This week promises to be a quiet one. Fed policymakers will not be speaking or commenting. Therefore, the main events this week will be the interest rate meetings of the central banks of Australia and Canada. Both RBA and BOC are expected to raise rates by 0.25%. Also, this week, OPEC+ ministers are expected to decide on production targets, which may significantly impact oil price formation. At the end of the week, China will release inflation data, which, along with data on the trade balance, will help estimate the economy's situation.
Monday, December 05
On Monday, there will be a lot of macro statistics on business activity in the services sector. This data will complement the Manufacturing PMI reports that were released last week. Investors should also find the time to watch a speech by ECB head Christine Lagarde. This is a crucial week before the important ECB meeting.
Main events of the day:
- – Japan Services PMI (m/m) at 03:30 (GMT+3);
- – Eurozone ECB President Lagarde Speaks at 03:45 (GMT+3);
- – China Caixin Services PMI (m/m) at 04:45 (GMT+3);
- – Spanish Services PMI (m/m) at 10:15 (GMT+3);
- – Italian Services PMI (m/m) at 10:45 (GMT+3);
- – French Services PMI (m/m) at 10:50 (GMT+3);
- – German Services PMI (m/m) at 10:55 (GMT+3);
- – Eurozone Services PMI (m/m) at 11:00 (GMT+3);
- – UK Services PMI (m/m) at 11:30 (GMT+3);
- –– Eurozone Retail Sales (m/m) at 12:00 (GMT+3);
- – US ISM Services PMI (m/m) at 17:00 (GMT+3).
Tuesday, December 06
The main event on Tuesday will be an interest rate meeting of Australia's Central Bank. Analysts expect the RBA to raise the rate by 0.25%. Volatility on currency pairs with the Austrian dollar will increase. It is also worth paying attention to the UK Construction PMI, which will help estimate the real estate market.
Main events of the day:
- – Australia RBA Interest Rate Decision at 05:30 (GMT+3);
- – Australia RBA Rate Statement at 05:30 (GMT+3);
- – UK Construction PMI (m/m) at 11:30 (GMT+3).
Wednesday, December 07
On Wednesday, investors will focus on the BOC Interest Rate Decision. The Bank of Canada will likely raise its rate by 0.25%. But there could be surprises, as BOC Gov wants to keep up with the US Fed, and the US Central Bank is scheduled to raise the rate by 0.5%. Volatility in currency pairs with the CAD will increase. Traders should also keep a close eye on quarterly GDP data in Australia and the Eurozone.
Main events of the day:
- – Australia GDP (q/q) at 02:30 (GMT+3);
- – China Trade Balance (m/m) at 05:00 (GMT+3);
- – Switzerland Unemployment Rate (m/m) at 08:45 (GMT+3);
- – German Industrial Production (m/m) at 09:00 (GMT+3);
- – Eurozone GDP (q/q) at 12:00 (GMT+3);
- – Canada BoC Interest Rate Decision at 17:00 (GMT+3);
- – Canada BoC Rate Statement at 17:00 (GMT+3);
- – US Crude Oil Reserves (w/w) at 17:30 (GMT+3).
Thursday, December 08
Thursday is expected to be a quiet day. Japan will update its GDP data. Analysts expect to see the economy contract. ECB head Christine Lagarde will give a speech for the second time this week, and it will be the last speech of the ECB head before the interest rate meeting. The US weekly jobless claims data will also be important. It's a bank holiday in Italy.
Main events of the day:
- – Japan GDP (q/q) at 01:50 (GMT+3);
- – Eurozone ECB President Lagarde Speaks at 14:00 (GMT+3);
- – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
- – Canada Ivey PMI (m/m) at 17:00 (GMT+3);
- – US Natural Gas Storage (w/w) at 17:30 (GMT+3).
Friday, December 09
China will update its inflation data on Friday. Experts predict a 1.6% year-over-year increase in consumer prices. The US is to release November PPI data with the headline figure expected to rise 7.2% yearly, slowing slightly after an 8% increase the previous month.
Main events of the day:
- – China Consumer Price Index (m/m) at 03:30 (GMT+3);
- – China Producer Price Index (m/m) at 03:30 (GMT+3);
- – US Producer Price Index (m/m) at 15:30 (GMT+3);
- – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+3).
by , 2022.12.05
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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