| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | Germany | Factory Orders s.a. (MoM) | November | -1.5% | 0% | -5.4% |
| 07:00 | Germany | Retail sales, real adjusted | November | -0.4% | 0.5% | -0.6% |
| 07:00 | Germany | Retail sales, real unadjusted, y/y | November | 2.4% | 1.9% | 2.5% |
| 10:00 | Eurozone | Producer Price Index, MoM | November | 0.4% | 1.5% | 1.6% |
| 10:00 | Eurozone | Producer Price Index (YoY) | November | -3.3% | -1.4% | -1.2% |
| 10:00 | Eurozone | Consumer Confidence | December | -13.8 | -14.5 | -14.5 |
| 10:00 | Eurozone | Industrial confidence | December | -11.4 | -11.7 | -14.1 |
| 10:00 | Eurozone | Economic sentiment index | December | 95.6 | 95.6 | 93.7 |
USD rose against other major currencies in the European session on Wednesday as investors continued to react to yesterday’s strong U.S. job openings and services sector activity data while awaiting other crucial releases.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, surged 0.58% from the previous close to 109.17.
Yesterday’s Job Openings and Labor Turnover Survey (JOLTS), which showed a noticeable increase in job openings in November, and ISM’s report, which revealed a stronger-than-expected expansion in business activity in the services sector, as well as a notable pickup in input prices in December, raised worries about renewed inflation risks, prompting markets to pared some bets on Federal Reserve interest rate cuts this year.
According to Reuters, markets are now pricing in only 38 basis points of rate decreases by the Fed in 2025, with a first move coming in July.
Adding support to USD, lingering uncertainty over tax, tariff and immigration policies from the White House after Donald Trump’s comeback bolsters demand for safe-haven assets.
In the coming days, attention will be paid to a series of important reports that might prompt a recalibration of near-term rate expectations. Specifically, investors will receive ADP's National Employment Report, weekly jobless claims statistics and the minutes from the Fed’s final meeting of 2024 later in the day. These releases will be followed by a key report on the U.S. labour market for December on Friday.