Here are some of the important economic data that will be the focus of the market throughout the week.
US Inflation Data (Wednesday 9.30pm): After the US NFP jobs report last Friday, this week investors will focus on US inflation data with the expectation that declining readings will add pressure on the US dollar.
US Producer Price Index Data (Thursday 9.30pm): Giving an indication of consumer inflation, the reading of the US PPI index which is expected to record a declining reading will also affect the central bank's view on monetary policy.
UK Gross Domestic Product Data (Friday 3.00pm): UK economic growth is forecast to pick up for December with UK GDP data readings expected to pick up again after a decline in the previous month.
US Retail Sales Data (Friday 9.30pm): Measuring consumer spending rates, US retail sales data for the end of 2021 is likely to be even more bleak with concerns over the risk of transmission of the Omicron coronavirus variant that erupted earlier.
US Consumer Confidence Data (Friday 11.00pm): The data that will be the closing for this week’s trading is the US consumer confidence sentiment survey University of Michigan. Preliminary readings published this week are likely to have more of an impact on the movement of the US dollar.
