The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
5 important events this week will bring us!
- Monetary policy meeting minutes by the RBA (Tue, 02:30 MT time (00:30 GMT)) – If the RBA is positive concerning the current economic outlook, the AUD will rise.
- Canadian CPI growth (Wed, 15:30 MT time (13:30 GMT)) – According to the forecasts, the inflation rate will advance by 1.9%. Higher-than-expected figures will boost the Canadian dollar.
- FOMC meeting minutes (Wed, 21:00 MT time (19:00 GMT)) – If the release contains more hints concerning the future easing, the USD will fall.
- ECB monetary policy meeting accounts (Thu, 14:30 MT time (12:30 GMT)) – If the European central bank is hawkish in its report, the EUR will be supported.
- Canadian core retail sales (Fri, 15:30 MT time (13:30 GMT)) – Analysts expect the indicator to remain at the same level. If the actual level is higher, the Canadian dollar will go up.
- The British pound has risen on the news that the Brexit party has stood down from the 43 additional seats in the Parliament. Previously, it rejected to contest the seats which belong to the Conservative party.
- According to the comments by the ECB vice president Luis de Guindos, the recession in the Eurozone seems to be an unlikely event.
- The American and Chinese trade negotiators held constructive discussions on Saturday to reach the phase one trade deal. It resulted in the risk-on sentiment in the markets.
Jump in to know the key market events and trading ideas for this week!
The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!