Today’s calendar started with data from Japan and the United Kingdom. Japanese exports rose by 16.7% YoY versus 20.1% expected, while imports increased by 18.9% versus 19.6% expected. The trade deficit came in at JPY 536.6bn, wider than forecast. More attention was drawn by UK inflation , which accelerated to 3.5% YoY versus 3.4% expected , while core inflation rose to 2.8% versus 2.7% expected . PPI also came in above forecasts, which could support a more cautious stance from the Bank of England. Later in the day, the main traditional macroeconomic release will be Canadian CPI inflation. Although from a broader market perspective, publications in the US may prove more important. At 03:30 PM GMT , the EIA report will be released, with the market expecting crude oil inventories to fall by 1.2 million barrels , following an 8.6 million barrel decline a week earlier. Given elevated volatility in energy prices, the release may carry more weight than usual. At 06:00 PM GMT , the US will hold a 20-year Treasury auction , providing another test of demand for US government debt. Later in the day, we will also receive New Zealand CPI inflation .

• 12:50 AM GMT – Japan: exports +16.7% YoY , expected +20.1%; imports +18.9% , expected +19.6%; trade balance -JPY 536.6bn
• 07:00 AM GMT – UK: CPI +3.5% YoY , expected +3.4%, previous +3.1%; core inflation +2.8% , expected +2.7%
• 07:00 AM GMT – UK: PPI +4.6% YoY , expected +4.3%, previous +3.7%
• 01:30 PM GMT – Canada: CPI inflation and core measures: Trimmed CPI, Median CPI, and BoC Core CPI
• 03:30 PM GMT – US: EIA crude oil inventories – forecast -1.2mn barrels , previous -8.6mn
• 03:30 PM GMT – US: gasoline and distillate inventories
• 06:00 PM GMT – US: 20-year Treasury auction
• 10:45 PM GMT – New Zealand: CPI – forecast 3.8% YoY and 0.8% QoQ , previous 4.1% and 1.5%