The British monthly GDP is announced on Friday at 09:00 MT time.
5 important events this week will bring us
- British preliminary yearly GDP growth rate (Mon, 11:30 MT time (09:30 GMT)) – according to forecasts, the yearly GDP growth rate will be at 1.1% against the higher 1.3% previous mark. The GBP price shall not change much unless the release is higher than the expectation.
- New Zealand’s interest rate statement (Wed, 06:00 MT time (04:00 GMT)) – The Reserve Bank of New Zealand may lower the interest rate to 0.75% on Wednesday form the current 1% if they decide that the economy needs monetary stimulus. If the rate stays at 1%, the NZD shall rise.
- American Consumer Price Index (Wed, 18:30 MT time (16:30 GMT)) – The analysts anticipate the coming consumer price marks to be at 0.3% for the monthly CPI and 0.2% for the core monthly CPI. If the indicators are higher than the forecast, the USD shall gain strength.
- Australian jobs data (Thu, 05:30 MT time (03:30 GMT)) – The forecasted employment change is 16.2K against the previous 14.7K, while the unemployment is expected to stay unchanged at 5.2% in Australia. If the readings are better than the forecast, the AUD will rise.
- European quarterly GDP growth rate (Thu, 12:00 MT time (10:00 GMT)) – The quarterly GDP growth rate is expected to stay unchanged at 0.2%. The price of the euro shall not be affected unless the release is different from the forecast.
During the weekend the US president Trump made another worrying statement advising that China may be interested in the trade deal more than he is; on Tuesday he shall give another speech to clarify the US-China trade war positioning
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The US unemployment claims are out on Thursday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.