Here are some of the important economic data that will be the focus of the market throughout this week.

China's GDP data (Tuesday 10.00 AM): China's economic growth for the last quarter of 2022 is predicted to be gloomy with the pressure of Covid-19 cases increasing again and also the implementation of movement restriction measures. The figure is forecast to record a weak increase to 1.6% compared to 3.9% the previous quarter.

UK Employment Data (Tuesday 3.00 PM): The published employment report will be evaluated and will influence the monetary policy decision of the central bank of England (BOE) at the meeting that will take place in early February.

Canadian Inflation Data (Tuesday 9.30pm): This reading of Canadian consumer price index data will provide an important signal on changes to the monetary policy of the central bank of Canada (BOC) which is expected to be further eased this year.

Bank of Japan Policy Meeting (Wednesday): Investors are looking forward to a change in monetary policy setting by the Bank of Japan (BOJ) after there were new indications earlier with an assessment of the impact of policy easing on the Japanese economy.

UK Inflation Data (Wednesday 3.00 PM): Inflation rates in the UK are still at a worrying level after reaching a 40-year record high of 11.1% in October 2022. A decline in inflation is predicted to occur, but at a slow pace.

US Producer Price Index data (Wednesday 9.30pm): US PPI data to be published alongside retail sales data is forecast to record a dismal reading for December. This will have a negative impact on the movement of the US dollar.

Australian Employment Data (Thursday 8.30am): Employment growth in Australia for December is forecast to slow to 21,200 after a jump in the previous month at 64,000. While the unemployment rate is predicted to remain at 3.4%.