Here are some of the important economic data that will be the focus of the market throughout this week.
TUESDAY (January 30, 2024):
US Consumer Confidence Data (11.00 PM) - Forecasts of an increase in consumer confidence survey figures in America could give a glimpse of the country's economy improving. The US dollar currency also has the potential to recover.
JOLTS Employment Data (11.00 PM) – The market will examine the number of job offers opened in America for last December in assessing the health of the labor sector there.
WEDNESDAY (January 31, 2024):
Australian Inflation Data (8.30am) – The inflation rate in Australia is expected to be lower for the reading for the last quarter of 2023. These data readings will provide important guidance ahead of policy-setting by Australia's central bank at its first policy meeting of the year next week.
US ADP Employment Data (9.15 PM) – Employment for the private sector in America will be measured first before the NFP data comes into focus at the end of the week. The forecast for the latest increase is lower than in the previous month.
Canadian GDP data (9.30 PM) – Monthly growth of the Canadian economy is forecast to increase by 0.1% for November last year. Reading this data is also one of the indicators for the central bank in setting monetary policy.
THURSDAY (February 1, 2024):
FOMC Meeting (3.00 AM) – The event investors have been waiting for is here. Puzzles are still playing in the minds of investors for the results of the latest meeting. Is the Federal Reserve (Fed) going to maintain the existing policy or signal to start lowering interest rates in the near future?
BOE Policy Meeting (8.00 PM) – The central bank of England is expected to keep interest rates unchanged at 5.25%. The vote by the members of the meeting and the follow-up speech by the governor will be the market's assessment for further policy direction.
US Manufacturing PMI Data ISM Survey (11.00 AM) – The survey for manufacturing activity in America is seen as a current indicator in assessing the health of the economic sector.
FRIDAY (February 2, 2024):
US NFP Employment Data (9.30 PM) – The close of trade this week is expected to still have an impact on the movement of the US dollar after the FOMC meeting. The component on the NFP employment data report will be watched for a comparison of the latest published figures from the previous month.
