Here are some important economic data that will be the focus of the market throughout the week.
European Zone GDP Data (Tuesday 6.00 PM): The second reading of the European Zone Gross Domestic Product (GDP) growth for the last quarter of 2020 is expected to be unchanged with preliminary readings. Following the impact of the pandemic crisis, the economy recorded a declining growth reading at the end of last year.
UK Inflation Data (Wednesday 3.00 PM): The inflation rate in the UK recorded a positive increase last December after rising to 0.6% from 0.3% the previous month. The inflation rate in January is also expected to increase positively.
US Retail Sales Data (Wednesday 9.30pm): The market is expecting a surge in retail sales data in the United States for January after reading declines for the previous 2 consecutive months.
Australian Employment Data Report (Thursday 8.30am): The increase in employment in Australia for January is expected to be around 30,000 compared to 50,000 in December. This will result in a decrease in the rate of employment increase for 2 consecutive months. Meanwhile, the unemployment rate is expected to decrease to 6.5% compared to 6.6% previously.
UK Retail Sales Data (Friday 3.00 PM): The UK retail sales rate in December which has been rising again is expected to not last long with the expected data reading for January to decline again.
European Manufacturing and Services PMI data (Friday 5.00 pm): The manufacturing sector is expected to continue to grow well but the services sector is still struggling to show encouraging reading figures.
UK Manufacturing and Services PMI data (Friday 5.30pm): Although the economy is affected by the pandemic crisis, the manufacturing and services sector in the UK is expected to post better readings for January.
