The following are some of the important economic data that will be the focus of the market throughout the week.
European Manufacturing & Services PMI data (Monday 5.00pm): Entering the weeks at the end of the month, data readings for economic sector activity will be focused. The manufacturing and services sectors in Europe are assessed to experience a slight decline with a focus on Germany as Europe’s largest economy.
UK Manufacturing & Services PMI data (Monday 5.30pm): To follow, data for the manufacturing and services sector in the UK is forecast to have no significant change in the reading figures.
US Manufacturing & Services PMI data (Monday 10.45pm): With the recent wave of Omicron variant coronaviruses hitting, the market is likely to assess that the activity of key economic sectors for the world’s largest economy is also affected.
Australian Inflation Data (Tuesday 8.30am): Being an important data focus of the central bank, Australia’s inflation rate for the last quarter of 2021 is projected to rise higher outpacing inflation for the rest of 2021.
Central Bank of Canada Policy Meeting (Wednesday 11.00pm): The Bank of Canada (BOC) is among the first to enter the post -pandemic policy tightening phase, but at this meeting the market is not yet confident enough to see the BOC continue to raise interest rates.
FOMC Meeting (Thursday 3.00am): Will be the main focus event this week, investors await a clearer signal by the Federal Reserve (Fed) for the development of tapering measures as well as indications for this year’s interest rate hike at the policy meeting.
US Gross Domestic Product Data (Thursday 9.30pm): Preliminary readings of US economic growth data for the fourth quarter of 2021 will affect the movement of the US dollar over the weekend with US GDP expected to record rising figures.
