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FOREX TRADING WEEKLY MARKET OVERVIEW Everything You Need to Know for Successful Trading in Week 03, 2024 The focus this week is on the inflation data of the major economies This week is full of economic events. The main focus of investors will be the inflation data in major economies such as the United Kingdom, Japan, Canada, Germany, and the Eurozone. Traders will also focus on labor market data in Australia and the UK. In China, the National Bureau of Statistics (NBS) will publish several economic indicators, the main of which will be the GDP report and industrial production data. Also, this week is the World Economic Forum in Davos, Switzerland. Investors will also focus on corporate earnings, which will be reported for the 4th quarter. Monday, January 15 The US stock market will be closed on Monday due to Martin Luther King Day. So, the main events on Monday will be the Eurozone Trade Balance and the Business Outlook for Canada. ✅World Economic Forum Annual Meetings at 10:00 (GMT+2); ✅Eurozone Industrial Production (m/m) at 12:00 (GMT+2); ✅Eurozone Trade Balance (m/m) at 12:00 (GMT+2); ✅Canada Business Outlook Survey at 17:30 (GMT+2). Tuesday, January 16 Tuesday will be full of economic events. Firstly, traders should pay attention to the labor market data in the United Kingdom. This indicator is taken into account by the Bank of England (BoE) to regulate monetary policy. Labor market conditions are expected to improve, which will be positive for the British currency. There will also be inflation updates in Germany and Canada. Canada’s CPI is not expected to move strongly from current levels, while Germany is expected to see a sharp jump in inflation. Any deviations from the predicted values will cause additional volatility. For example, if Canadian inflation data unexpectedly rises, the Canadian dollar may regain some of its lost ground against the US dollar. ✅UK Average Earnings Index (m/m) at 09:00 (GMT+2); ✅UK Claimant Count Change (m/m) at 09:00 (GMT+2); ✅UK Unemployment Rate (m/m) at 09:00 (GMT+2); ✅German Consumer Price Index (m/m) at 09:00 (GMT+2); ✅World Economic Forum Annual Meetings at 10:00 (GMT+2); ✅German ZEW Economic Sentiment (m/m) at 12:00 (GMT+2); ✅Eurozone ZEW Economic Sentiment (m/m) at 12:00 (GMT+2); ✅Canada Consumer Price Index (m/m) at 15:30 (GMT+2); ✅US NY Empire State Manufacturing Index (m/m) at 15:30 (GMT+2); ✅UK BoE Gov Bailey Speaks at 17:00 (GMT+2); ✅US FOMC Member Waller Speaks at 18:00 (GMT+2). Wednesday, January 17 The main event on Wednesday will be the Consumer Price Index in the United Kingdom and the Eurozone. Both are expected to see a slight decrease in inflationary pressures. Also, important macroeconomic statistics on China will be released early in the day, which will undoubtedly increase volatility in Asian indices. Retail sales will also be a major event in the United States. Retail sales rose by 0.3% m/m in November, and December data is expected to show a similar growth rate. ✅China GDP (q/q) at 04:00 (GMT+2); ✅China Industrial Production (m/m) at 04:00 (GMT+2); ✅China Retail Sales (m/m) at 04:00 (GMT+2); ✅China Unemployment Rate (m/m) at 04:00 (GMT+2). ✅UK Consumer Price Index (m/m) at 09:00 (GMT+2); ✅UK Producer Price Index (m/m) at 09:00 (GMT+2); ✅World Economic Forum Annual Meetings at 10:00 (GMT+2); ✅Eurozone Consumer Price Index (m/m) at 12:00 (GMT+2); ✅US Retail Sales (m/m) at 15:30 (GMT+2); ✅US FOMC Member Bowman Speaks at 16:00 (GMT+2); ✅US Industrial Production (m/m) at 16:15 (GMT+2); ✅Eurozone ECB President Lagarde Speaks at 17:15 (GMT+2); ✅US FOMC Member Williams Speaks at 22:00 (GMT+2). Thursday, January 18 Thursday's main events will be the Australian labor market data. If the jobs report points to further weakness in December, investors are likely to raise bets on an expected rate cut by the Reserve Bank of Australia (RBA) in 2024. Thursday's speeches by the heads of the ECB and SNB are also worth watching. Traders should not miss the US Crude Oil Inventories and Natural Gas Storage data, which have a significant impact on oil and natural gas prices, respectively. ✅Australia Unemployment Rate (m/m) at 02:30 (GMT+2); ✅Japan Industrial Production (m/m) at 06:30 (GMT+2); ✅World Economic Forum Annual Meetings at 10:00 (GMT+2); ✅Switzerland SNB Chairman Jordan Speaks at 12:30 (GMT+2); ✅Eurozone ECB Monetary Policy Meeting Accounts at 14:30 (GMT+2); ✅US Building Permits (m/m) at 15:30 (GMT+2); ✅US Initial Jobless Claims (w/w) at 15:30 (GMT+2); ✅US Philadelphia Fed Manufacturing Index (m/m) at 15:30 (GMT+2); ✅Eurozone ECB President Lagarde Speaks at 17:15 (GMT+2); ✅US Natural Gas Storage (w/w) at 17:30 (GMT+2); ✅US Crude Oil Reserves (w/w) at 18:00 (GMT+2); ✅US FOMC Member Bostic Speaks at 18:30 (GMT+2). Friday, January 19 The most important Friday’s release for investors will be the inflation rate data in Japan. The Japanese yen could see further depreciation as the consumer price index is forecast to continue to decline, further pushing back the Bank of Japan's (BoJ) plans to begin the process of normalizing monetary policy. Investors should also pay attention to the UK and Canadian retail sales reports. Rising figures tend to lead to a stronger currency as consumers allow more money to be spent, even at a time of high-interest rates, indicating economic stability. ✅Japan National Core Consumer Price Index at 01:30 (GMT+2); ✅UK Retail Sales (m/m) at 09:00 (GMT+2); ✅World Economic Forum Annual Meetings at 10:00 (GMT+2); ✅Eurozone ECB President Lagarde Speaks at 12:00 (GMT+2); ✅Canada Retail Sales (m/m) at 15:30 (GMT+2); ✅US Existing Home Sales (m/m) at 17:00 (GMT+2); ✅US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+2); ✅US FOMC Member Daly Speaks at 23:15 (GMT+2).