Here are some of the important economic data that will be the focus of the market throughout this week.
MONDAY (December 16, 2024)
European Manufacturing & Services PMI (5.00 PM) – The market will be looking at the readings for key sectors in Europe for December after last month's reading showed a decline below the 50 mark again for services.
UK Manufacturing & Services PMI (5.30 PM) – No significant change is expected in the UK manufacturing and services sector readings for December after investors saw a slight contraction in November.
US Manufacturing & Services PMI (10.45 PM) – The key sectors in America are forecast to remain stable with the reading for the services sector firmly above the 50 mark although it was revised slightly lower for the reading last November.
TUESDAY (December 17, 2024)
UK Employment Data (3:00 PM) – Ahead of this week’s policy meeting, the Bank of England will also be watching the latest reports to assess the current health of the labour sector.
Canadian Inflation Data (9:30 PM) – Canada’s monthly inflation reading for November is forecast to fall 0.1%, keeping the Bank of Canada in an easing phase as interest rate cuts remain aggressively implemented.
US Retail Sales Data (9:30 PM) – The latest data reading will assess the pace of consumer spending in America with the figure forecast to increase positively for November.
WEDNESDAY (December 18, 2024)
UK Inflation Data (3:00 PM) – After UK inflation in November hit 1.7%, the inflation trend has started to rise again and the forecast for the November reading is increased to 2.6% from 2.3% previously.
THURSDAY (December 19, 2024)
FOMC Meeting (3:00 AM) – The focus of the week will be on the outcome of the Federal Reserve’s final meeting of 2024, when it sets its latest interest rate. Expectations are for a 25 basis point cut to 4.50%.
BOJ Policy Meeting (Asian Session) – Japan’s interest rate is expected to remain at 0.25%. However, the market is keen to see if there is a change after speculation that the Japanese central bank is considering raising interest rates further.
BOE Policy Meeting (8:00 PM) – The Bank of England is expected to keep interest rates at 4.75%. The MPC members’ vote will be assessed and the central bank’s follow-up statement will be watched for further monetary policy signals.
US GDP Data (9:30 PM) – The final reading on US economic growth in the third quarter will be watched with the forecast remaining unchanged at 2.8% as previously reported.
FRIDAY (20 December 2024)
UK Retail Sales Data (3.00 PM) – After a declining reading in the previous month, the UK sales rate is expected to return to positive growth to 0.5% for November.
Canadian Retail Sales Data (9.30 PM) – No change is expected for the latest Canadian retail sales data for October as before.
US PCE Price Index Data (9.30 PM) – As one of the important indicators for the Federal Reserve, the reading of the inflation component that measures personal consumer spending in America can have a significant impact on the movement of the US dollar at the end of the week.
