Today’s data agenda includes low-tier releases, generally not expected to influence market expectations. European highlights comprise the Spanish CPI and Switzerland’s Q4 GDP.

In the American session, key reports will feature US Durable Goods Orders, the second estimate of the Q4 GDP, and US Jobless Claims at 13:30 GMT/08:30 ET. Jobless Claims are a vital weekly indicator of the labour market’s state, with Initial Claims anticipated at 221K compared to 219K previously.

Continuing Claims are forecasted at 1872K, slightly up from 1869K. Several central bank speakers are scheduled throughout the day, including Fed officials at various times.

The scheduled economic releases today are unlikely to cause major shifts in market sentiment, but certain reports still hold weight. Europe’s figures, particularly Spain’s Consumer Price Index and Switzerland’s fourth-quarter economic output, provide insights at a regional level, though they are not expected to move markets much.

Later, attention shifts to the United States, where a series of reports will offer fresh clues about economic conditions. The revised estimate of fourth-quarter growth will refine previous data, helping assess whether momentum carried into early 2024. Meanwhile, new figures on long-lasting manufactured goods will shape expectations about business investment and consumer demand.

Weekly jobless claims stand out as a consistently watched measure of employment conditions. Markets expect initial claims to rise slightly to 221K from the prior 219K, while continuing claims could edge higher to 1.872 million. Even small deviations have the potential to impact short-term sentiment by reinforcing or challenging recent narratives surrounding the labour market’s resilience.

Throughout the day, policymakers from the Federal Reserve will be speaking at various events. Their comments may add nuance to expectations regarding future policy moves, particularly if they reference the latest data or upcoming inflation readings. While major shifts in outlook are unlikely from any single speech, markets often react to even subtle adjustments in tone.

With no heavy-hitting reports scheduled today, sentiment could remain steady unless unexpected statements from central bankers or surprises in the data alter expectations. Over the next few weeks, certain trends already in motion warrant careful attention. Employment data will continue to guide views on economic strength, while revised growth figures could refine assumptions about business activity. Meanwhile, policymakers’ rhetoric will serve as an additional gauge of how incoming data is shaping official thinking.