Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
Eurozone top-tier macro data on tap
The EUR/USD could be one to watch in tomorrow’s session ahead of a provisional reading on Eurozone fourth quarter economic growth.
Eurozone fourth-quarter economic growth, measured by gross domestic product (GDP), is expected to show an improvement to annualized rate of 2.7% from 3.6% growth in the previous quarter.
The data comes amid a drop in the euro against the dollar despite comments from European Central Bank Governing Council member Klaas Knot, who suggested ECB quantitative easing should end as soon as possible.
EUR/USD traded flat at $1.2382.
U.S. crude oil stockpiles to show large decline?
Traders look ahead to a fresh batch of crude oil inventory data from the American Petroleum Institute due Tuesday.
The American Petroleum Institute reported crude oil stockpiles unexpectedly rose by 4.755 million barrels for the week ended Jan. 26.
Crude oil futures have made poor start to the week amid ongoing concerns over rising US output.
Australian Consumer Price Index
Australia releases its quarterly consumer prices index update, expected to show consumer prices grew 0.7% in the fourth quarter, a touch lower than 0.6% consumer price growth seen in the previous quarter.
The AUD/USD has notched seven straight weekly gains but market participants expect the trend to reverse as the US Federal Reserve is set to raise rates while the Reverse Bank of Australia (RBA) is expected keep rates at record lows amid slowing growth and a weaker than expected labor market.
“While CPI slowly moves back within the RBA’s target band in 2018, depressed wage growth remains a key concern for the central bank, in particular in an environment of high household debt and declining savings rates,” Morgan Stanley said.