Week's main events (January 09

Last week, investors were mainly focused on the US Nonfarm Payrolls data and the FOMC minutes. The FOMC report showed that Fed policymakers increased the range of the final interest rate, while the Nonfarm report showed that the labor market remains resilient. Together, these two factors indicate that interest rates will rise further in the first half of 2023. This week the main events will be the consumer inflation data in the United States, Australia, and China. Analysts expect inflationary pressure in the US to decrease. Also, this week, there will be speeches by the heads of leading central banks. It also marks the start of the fourth quarter earnings season, with several large banks reporting on Friday.

Monday, January 09

On Monday, investors should pay attention to the unemployment data in Europe. A solid labor market will allow the ECB to be more aggressive in its next meetings. It’s a bank holiday in Japan.

Main events of the day:

– Switzerland Unemployment Rate (m/m) at 08:45 (GMT+2);
– German Industrial Production (m/m) at 09:00 (GMT+2);
– Eurozone Unemployment Rate (m/m) at 12:00 (GMT+2);
– Canada Building Permits (m/m) at 15:30 (GMT+2).

Tuesday, January 10

The most important Tuesday’s release for investors will be the speeches by the heads of the central banks of the United States, Canada, and Japan. Traders should look for clues in the next steps of politicians.

Main events of the day:

– Japan Tokyo Core CPI (m/m) at 01:30 (GMT+2);
– Canada BoC Gov Macklem Speaks at ;12:10 (GMT+2);
– Japan BOJ Gov Kuroda Speaks at 12:10 (GMT+2);
– US Fed Chair Powell Speaks at 16:00 (GMT+2).

Wednesday, January 11

On Wednesday, the most important release for investors will be the Consumer Price Index in Australia. Analysts expect inflation to rise from 6.9% to 7.3% y/y. Volatility on currency pairs with the Australian dollar will increase. Also, traders should not miss the US Crude Oil Inventories data, which has a significant impact on oil prices.

Main events of the day:

– Australia Consumer Price Index (m/m) at 02:30 (GMT+2);
– Australia Retail Sales (m/m) at 02:30 (GMT+2);
– US Crude Oil Reserves (w/w) at 17:30 (GMT+2).

Thursday, January 12

Perhaps the most volatile day will be Thursday. The US will publish inflation data where consumer prices are expected to fall from 7.1% to 6.5% year-over-year. The US CPI is the most important indicator of the Fed to adjust the monetary policy, so the volatility on the currency pairs with the US dollar will sharply increase. China will also release data on consumer and producer inflation. This data has a strong impact on Asian stock indices. Investors should also pay attention to the weekly report on the number of jobless claims in the United States.

Main events of the day:

– China Consumer Price Index (m/m) at 03:30 (GMT+2);
– China Producer Price Index (m/m) at 03:30 (GMT+2);
– US Initial Jobless Claims (w/w) at 15:30 (GMT+2);
– US Consumer Price Index (m/m) at 15:30 (GMT+2);
– US Natural Gas Storage (w/w) at 17:30 (GMT+2).

Friday, January 13

On Friday, traders will be closely watching the quarterly UK GDP report. No surprises are expected, but volatility on currency pairs with the British pound may increase. Investors should also keep a close eye on industrial production data in the United Kingdom. The focus of traders should also be on the inflation data of the leading European countries.

Main events of the day:

– China Trade Balance (m/m) at 05:00 (GMT+2);
– UK GDP (m/m) at 09:00 (GMT+2);
– UK Industrial Production (m/m) at 09:00 (GMT+2);
– UK Manufacturing Production (m/m) at 09:00 (GMT+2);
– French Consumer Price Index (m/m) at 09:45 (GMT+2);
– Spanish Consumer Price Index (m/m) at 10:00 (GMT+2);
– Eurozone Industrial Production (m/m) at 12:00 (GMT+2);
– US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+2).

by JustMarkets, 2023.01.09

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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Week's main events (January 09– January 13)

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