Weekly Analysis ( 20 Feb – 24 Feb 2023 )
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20 Feb– 24 Feb 2023 |
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Time(GMT) |
CRY |
Event |
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Monday |
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Holiday |
USD |
Washington’s Birthday |
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01:15 |
CNY |
PBoC Loan Prime Rate |
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07:00 |
EUR |
German PPI |
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17:00 |
EUR |
German Buba Balz Speaks |
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Tuesday |
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00:30 |
JPY |
Japan Services PMI |
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00:30 |
AUD |
RBA Meeting Minutes |
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08:30 |
EUR |
German Manufacturing PMI |
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09:30 |
GBP |
UK Manufacturing PMI |
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10:00 |
EUR |
German ZEW Economic Sentiment |
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13:30 |
CAD |
Canada Core CPI |
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15:00 |
USD |
US Existing Home Sales |
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Wednesday |
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01:00 |
NZD |
RBNZ Interest Rate Decision |
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09:00 |
EUR |
German Ifo Business Climate Index |
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19:00 |
USD |
FOMC Meeting Minutes |
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23:30 |
USD |
FOMC Williams Speaks |
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Thursday |
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10:00 |
EUR |
Eurozone CPI |
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13:30 |
USD |
US GDP |
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13:30 |
USD |
US Initial Jobless Claims |
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15:50 |
USD |
FOMC Bostic Speaks |
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16:00 |
USD |
Crude Oil Inventories |
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Friday |
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07:00 |
EUR |
German GDP |
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13:30 |
USD |
US Core PCE Price Index |
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15:00 |
USD |
US New Home Sales |
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15:15 |
USD |
FOMC Mester Speaks |
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WEEKLY ECONOMIC UPDATE: As we begin the week, there are several important economic events to keep an eye on. One of the most significant is the release of the minutes from the latest meeting of the Federal Reserve, which will provide insight into the ongoing battle against inflation and the potential for further interest rate increases. Additionally, there will be personal income and spending data released on Friday that will offer more information about price pressures, as well as earnings reports from major retailers that will give us a glimpse into how consumers are coping with rising prices. In the Eurozone, there will be flash PMI data released, and we can expect testimony from the incoming governor of the Bank of Japan, which may provide more clarity on their monetary policy stance. The Federal Reserve is anticipated to reveal the minutes of its meeting in January later this week, specifically on Wednesday. During this gathering, the central bank opted to reduce the speed of interest rate hikes to 25 basis points, following a year of substantial increases. The publication of these meeting minutes will provide additional information regarding the Fed's decision-making process and the reasoning behind their policy change. The recent strong US jobs report for January, combined with other economic data, has caused investors to reassess their predictions for the Federal Reserve's future interest rate increases. Interest-rate futures now suggest that the federal funds rate will reach its peak above 5.2% in July. This indicates that investors anticipate that the Fed will increase rates higher than previously expected, and they will be monitoring future economic reports to better understand the direction of monetary policy. The upcoming week in the Eurozone economic calendar will be highlighted by the release of flash PMI data for February on Tuesday. This data will indicate the performance of the economy after it grew unexpectedly in the final quarter of 2022. If better business conditions are leading to higher price pressures, this could increase expectations for the European Central Bank to continue raising interest rates due to persistently high inflation. On Wednesday, the Ifo Business Climate Index for Germany will be released, revealing how the region's largest economy is coping with the energy crisis. The Bank of Japan (BOJ) is going through a leadership transition, as academic Kazuo Ueda is expected to take over from current Governor Haruhiko Kuroda at the end of his second five-year term in April. On Friday, Ueda, along with his two potential deputies, will testify before the lower house of parliament. |
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