FX Daily

Today’s calendar is very light. In Germany retail sales for January will be released this morning. There were strong gains in German retail sales in both November and December, suggesting that so far the drop in the crude oil price and inflation have been a boost to private consumption.

In the UK the manufacturing PMI and construction PMI for February will be released today. We expect a slight decline in the manufacturing PMI but it should be remembered that manufacturing PMI in particularly the UK is much less important than service PMI scheduled for release tomorrow, where we expect to see a slight improvement.

Switzerland will release the first estimate for GDP growth in Q4 14. However, Q4 is largely history and focus is already on how much the sharp appreciation of the CHF so far this year will weigh on growth in 2015.

In the US auto sales for February released this evening is interesting as it will give us an early indication of the strength of retail sales and private consumption in February.

Danmarks Nationalbank publishes February FX reserves.

Read the full report: FX Daily