| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 08:15 | France | Manufacturing PMI | January | 55.6 | 55.5 | 55.5 |
| 08:15 | France | Services PMI | January | 57 | 55.3 | 53.1 |
| 08:30 | Germany | Services PMI | January | 48.7 | 48 | 52.2 |
| 08:30 | Germany | Manufacturing PMI | January | 57.4 | 57 | 60.5 |
| 09:00 | Eurozone | Manufacturing PMI | January | 58 | 57.5 | 59 |
| 09:00 | Eurozone | Services PMI | January | 53.1 | 52.2 | 51.2 |
| 09:30 | United Kingdom | Purchasing Manager Index Manufacturing | January | 57.9 | 57.9 | 56.9 |
| 09:30 | United Kingdom | Purchasing Manager Index Services | January | 53.6 | 54.8 | 53.3 |
| 11:00 | Germany | Bundesbank Monthly Report | | | | |
USD strengthened against other major currencies in the European session on Monday, as demand for safe assets increased amid worries about the extent of the hawkish tilt of the U.S. Federal Reserve, which is to hold a policy meeting this week, and the Russia-Ukraine tensions.
The two-day gathering of the U.S. central bank’s policymakers is scheduled to start on Tuesday. The markets fear that the Fed might be more hawkish than expected, as the U.S. annual inflation stays at rates not seen for 40 years.
Some market participants began to speculate that, though unlikely, high inflation may force the Fed to increase rates this week. According to the CME FedWatch Tool, the probability for the first rate hike in the U.S. this week rose to 5.6%% compared to 3.7% a week ago. Overall, most expect a 0.25% increase next month and three more by year-end.
Later in the day, investors will receive the IHS Markit’s preliminary PMIs for the U.S. manufacturing and services sectors for January (14:45 GMT).