Forexlive European FX news wrap: Swiss and Eurozone inflation meets expectations ...Middle East

Russian data shows it cut December oil output below OPEC+ targetItaly December preliminary CPI 1.3% vs 1.5% y/y expectedEurozone November unemployment rate 6.3% vs 6.3% expectedEurozone December preliminary CPI +2.4% vs +2.4% y/y expectedUK December construction PMI 53.3 vs 54.4 expectedInflation expectations over the next year rose in November - ECB surveyGermany December construction PMI 37.8 vs 38.0 priorEuropean indices hold more sluggish at the open todayChina seen increasing gold reserves in DecemberFrance December preliminary CPI +1.3% vs +1.4% y/y expectedSwitzerland December CPI +0.6% vs +0.6% y/y expectedWhat are the main events for today?Eurostoxx futures -0.6% in early European tradingUK December Halifax house prices -0.2% vs +0.4% m/m expectedJapan business lobby head rebuffs wage growth expectations for this yearInflation data in focus in European trading todayGold hangs on above key technical point to start the weekYellen raised concerns about "malicious" cyber activity in meeting with China vice premier

Overall, the markets are waiting for the US Employment and Inflation reports as those will influence interest rates expectations. In the markets, the US Dollar erased the low volume Christmas holidays gains as it's now above the post-FOMC levels.

In the commodities markets, gold is a bit positive on the day but the news of China increasing gold reserves for the second consecutive month didn't spark any notable reaction. Crude oil is up 0.80% with the news of Russia cutting its December oil output below the OPEC+ target.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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