European Economics Preview: French, Spanish Bond Auctions Due
The French government is set to enter the primary debt market for the second time this week on Thursday after it lost the top notch 'AAA' rating.
Statistics Netherlands is scheduled to release consumer confidence and unemployment data at 3.30 am ET. The consumer confidence index is forecast to improve to -34 in January from -37 in December. The jobless rate is seen at 5.9 percent in December.
At 4.00 am ET, the European Central Bank is slated to publish monthly report. In the meantime, euro area's current account figures are due. The current account surplus is forecast to fall to zero from EUR 1.7 billion in October.
Spain and France will be in the market with their first bond auctions since the S&P rating downgrade last week. The countries are set to test the market after Portugal and Germany held successful auctions on Wednesday, raising a total EUR 5.939 billion.
The Spanish Treasury is set to sell longer-term debt at 4.30 am ET. The treasury will auction bonds maturing in 2016, 2019 and 2022 to raise between EUR 3.5 billion and EUR 4.5 billion. Later on, the Agence France Tresor will auction up to EUR 9.5 billion of French medium and longer term bonds in two auctions at 4.50 am ET and 5.50 am ET, respectively.
At the start of the week, France held a successful auction of its treasury bills, which saw the country's 1-year borrowing costs fall. Spanish debt yields also declined at a treasury bills auction on Tuesday. The countries raised a total EUR 13.47 billion from the auctions as markets shrugged of the news of the S&P downgrade.
Ireland's consumer prices are due from the Central Statistics Office at 6.00 am ET. Economists forecast annual inflation to slow to 2.7 percent from 2.9 percent in November. EU harmonized inflation is seen at 1.3 percent, down from 1.7 percent a month ago.
Poland's industrial output and producer prices are due at 8.00 am ET. Economists forecast industrial production growth to fall 6.2 percent annually in December from 8.7 percent in November. Producer price inflation is seen easing to 8.3 percent in December from 8.9 percent.
More FOREX-news on pages InstaForex.Com