Here are some of the important economic data that will be the focus of the market throughout this week.
TUESDAY (January 23, 2024):
BOJ Policy Meeting (Asia Session) – Japan's central bank is expected to keep interest rates low at -0.10%. A speech by governor Kazuo Ueda will be watched as an indication of any recent policy changes for monetary policy in early 2024.
WEDNESDAY (January 24, 2024):
European Manufacturing & Services PMI data (5.00 PM) – Data in Germany will be in focus as the largest economy in Europe, data readings for these two sectors will assess the current health of the economy for the first month of 2024.
UK Manufacturing & Services PMI data (5.30pm) – Not much change in figures to be expected from last December. The service sector in the UK is forecast to do better than manufacturing.
US Manufacturing & Services PMI data (10.45 PM) – Forecasts for data for these two key sectors in America for January are slightly down on the previous month. A larger number of changes can have a significant impact on the movement of the US dollar.
BOC Policy Meeting (10.45 PM) – Canada's central bank is expected to keep interest rates unchanged at 5.00%. Will there be a clearer indication by the central bank for monetary policy based on the latest economic data that has been published before?
THURSDAY (January 25, 2024):
ECB Policy Meeting (9.15 PM) – The European Central Bank is expected to set interest rates at 4.50%. Investors are looking forward to the next indication after the central bank had previously given no clear statement on interest rate cuts for this year.
US GDP data (9.30 PM) - Also among the data indicators for the Federal Reserve, American economic growth will be assessed to determine the direction of monetary policy. Growth in the last quarter of 2023 which is forecast to contract may prompt moves for policy easing to be implemented.
FRIDAY (January 26, 2024):
US PCE Price Index Data (9.30 PM) – Being one of the components of inflation data, this index will measure the personal spending of consumers in America. The increase in the numbers in the latest reading will further reduce the forecast for interest rate cuts.
