Here 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): Heading into the month-end weeks, readings of economic sector data will be the focus. In Europe, the manufacturing and services sectors in Germany as the largest economy will be assessed which will also influence the movement of the Euro currency.
UK Manufacturing & Services PMI data (Monday 5.30pm): Next will be the reading of economic sector data in the UK with the expectation of no significant change in the previous month's figures.
US Manufacturing & Services PMI data (Tuesday 10.45pm): Readings for economic sector data in the US are expected to increase and will continue to support policy tightening measures by the central bank.
New Zealand Central Bank Policy Meeting (Wednesday 9.00am): Moving into the policy tightening phase by most central banks, the Reserve Bank of New Zealand (RBNZ) is expected to raise interest rates from 0.75% to 1.00%. Investors will probably expect a strengthening of the New Zealand dollar from the beginning of the week.
US Gross Domestic Product Data (Thursday 9.30pm): The second reading for US economic growth for the last quarter of 2021 is projected to increase compared to the initial reading last month. Encouraging growth signals have the potential to continue to inject strength into USD trading this week.
US Consumer Spending Index (Friday 9.30pm): The PCE price index reading in the United States, which is also an indicator of inflation, is forecast to remain unchanged for January.
