Weekly Analysis (15-19 January)
| Time | Currency | Event |
| Monday | ||
| 07:00 | USD | Holiday |
| 10:00 | EUR | Industrial Production (MoM) (Nov) |
| 13:30 | CAD | BoC Business Outlook Survey |
| 21:00 | NZD | NZIER Business Confidence (Q4) |
| Tuesday | ||
| 07:00 | GBP | Employment Change 3M/3M (MoM) (Nov) |
| 07:00 | GBP | Unemployment Rate (Nov) |
| 07:00 | EUR | German CPI (MoM) (Dec) |
| 10:00 | EUR | German ZEW Economic Sentiment (Jan) |
| 21:30 | EUR | German ZEW Economic Sentiment (Jan) |
| 13:30 | USD | NY Empire State Manufacturing Index (Jan) |
| Wednesday | ||
| 02:00 | CNY | GDP (YoY) (Q4) |
| 02:00 | CNY | Chinese Unemployment Rate (Dec) |
| 07:00 | GBP | CPI (YoY) (Dec) |
| 10:00 | EUR | CPI (YoY) (Dec) |
| 13:30 | USD | Core Retail Sales (MoM) (Dec) |
| 13:30 | USD | Retail Sales (MoM) (Dec) |
| 18:00 | USD | 20-Year Bond Auction |
| 19:00 | USD | Beige Book |
| Thursday | ||
| 00:30 | AUD | Employment Change (Dec) |
| 04:30 | JPY | Industrial Production (MoM) (Nov) |
| 12:30 | EUR | ECB Publishes Account of Monetary Policy Meeting |
| 13:30 | USD | Initial Jobless Claims |
| 13:30 | USD | Philadelphia Fed Manufacturing Index (Jan) |
| 16:00 | USD | Crude Oil Inventories |
| 16:30 | USD | FOMC Member Bostic Speaks |
| Friday | ||
| 07:00 | GBP | Core Retail Sales (YoY) (Dec) |
| 07:00 | GBP | Retail Sales (YoY) (Dec) |
| 07:00 | EUR | German PPI (MoM) (Dec) |
| 10:00 | EUR | ECB President Lagarde Speaks |
| 15:00 | USD | Michigan Consumer Sentiment (Jan) |
| 15:00 | USD | Existing Home Sales (Dec) |
At the start of the third week of the year, the markets are still assessing the economic outlook in the major economies and trying to find their bearings on the foreign exchange market. Forecasts about the next interest rate moves by central banks and the general economic situation are taken into account.
In the US, key economic data is due this week, including retail sales, which is attracting attention after the Consumer Price Index (CPI) rose and the Consumer Price Index (PPI) cooled, leaving markets confused about inflation levels. In addition, labor market data and industrial production figures will be released, while comments and speeches from Federal Reserve members will be numerous. The Fed's Beige Book will also be important for market participants.
A data-intensive week lies ahead for the EU, with inflation figures taking center stage, first for Germany and then for the EU as a whole. ZEW Economic Sentiment will be watched, and ECB President Lagarde's speeches alongside the ECB Monetary Policy Meeting Report are expected to influence market sentiment towards the ECB. Data from Germany will be particularly important as the economy may have entered a technical recession in the final quarter of last year.
The UK will also receive impactful data, starting with the labor market, sensitive due to the deteriorating market conditions and strikes. Inflation data from the CPI and retail sales will offer insights into the crucial element for the BoE, revealing whether inflation is slowing or not, as the central bank tends to keep interest rates high, which could lead to a possible recession.
The Chinese economic calendar is also in focus, with the GDP for Q4 expected to show whether the Chinese economy hit the target set at 5%. Additionally, Chinese industrial production and the unemployment rate will be under scrutiny. The Chinese economy is receiving a significant boost from official authorities to revive growth and address a real estate market in crisis.
Japan's CPI will be released, indicating whether the early data from Tokyo CPI is a national trend where inflation is slowing or not, and if wage growth will help prices continue beyond the 2% target as desired by the BoJ. Industrial production data will also be released.
In Australia, the labor market and housing data will be released, providing further context for the economic outlook in Australia.