Here are some of the important economic data that will be the focus of the market throughout this week.
TUESDAY (December 19, 2023):
BOJ Policy Meeting (Asia Session) – Being the last meeting for 2023, the Bank of Japan is expected to keep interest rates unchanged at -0.10%. Indications from the governor's speech will be watched after there were previous signals to change policy direction out of the easing phase.
Canadian Inflation Data (9.30pm) – A driver of policy-setting by Canada's central bank, consumer price index data is key. Canada's monthly inflation is forecast to contract for November, suggesting the central bank will slow earlier tightening.
WEDNESDAY (December 20, 2023):
UK Inflation Data (3.00 PM) – After the central bank of England kept interest rates on hold last week, the market will also be watching UK inflation data. If the numbers continue to rise, the central bank will likely need to continue to tighten policy and effect an increase in the value of the Pound.
US Consumer Confidence Data (11.00 PM) – The US dollar currency is expected to be affected by the release of this important data which is one of the gauges of consumer spending and gives an overview of economic activity.
THURSDAY (December 21, 2023):
US GDP data (9.30 PM) – After two previous readings, this is the final reading for the US economic growth figures for the past third quarter. It is expected that the reading will remain as before at 5.2%.
FRIDAY (December 22, 2023):
UK Retail Sales Data (3.00pm) – The rate of sales in the UK for November is expected to recover from the contraction in figures recorded the previous month. A positive reading can support the movement of the Pound at the end of the week.
Canadian GDP data (9.30 PM) – Canada's economic growth rate towards the end of 2023 is expected to increase moderately with an increase from 0.1% to 0.2% for the month of October.
US PCE Index Data (9.30 PM) – Being one of the components of US inflation, this consumer personal spending data will be evaluated and also the focus of the central bank. However, the latest figures are predicted to remain unchanged from month to month.
