Here are some of the important economic data that will be the focus of the market throughout this week.
US Services PMI data ISM Survey (Monday 11.00 PM): The outlook for the service sector in America will be monitored early this week after the survey for the manufacturing sector published last week showed a contraction for the first time in 2 years.
Central Bank of Australia Policy Meeting (Tuesday 11.30am): The Reserve Bank of Australia (RBA) is expected to continue to slow its interest rate hikes at its latest meeting. The rate is expected to be increased by 25 basis points from 2.85% to 3.10%.
Australian Gross Domestic Product Data (Wednesday 8.30am): Australia's economic growth for the third quarter is forecast to decline to 0.6% from the previous reading of 0.9%. This decrease will also encourage the central bank to further slow down the tightening of monetary policy.
Bank of Canada Policy Meeting (Wednesday 11:00 PM): The Bank of Canada (BOC) is also expected to raise interest rates by 25 basis points to 4.00%, indicating a slowdown in the aggressive policy tightening that has been implemented throughout the year.
China Inflation Data (Friday 9.30 AM): As the world's second largest economy, important data readings for China will be monitored by the market. The annual inflation rate in China is forecast to decline for the latest reading.
US Producer Price Index Data (Friday 9.30pm): Giving a signal to the inflation rate, the increase in the price of goods from the producer side will also affect consumer prices. The latest readings for the month of November will be evaluated.
US Consumer Confidence Sentiment Data (Friday 11.00 PM): A survey by the University of Michigan will provide an insight into financial confidence in America based on consumer spending activity. A strong figure could have a positive effect on the movement of the US dollar at the close of trading this week.
