.US)

Euro got a significant boost today due to alleged major purchases from Japan. In turn, EURUSD is eyeing a test of the 1.13 handle and strong industrial production reading could trigger move higher. Source: xStation5

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Morning wrap (27.11.2020)
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