Forex – Euro edges higher amid hopes for Greek compromise

Investing.com – The euro edged higher on Monday amid hopes for a compromise agreement on a new debt deal for Greece after its current bailout expires at the end of the month.
EUR/USD was up 0.19% to 1.1413 from 1.1392 late Friday.
Greece was due to resume negotiations with its euro zone partners later in the day after talks on a new debt deal last week ended without an agreement.
Greece’s current €240 billion bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.
On Sunday Athens said it was confident of reaching an agreement but reiterated it would not accept harsh austerity measures in any new deal.
The euro edged up against the yen, with EUR/JPY easing up 0.12% to 135.41, off Friday’s low of 135.03, but still below last Thursday’s highs of 136.68.
In Japan, data on Monday showed that the economy returned to growth in the final quarter of 2014, but growth was still weaker than expected, indicating that the recovery remain fragile.
Japan’s gross domestic product expanded at an annual rate of 2.2% in the three months to December official data showed, falling short of forecasts for 3.7%.
In other trade, the yen drifted higher against the dollar, with USD/JPY dipping 0.10% to 118.61.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slid 0.19% to 94.05.

Forex – Yen gains despite weaker than expected Q4 GDP

Investing.com – The Japanese yen held stronger on Monday in Asia despite weaker than expected economic growth last quarter.

Japan’s fourth quarter economic growth clocked in at a gain of 0.6%, well below the quarter-on-quarter gain of 0.9% expected.

Earlier, New Zealand reported retail sales rose 1.7% quarter-on-quarter, beating an expectation of a 1.3% gain.

NZD/USD traded at 0.7480, up 0.34%, while USD/JPY changed hands at 118.68, down 0.05%. AUD/USD traded at 0.7770, up 0.16%.

Markets in the U.S. are closed for the Presidents Day holiday.

Last week, the dollar slid against the yen on Friday after weak data on U.S. consumer sentiment coming on the heels of other soft economic reports saw investors reassess expectations for a mid-year rate hike by the Federal Reserve.

The drop in the dollar came after data on Friday showed that U.S. consumer sentiment unexpectedly deteriorated in February.

The preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6, down from January’s final reading of 98.1.

Economists had forecast an unchanged figure.

The report came a day after data showing that U.S. retail sales unexpectedly fell 0.8% last month after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.

The weak data prompted investors to trim back long positions in the greenback ahead of a three-day holiday weekend.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was quoted at 94.16, down 0.08%.

The euro found support after data on Friday showed that Germany’s economy, the euro zones largest, grew 0.7% in the fourth quarter, more than double the 0.3% forecast by economists.

The euro zone economy expanded by a larger-than-expected 0.3% in the three months to December, but Greece’s economy contracted 0.2% in the same period.

Meanwhile, officials from Greece and the European Union were due to hold fresh talks on Monday after talks on a new debt deal last week ended without an agreement.

Greece’s current €240 billion bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.

In the coming week, investors will be focusing on Wednesday’s minutes of the latest Federal Reserve meeting for further indications on when the Fed may start to hike interest rates.

Wednesday’s policy announcement by the Bank of Japan and Friday’s data on euro zone private sector activity will also be closely watched.

Forex – Kiwi gains after better-than-expected retail sales data

Investing.com – The New Zealand dollar gained in early Asia on Monday after better than expected retail sales figures with Japan GDP ahead.

New Zealand reported retail sales rose 1.7% quarter-on-quarter, beating an expectation of a 1.3% gain.

NZD/USD traded at 0.7477, up 0.30%, while USD/JPY changed hands at 118.67, down 0.06%. AUD/USD traded at 0.7768, up 0.12%.

Japan is to release preliminary data on fourth quarter economic growth with a quarter-on-quarter gain of 0.9% expected.

Markets in the U.S. are closed for the Presidents Day holiday.

Last week, the dollar slid against the yen on Friday after weak data on U.S. consumer sentiment coming on the heels of other soft economic reports saw investors reassess expectations for a mid-year rate hike by the Federal Reserve.

The drop in the dollar came after data on Friday showed that U.S. consumer sentiment unexpectedly deteriorated in February.

The preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6, down from January’s final reading of 98.1.

Economists had forecast an unchanged figure.

The report came a day after data showing that U.S. retail sales unexpectedly fell 0.8% last month after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.

The weak data prompted investors to trim back long positions in the greenback ahead of a three-day holiday weekend.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was quoted at 94.24, down 0.06%.

The euro found support after data on Friday showed that Germany’s economy, the euro zones largest, grew 0.7% in the fourth quarter, more than double the 0.3% forecast by economists.

The euro zone economy expanded by a larger-than-expected 0.3% in the three months to December, but Greece’s economy contracted 0.2% in the same period.

Meanwhile, officials from Greece and the European Union were due to hold fresh talks on Monday after talks on a new debt deal last week ended without an agreement.

Greece’s current €240 billion bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.

In the coming week, investors will be focusing on Wednesday’s minutes of the latest Federal Reserve meeting for further indications on when the Fed may start to hike interest rates.

Wednesday’s policy announcement by the Bank of Japan and Friday’s data on euro zone private sector activity will also be closely watched.

Forex – Weekly outlook: February 16 – 20

Investing.com – The dollar slid against the yen on Friday after weak data on U.S. consumer sentiment coming on the heels of other soft economic reports saw investors reassess expectations for a mid-year rate hike by the Federal Reserve.
The drop in the dollar came after data on Friday showed that U.S. consumer sentiment unexpectedly deteriorated in February.
The preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6, down from January’s final reading of 98.1. Economists had forecast an unchanged figure.
The report came a day after data showing that U.S. retail sales unexpectedly fell 0.8% last month after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.
The weak data prompted investors to trim back long positions in the greenback ahead of a three-day holiday weekend.
USD/JPY was down 0.31% to 118.73 in late trade, off Wednesday’s five-week highs of 120.47.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 94.24 late Friday to end the week down 0.5%.
The euro edged lower, with EUR/USD dipping 0.10% to 1.1391, but the pair ended the week up 0.73%, its third consecutively weekly gain.
The euro found support after data on Friday showed that Germany’s economy, the euro zones largest, grew 0.7% in the fourth quarter, more than double the 0.3% forecast by economists.
The euro zone economy expanded by a larger-than-expected 0.3% in the three months to December, but Greece’s economy contracted 0.2% in the same period.
Meanwhile, officials from Greece and the European Union were due to hold fresh talks on Monday after talks on a new debt deal last week ended without an agreement.
Greece’s current €240 billion bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.
In the coming week, investors will be focusing on Wednesday’s minutes of the latest Federal Reserve meeting for further indications on when the Fed may start to hike interest rates.
Wednesday’s policy announcement by the Bank of Japan and Friday’s data on euro zone private sector activity will also be closely watched.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, February 16
Japan is to release preliminary data on fourth quarter economic growth.
Markets in the U.S. are to remain closed for the Presidents Day holiday.
Tuesday, February 17
The Reserve Bank of Australia is to publish the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective.
The U.K. is to release data on consumer price inflation.
In the euro zone, the ZEW Institute is to report on German economic sentiment.
Canada is to release data on foreign securities purchases.
The U.S. is to release data on manufacturing activity in New York State as well as a private sector survey of home builders.
Wednesday, February 18
Markets in China are to remain closed for a national holiday.
The Bank of Japan is to announce its benchmark interest rate and publish its rate statement, which outlines economic conditions and the factors affecting the monetary policy decision. The bank will hold a press conference following the announcement.
The U.K. is to publish its latest employment report, which includes a look at the unemployment rate, the change in the number of people employed and average earnings.
At the same time, the Bank of England is to publish the minutes of its January meeting.
Later Wednesday, Canada is to release data on wholesale sales.
The U.S. is to release a string of economic reports, including data on producer prices, housing starts, building permits and industrial production. Later in the day, the Federal Reserve is to publish the minutes of its January meeting.
Thursday, February 19
Japan is to release data on the trade balance.
Markets in China are to remain closed for a national holiday.
Switzerland is to release a report on the trade balance.
The European Central Bank is to publish the minutes of its January meeting.
The U.K. is to produce private sector data on industrial order expectations.
The U.S. is to publish a report on manufacturing activity in the Philadelphia region and the weekly government figures on initial jobless claims.
Friday, February 20
Markets in China are to remain closed for a national holiday.
The euro zone is to publish preliminary data on private sector activity, while Germany and France are to also to publish data on private sector growth.
The U.K. is to release data on retail sales, as well as a report on public sector borrowing.
Later in the day, Canada is to produce data on retail sales.
The U.S. is to round up the week with preliminary data on manufacturing activity.

Forex – EUR/USD weekly outlook: February 16 – 20

Investing.com – The euro was little changed against the dollar on Friday, as concerns over the Greek debt crisis continued to weigh, but stronger-than-expected German growth figures lent support.
EUR/USD dipped 0.10% to 1.1391 in late trade, but the pair ended the week up 0.73%, its third consecutively weekly gain.
The euro found support after data on Friday showed that Germany’s economy, the euro zones largest, grew 0.7% in the fourth quarter, more than double the 0.3% forecast by economists.
The euro zone economy expanded by a larger-than-expected 0.3% in the three months to December, but Greece’s economy contracted 0.2% in the same period.
Meanwhile, officials from Greece and the European Union were due to hold fresh talks on Monday after talks on a new debt deal last week ended without an agreement.
Greece’s current €240 billion bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.
Sentiment on the dollar was hit after data showing U.S. consumer sentiment unexpectedly deteriorated in February.
The preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6, down from January’s final reading of 98.1. Economists had forecast an unchanged figure.
The report came a day after data showing that U.S. retail sales unexpectedly fell 0.8% last month after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.
The weak data prompted investors to reassess expectations for a mid-year rate hike by the Federal Reserve and to trim back long positions in the greenback ahead of a three-day holiday weekend.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 94.24 late Friday and ended the week down 0.5%.
In the coming week, investors will be focusing on Wednesday’s minutes of the latest Federal Reserve meeting for further indications on when the Fed may start to hike interest rates. Friday’s data on euro zone private sector activity will also be closely watched.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, February 16
Markets in the U.S. are to remain closed for the Presidents Day holiday.
Tuesday, February 17
In the euro zone, the ZEW Institute is to report on German economic sentiment.
The U.S. is to release data on manufacturing activity in New York State as well as a private sector survey of home builders.
Wednesday, February 18
The U.S. is to release a string of economic reports, including data on producer prices, housing starts, building permits and industrial production. Later in the day, the Federal Reserve is to publish the minutes of its January meeting.
Thursday, February 19
The European Central Bank is to publish the minutes of its January meeting.
The U.S. is to publish a report on manufacturing activity in the Philadelphia region and the weekly government figures on initial jobless claims.
Friday, February 20
The euro zone is to publish preliminary data on private sector activity, while Germany and France are to also to publish data on private sector growth.
The U.S. is to round up the week with preliminary data on manufacturing activity.

Forex – GBP/USD weekly outlook: February 16 – 20

Investing.com – The pound rose to fresh six week highs against the broadly weaker dollar on Friday after data showing U.S consumer sentiment unexpectedly deteriorated this month.
GBP/USD hit highs of 1.5422, the most since January 2 and was last at 1.5394. For the week, the pair gained 1.44%.
The greenback slid after the preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6, down from January’s final reading of 98.1. Economists had forecast an unchanged figure.
The report came a day after data showing that U.S. retail sales unexpectedly fell 0.8% last month after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.
The weak data prompted investors to reassess expectations for a mid-year rate hike by the Federal Reserve and to trim back long positions in the greenback ahead of a three-day holiday weekend.
Demand for sterling continued to be underpinned after the Bank of England played down the threat of deflation in its quarterly inflation report on Thursday, despite warning that inflation would likely fall below zero in the first half of the year.
BoE Governor Mark Carney said there was no threat of persistent deflation as the decline in inflation was largely due to falling petrol, food and energy prices.
In a change to its forward guidance, the bank also said it would now consider cutting interest rates below 0.5% if inflation dipped more deeply into negative territory than expected.
In the coming week, investors will be focusing on Wednesday’s minutes of the latest Federal Reserve meeting for further indications on when the Fed may start to hike interest rates.
Tuesday’s U.K. inflation report and Wednesday’s employment data will also be closely watched.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, February 16
Markets in the U.S. are to remain closed for the Presidents Day holiday.
Tuesday, February 17
The U.K. is to release data on consumer price inflation.
The U.S. is to release data on manufacturing activity in New York State as well as a private sector survey of home builders.
Wednesday, February 18
The U.K. is to publish its latest employment report, which includes a look at the unemployment rate, the change in the number of people employed and average earnings. At the same time, the BoE is to publish the minutes of its January meeting.
The U.S. is to release a string of economic reports, including data on producer prices, housing starts, building permits and industrial production. Later in the day, the Federal Reserve is to publish the minutes of its January meeting.
Thursday, February 19
The U.K. is to produce private sector data on industrial order expectations.
The U.S. is to publish a report on manufacturing activity in the Philadelphia region and the weekly government figures on initial jobless claims.
Friday, February 20
The U.K. is to release data on retail sales, as well as a report on public sector borrowing.
The U.S. is to round up the week with preliminary data on manufacturing activity.

Forex – NZD/USD weekly outlook: February 16 – 20

Investing.com – The New Zealand dollar rose against its U.S. counterpart on Friday, as downbeat U.S. consumer sentiment data added to concerns over the strength of the country’s economic recovery.

NZD/USD hit 0.7485 on Thursday, the pair’s highest since January 28, before subsequently consolidating at 0.7455 by close of trade on Friday, up 0.42% for the day and 1.29% higher for the week.

The greenback came under pressure after data showed that U.S. consumer sentiment unexpectedly deteriorated in February.

The preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6, down from January’s final reading of 98.1. Economists had forecast an unchanged figure.

The report came a day after data showing that U.S. retail sales unexpectedly fell 0.8% last month after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.

The weak data prompted investors to trim back long positions in the greenback ahead of a three-day holiday weekend. U.S. markets will be closed on Monday in observance of Presidents’ Day.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dipped 0.06% to 94.24 late Friday to end the week down 0.5%.

The kiwi rose to a two-week high against the greenback on Thursday as sentiment improved after Russian President Vladimir Putin confirmed that a cease fire deal with Ukraine starting February 15 had been reached, following months of violence.

In the coming week, investors will be focusing on Wednesday’s minutes of the latest Federal Reserve meeting for further indications on when the central bank may start to hike interest rates.

Fresh Greek debt talks on Monday will also be in focus after discussions on a new debt deal last week ended without an agreement.

Greece’s current €240 billion bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, February 16
New Zealand is to release data on fourth quarter retail sales.

Officials from Greece and the European Union were due to hold fresh talks in Brussels to discuss a solution to Greece’s bailout program.

Markets in the U.S. are to remain closed for the Presidents Day holiday.

Tuesday, February 17

The U.S. is to release data on manufacturing activity in New York State as well as a private sector survey of home builders.

Wednesday, February 18

Markets in China are to remain closed for a national holiday.

The U.S. is to release a string of economic reports, including data on producer prices, housing starts, building permits and industrial production. Later in the day, the Federal Reserve is to publish the minutes of its January meeting.

Thursday, February 19

Markets in China are to remain closed for a national holiday.

The U.S. is to publish a report on manufacturing activity in the Philadelphia region and the weekly government figures on initial jobless claims.

Friday, February 20

Markets in China are to remain closed for a national holiday.

The U.S. is to round up the week with preliminary data on manufacturing activity.

Forex – AUD/USD weekly outlook: February 16 – 20

Investing.com – The Australian dollar edged higher against its U.S. counterpart on Friday, after disappointing U.S. consumer confidence data saw investors reassess expectations for a mid-year rate hike by the Federal Reserve.

AUD/USD hit a session high of 0.7793 on Friday, before subsequently consolidating at 0.7758 by close of trade, up 0.28% for the day but 0.36% lower for the week.

The greenback came under pressure after data showed that U.S. consumer sentiment unexpectedly deteriorated in February.

The preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6, down from January’s final reading of 98.1. Economists had forecast an unchanged figure.

The report came a day after data showing that U.S. retail sales unexpectedly fell 0.8% last month after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.

The weak data prompted investors to trim back long positions in the greenback ahead of a three-day holiday weekend. U.S. markets will be closed on Monday in observance of Presidents’ Day.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dipped 0.06% to 94.24 late Friday to end the week down 0.5%.

Meanwhile, Reserve Bank of Australia Governor Glenn Stevens said Friday that spurring demand in the economy would take more work, fuelling speculation the RBA will do more to prop up the economy.

The central bank unexpectedly cut interest rates to a record-low 2.25% earlier in the month.

In the coming week, investors will be focusing on Wednesday’s minutes of the latest Federal Reserve meeting for further indications on when the central bank may start to hike interest rates.

Fresh Greek debt talks on Monday will also be in focus after discussions on a new debt deal last week ended without an agreement.

Greece’s current €240 billion bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, February 16

Officials from Greece and the European Union were due to hold fresh talks in Brussels to discuss a solution to Greece’s bailout program.

Markets in the U.S. are to remain closed for the Presidents Day holiday.

Tuesday, February 17

The Reserve Bank of Australia is to publish the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective.

The U.S. is to release data on manufacturing activity in New York State as well as a private sector survey of home builders.

Wednesday, February 18

Markets in China are to remain closed for a national holiday.

The U.S. is to release a string of economic reports, including data on producer prices, housing starts, building permits and industrial production. Later in the day, the Federal Reserve is to publish the minutes of its January meeting.

Thursday, February 19

Markets in China are to remain closed for a national holiday.

The U.S. is to publish a report on manufacturing activity in the Philadelphia region and the weekly government figures on initial jobless claims.

Friday, February 20

Markets in China are to remain closed for a national holiday.

The U.S. is to round up the week with preliminary data on manufacturing activity.

Forex – USD/CAD weekly outlook: February 16 – 20

Investing.com – The Canadian dollar pushed higher against the U.S. dollar on Friday, boosted by a stronger-than-expected economic report and higher oil prices, while soft U.S. data weighed on the greenback.
USD/CAD was at 1.2446 in late trade, off 0.49% for the day.
The loonie was boosted after official data showed that Canadian manufacturing sales rose 1.7% to C$52.39 billion in December. Economists had forecasts a decline of 0.9%.
The Canadian dollar received an additional boost from a rally in oil prices on Friday, amid speculation that productions cuts by drillers in the U.S and global oil companies will alleviate a glut in supplies.
U.S. crude price rose 3%, while international benchmark Brent oil rose above $60 a barrel for the first time this year. Canada is a major oil exporter and the Canadian dollar is sensitive to fluctuations in oil prices.
The greenback weakened after data on Friday showed that U.S. consumer sentiment unexpectedly deteriorated in February.
The preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6, down from January’s final reading of 98.1. Economists had forecast an unchanged figure.
The report came a day after data showing that U.S. retail sales unexpectedly fell 0.8% last month after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.
The weak data prompted investors to trim back long positions in the greenback ahead of a three-day holiday weekend.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 94.24 late Friday, and ended the week down 0.5%.
In the coming week, investors will be focusing on Wednesday’s minutes of the latest Federal Reserve meeting for further indications on when the Fed may start to hike interest rates.
Friday’s report on Canadian retail sales will also be closely watched.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, February 16
Markets in the U.S. are to remain closed for the Presidents Day holiday.
Tuesday, February 17
Canada is to release data on foreign securities purchases.
The U.S. is to release data on manufacturing activity in New York State as well as a private sector survey of home builders.
Wednesday, February 18
Canada is to release data on wholesale sales.
The U.S. is to release a string of economic reports, including data on producer prices, housing starts, building permits and industrial production. Later in the day, the Federal Reserve is to publish the minutes of its January meeting.
Thursday, February 19
The U.S. is to publish a report on manufacturing activity in the Philadelphia region and the weekly government figures on initial jobless claims.
Friday, February 20
Canada is to produce data on retail sales.
The U.S. is to round up the week with preliminary data on manufacturing activity.

Forex – USD/JPY weekly outlook: February 16 – 20

Investing.com – The dollar was lower against the yen for a second consecutive session on Friday after data showing U.S consumer sentiment unexpectedly deteriorated this month prompted markets to reassess expectations for a mid-year rate hike by the Federal Reserve.
USD/JPY was down 0.31% to 118.73 in late trade, off Wednesday’s five-week highs of 120.47.
The greenback weakened after a report showing the preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6 in February, down from last month’s final reading of 98.1. Economists had forecast an unchanged figure.
The data came one day after data showing that U.S. retail sales unexpectedly fell 0.8% last month after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.
The weak data prompted investors to trim back long positions in the greenback ahead of a three-day holiday weekend.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 94.24 late Friday, ending the week down 0.5%.
The yen was also higher against the euro, with EUR/JPY down 0.4% to 135.27 at the close.
In the euro zone, data on Friday showed that Germany’s economy, the region’s largest, grew 0.7% in the fourth quarter, more than double the 0.3% forecast by economists.
The euro zone economy expanded by a larger-than-expected 0.3% in the three months to December, but Greece’s economy contracted 0.2% in the same period.
Officials from Greece and the European Union were due to hold fresh talks on Monday after talks on a new debt deal last week ended without an agreement.
Greece’s current €240 billion bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.
In the coming week, investors will be focusing on Wednesday’s minutes of the latest Federal Reserve meeting for further indications on when the Fed may start to hike interest rates.
Monday’s data on Japanese economic growth and Wednesday’s policy announcement by the Bank of Japan will also be closely watched.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, February 16
Japan is to release preliminary data on fourth quarter economic growth.
Markets in the U.S. are to remain closed for the Presidents Day holiday.
Tuesday, February 17
The U.S. is to release data on manufacturing activity in New York State as well as a private sector survey of home builders.
Wednesday, February 18
The BoJ is to announce its benchmark interest rate and publish its rate statement, which outlines economic conditions and the factors affecting the monetary policy decision. The bank will hold a press conference following the announcement.
The U.S. is to release a string of economic reports, including data on producer prices, housing starts, building permits and industrial production. Later in the day, the Federal Reserve is to publish the minutes of its January meeting.
Thursday, February 19
Japan is to release data on the trade balance.
The U.S. is to publish a report on manufacturing activity in the Philadelphia region and the weekly government figures on initial jobless claims.
Friday, February 20
The U.S. is to round up the week with preliminary data on manufacturing activity.