WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Market focus today is on the US’ non-farm payrolls report for January amid speculation for a positive surprise following the release earlier this week of a solid ADP employment survey and a higher than expected employment component in the manufacturing ISM report. Against this background, the USD moved higher recovering part of recent losses. Elsewhere, the GBP came under renewed pressure. The BoE stayed put on its monetary policy at Thursday’s policy meeting and although 2017-2019 GDP growth forecasts were revised higher, President Mark Caney’s comments at the post-meeting press conference suggested that the Central Bank retains a neutral basis disappointing those who had geared up for a rather hawkish signal.
GREECE: The Greek PM is scheduled to meet today the German Chancellor Angela Merkel and the French President Francois Hollande at the EU Summit in Malta and may discuss with them, according to press reports, the 2nd programme review. The Greek government is not expected to bring forward its proposal on the pending items before February 6, when the IMF’s BoD is scheduled to discuss its debt sustainability analysis and economic review on Greece.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging market assets treaded water earlier today as caution prevailed ahead of a key labor market data release from the US.
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