This week, the focus of traders will be on the Bank of Canada meeting, where a 0.25% rate hike is expected. This may be the last rate hike, as high rates are already starting to negatively affect the Canadian economy. The focus of traders' attention should also be on inflation data in Asian countries. Tuesday will be full of important data on business activity in major economies that will show if companies have adjusted to high-interest rates. Technology companies Microsoft, Tesla, IBM, and Intel are due to report this week.
Monday, January 23
Monday will not be rich in economic events. But traders should pay attention to the publication of monetary policy protocols from the Bank of Japan, as well as the speech of ECB head Christine Lagarde. It's a bank holiday in Singapore, Hong Kong, and China.
Main events of the day:
- – Japan Monetary Policy Meeting Minutes at 01:50 (GMT+2);
- – Eurozone ECB President Lagarde Speaks at 19:45 (GMT+2).
Tuesday, January 24
Tuesday will bring various Manufacturing PMI and Services PMI statistics for many countries. Analysts forecast the growth of business activity in almost all major economies except for Great Britain. Investors should also pay attention to the inflation rate in New Zealand. This data is published once a quarter, not once a month like in other countries, so the volatility on currency pairs with the New Zealand dollar will increase. It's a bank holiday in Singapore, Hong Kong, and China.
Main events of the day:
- – Australia Manufacturing PMI (m/m) at 00:00 (GMT+2);
- – Australia Services PMI (m/m) at 00:00 (GMT+2);
- – Japan Manufacturing PMI (m/m) at 02:30 (GMT+2);
- – Japan Services PMI (m/m) at 02:30 (GMT+2);
- – French Manufacturing PMI (m/m) at 10:15 (GMT+2);
- – French Services PMI (m/m) at 10:15 (GMT+2);
- – Germany Manufacturing PMI (m/m) at 10:30 (GMT+2);
- – Germany Services PMI (m/m) at 10:30 (GMT+2);
- – Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+2);
- – Eurozone Services PMI (m/m) at 11:00 (GMT+2);
- – UK Manufacturing PMI (m/m) at 11:30 (GMT+2);
- – UK Services PMI (m/m) at 11:30 (GMT+2);
- – Eurozone ECB President Lagarde Speaks at 11:45 (GMT+2);
- – US Manufacturing PMI (m/m) at 16:45 (GMT+2);
- – US Services PMI (m/m) at 16:45 (GMT+2);
- – US Richmond Manufacturing Index (m/m) at 17:00 (GMT+2);
- – New Zealand Consumer Price Index (q/q) at 23:45 (GMT+2).
Wednesday, January 25
Many important economic events are expected on Wednesday. The main event, of course, is the Bank of Canada's monetary policy meeting. A 0.25% rate hike is expected. Volatility in currency pairs with the Canadian dollar will increase on this day. Australia and Singapore will update inflation data. Analysts expect consumer prices in Australia to continue to rise. It's a bank holiday in Hong Kong and China.
Main events of the day:
- – Australia Consumer Price Index (q/q) at 02:30 (GMT+2);
- – Singapore Consumer Price Index (m/m) at 07:00 (GMT+2);
- – German Ifo Business Climate (m/m) at 11:00 (GMT+2);
- – Canada BoC Interest Rate Decision at 17:00 (GMT+2);
- – Canada BoC Monetary Policy Report at 17:00 (GMT+2);
- – US Crude Oil Reserves (w/w) at 17:30 (GMT+2);
- – Canada BoC Press Conference at 18:00 (GMT+2).
Thursday, January 26
The US Advance GDP for the quarter will be at the center of investors' attention on Thursday. Analysts expect to see an increase in GDP indicators. Market participants should also pay attention to the US Durable Goods Orders and US Initial Jobless Claims, which indicate the dynamics of the labor market recovery and are closely monitored by the Fed. It's a bank holiday in Australia, India, and China.
Main events of the day:
- – US Core Durable Goods Orders (m/m) at 15:30 (GMT+2);
- – US GDP (q/q) at 15:30 (GMT+2);
- – US Initial Jobless Claims (w/w) at 15:30 (GMT+2);
- – US New Home Sales (m/m) at 17:00 (GMT+2);
- – US Natural Gas Storage (w/w) at 17:30 (GMT+2).
Friday, January 27
The most important Friday release is the US PCE Price Index (Personal Income and Spending), which is also on the Fed's list of inflation indicators. Japan will publish data on consumer prices in the Tokyo region, which traders will follow closely. It's a bank holiday in China.
Main events of the day:
- – Japan Tokyo core CPI (m/m) at 01:30 (GMT+2);
- – Eurozone Spanish GDP (q/q) at 10:00 (GMT+2);
- – Eurozone ECB President Lagarde Speaks at 12:30 (GMT+2);
- – US PCE price index (m/m) at 15:30 (GMT+2);
- – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+2);
- – US Pending Home Sales (m/m) at 17:00 (GMT+2).
by , 2023.01.23
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.
Open Account