This week the focus for traders will be on inflation data in Canada, Japan, the UK, and New Zealand. Most countries expect inflationary pressures to ease, but there could be surprises. The first-quarter earnings season picks up with results expected from several major companies, including Sachs (GS), Morgan Stanley (MS), Bank of America (BAC) as well as Netflix (NFLX), Tesla (TSLA), IBM (IBM), and Johnson & Johnson (JNJ). On Tuesday, China will release a range of economic data, including first-quarter gross domestic product, retail sales, and industrial production for March, with market participants hoping for more clarity on the uneven recovery of the world's second-largest economy. Investors should also not miss the speeches by Fed officials, who may give clues as to the US Central Bank's future plans.
Monday, April 17
No major economic events are expected on Monday. The only thing that can be highlighted is a speech from ECB head Christine Lagarde.
Main events of the day:
- – Italian Consumer Price Index (m/m) at 15:30 (GMT+3);
- – US NY Empire State Manufacturing Index (m/m) at 15:30 (GMT+3);
- – Canada Wholesale Sales (m/m) at 15:30 (GMT+3);
- – Eurozone ECB President Lagarde Speaks at 18:00 (GMT+3).
Tuesday, April 18
The Reserve Bank of Australia (RBA) will update its monetary policy statement on Tuesday. The Australian Central Bank pressed for a pause at its last meeting, so it will be important for traders to evaluate the full report. The UK will publish labor market data, and this report will have a big influence on the Bank of England's monetary policy decision at the next meeting. Investors should also pay attention to inflation data in Canada. Inflationary pressures are expected to continue to fall. Also, on Tuesday, China will release a series of economic data that will have a big impact on Asian indices.
Main events of the day:
- – Australia RBA Meeting Minutes (m/m) at 04:30 (GMT+3);
- – China GDP (q/q) at 05:00 (GMT+3);
- – China Industrial Production (y/y) at 05:00 (GMT+3);
- – China Unemployment Rate (m/m) at 05:00 (GMT+3);
- – China Retail Sales (m/m) at 05:00 (GMT+3);
- – UK Average Earnings Index (m/m) at 09:00 (GMT+3);
- – UK Claimant Count Change (m/m) at 09:00 (GMT+3);
- – UK Unemployment Rate (m/m) at 09:00 (GMT+3);
- – German ZEW Economic Sentiment (m/m) at 12:00 (GMT+3);
- – Eurozone ZEW Economic Sentiment (m/m) at 12:00 (GMT+3);
- – Eurozone Trade Balance (m/m) at 12:00 (GMT+3);
- – US Building Permits (m/m) at 15:30 (GMT+3);
- – Canada Consumer Price Index (m/m) at 15:30 (GMT+3);
- – Canada BoC Gov Macklem Speaks at 18:00 (GMT+3);
- – US FOMC Member Bowman Speaks at 20:00 (GMT+3).
Wednesday, April 19
On Wednesday, investors will focus on UK and Eurozone inflation data. Economists expect consumer and producer prices in the UK to fall, while no change is expected in Europe. Volatility on currency pairs with the euro and British pound will increase. It is also worth keeping a close eye on the news about Crude Oil Reserves, which have a great impact on oil prices.
Main events of the day:
- – UK Consumer Price Index (m/m) at 09:00 (GMT+3);
- – UK Producer Price Index (m/m) at 09:00 (GMT+3);
- – Eurozone Consumer Price Index (m/m) at 12:00 (GMT+3);
- – US Crude Oil Reserves (w/w) at 17:30 (GMT+3).
Thursday, April 20
New Zealand inflation data will be released on Thursday. Unlike many other countries, New Zealand publishes a report once a quarter, so this data will have a big impact on the New Zealand dollar. A number of FOMC speakers will give speeches on Thursday and possibly give hints on the Fed's next steps. The US will also publish data on the real estate market.
Main events of the day:
- – New Zealand Consumer Price Index (q/q) at 01:45 (GMT+3);
- – US FOMC Williams Speaks at 02:00 (GMT+3);
- – Japan Trade Balance (m/m) at 02:50 (GMT+3);
- – China Loan Prime Rate (m/m) at 04:15 (GMT+3);
- – German Producer Price Index (m/m) at 09:00 (GMT+3);
- – Eurozone Account Monetary Policy Meeting at 14:30 (GMT+3);
- – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
- – US Philadelphia Fed Manufacturing Index (m/m) at 15:30 (GMT+3);
- – US FOMC Member Waller Speaks at 15:45 (GMT+3);
- – US Existing Home Sales (m/m) at 17:00 (GMT+3);
- – US Natural Gas Storage (w/w) at 17:30 (GMT+3);
- – Canada BoC Gov Macklem Speaks at 18:30 (GMT+3);
- – US FOMC Member Bowman Speaks at 22:00 (GMT+3).
Friday, April 21
The Eurozone, US, and UK will release PMI (purchasing managers' index) data on Friday, and investors will watch for signs of whether the recent turmoil in the banking sector is affecting economic growth. The PMI data should show if and how fast growth is slowing down. This issue is fast becoming a major market factor as central banks approach the end of their tightening cycles. Also, on Friday, traders will focus on Japan's inflation data.
Main events of the day:
- – Australia Manufacturing PMI (m/m) at 02:00 (GMT+3);
- – Australia Services PMI (m/m) at 02:00 (GMT+3);
- – Japan National Core Consumer Price Index at 02:30 (GMT+3);
- – Japan Manufacturing PMI (m/m) at 03:30 (GMT+3);
- – UK Retail Sales (m/m) at 09:00 (GMT+3);
- – Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+3);
- – Eurozone Services PMI (m/m) at 11:00 (GMT+3);
- – UK Manufacturing PMI (m/m) at 11:30 (GMT+3);
- – UK Services PMI (m/m) at 11:30 (GMT+3);
- – Canada Retail Sales (m/m) at 15:30 (GMT+3);
- – US Manufacturing PMI (m/m) at 16:45 (GMT+3);
- – US Services PMI (m/m) at 16:45 (GMT+3).
by , 2023.04.17
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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