Week's main events (February 06– February 10)

In terms of economic events, this week will be much calmer than the previous one. The main events of the week will be the meeting of the Central Bank of Australia, the UK GDP data, inflation data in Germany and China, and speeches by representatives of central banks. In Australia, a 0.25% rate hike is expected as inflation jumped to its highest level in 33 years. The UK will release the Gross Domestic Product data on Friday, which is expected to show the economy will avoid contraction. Investors will closely watch comments from European Central Bank and US Fed officials after the ECB hiked rates by 0.5% last week and the US labor market showed very strong data. Also, traders shouldn't forget about the US and European earning seasons.

Monday, February 06
ECB head Christine Lagarde is expected to speak on Monday. Last week the ECB raised the rate by 0.5% and is not going to stop now, so comments of the head of the ECB may give new hints for further policy. Investors should also pay attention to retail sales data.
Main events of the day:
  • – Australia Retail Sales (m/m) at 02:30 (GMT+2);
  • – UK Construction PMI (m/m) at 11:30 (GMT+2);
  • – Eurozone Retail Sales (m/m) at 12:00 (GMT+2);
  • – Canada Ivey PMI (m/m) at 17:00 (GMT+2);
  • – ECB President Lagarde's Speech at 20:00 (GMT+2).
Tuesday, February 07
The main event on Tuesday will be the Reserve Bank of Australia's monetary policy meeting. Analysts expect a 0.25% rate hike. Volatility on the currency pairs with the Australian dollar will increase. Also, on this day, the heads of the central banks of Canada and the US are expected to speak.
Main events of the day:
  • – Australia RBA Interest Rate Decision at 05:30 (GMT+2);
  • – Australia RBA Rate Statement at 05:30 (GMT+2);
  • – Switzerland Unemployment Rate (m/m) at 08:45 (GMT+2);
  • – German Industrial Production (m/m) at 09:00 (GMT+2);
  • – US Trade Balance (m/m) at 15:30 (GMT+2);
  • – Canada Trade Balance (m/m) at 15:30 (GMT+2);
  • – US Fed Chair Powell Speaks at 19:00 (GMT+2);
  • – Canada BoC Gov Macklem's Speech at 19:30 (GMT+2).
Wednesday, February 08
The most important Wednesday release for investors will be India's Central Bank meeting on monetary policy, where a 0.25% rate hike is expected. Volatility on the NIFTY 50 index 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:
  • – India Interest Rate Decision at 06:30 (GMT+2);
  • – US FOMC Member Williams Speaks at 16:15 (GMT+2);
  • – US Crude Oil Reserves (w/w) at 17:30 (GMT+2);
  • – US FOMC Member Waller Speaks at 20:45 (GMT+2).
Thursday, February 09
Thursday will bring various statistics for many countries. The most important release for investors will be the Consumer Price Index in Germany. Analysts expect to see inflation accelerate from 8.6% to 8.9% year-on-year. Investors should also pay attention to the US weekly report on the number of jobless claims as well as the monetary policy hearings from the Bank of England.
Main events of the day:
  • – German Consumer Price Index at 09:00 (GMT+2);
  • – UK Monetary Policy Report Hearings at 11:45 (GMT+2);
  • – Eurozone Economic Forecasts (m/m) at 12:00 (GMT+2);
  • – US Initial Jobless Claims (w/w) at 15:30 (GMT+2);
  • – US Natural Gas Reserves (w/w) at 17:30 (GMT+2).
Friday, February 10
On Friday, traders will be closely watching the monthly UK GDP report. No surprises are expected, but volatility in currency pairs with the British pound may increase. China will publish inflation data, where consumer prices are expected to rise. Volatility in Asian indices may increase. Traders should also keep a close eye on Canadian labor market data.
Main events of the day:
  • – Japan Producer Price Index (m/m) at 01:50 (GMT+2);
  • – Australia RBA Monetary Policy Statement at 02:30 (GMT+2);
  • – China Consumer Price Index (m/m) at 03:30 (GMT+2);
  • – China Producer Price Index (m/m) at 03:30 (GMT+2);
  • – UK GDP (q/q) 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);
  • – Canada Unemployment Rate (m/m) at 15:30 (GMT+2);
  • – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+2);
  • – US FOMC Member Waller Speaks at 19:30 (GMT+2).

by JustMarkets, 2023.02.06

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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