By James Langton

(February 5 – 07:30 ET) – With rate decisions made, both here and in the in the U.S., traders are likely to focus on earnings, instead of the economy, this week.

The economic scene will be rather quiet, barring a surprise rate move by the U.S. Federal Reserve Board. With last Friday’s benign jobs report in the U.S., the chance of another inter-meeting cut is rapidly shrinking.

In the U.S., non-farm productivity numbers are due out on Wednesday.

In Canada, the Bank of Canada will issue a monetary policy report on Tuesday. These are usually non-events, but with the debut of David Dodge as Bank Governor, it will be closely watched.

On Wednesday and Thursday, building permit and housing start numbers will be released. Friday’s Canadian jobs report will be the headliner next week.

BMO Nesbitt Burns says the jobs report will be critical, since it’s the only one the central bank will see before its next rate meeting, on March 6. TD Bank agrees, noting that the report should show clear signs of Canada taking a hit from the U.S. slowing.

If the economists are right, that should be enough to seal the deal for the next meeting. “Given clear signs that the Canadian economy is rapidly succumbing to the U.S. slowdown, a weak result will point heavily toward a 50 basis point rate cut by the Bank next month,” says BMO Nesbitt. CIBC World Markets agrees with BMO’s conclusions, noting its expectation of a 50 bps cut on the strength of this data.

On the earnings front, a slew of old economy names will be reporting this week, including a couple of the big life insurers and some miners. Monday will be a quiet day. On Tuesday, Cameco, Inco and Inmet are slated to report. Wednesday, we’ll hear from Canada Life, along with Agrium, Canfor, Noranda, Homestake and Newmont Mining. Thursday will bring reports from Manulife Financial, joined by Potash, Gentra and West Fraser Timber.