Weekly Outlook: 2017, January 29 - February 05
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, 01-30-2017 at 12:32 PM (1133 Views)
Weekly Outlook: 2017, January 29 - February 05
The US dollar was mixed in Trump’s first week in office. Rate decisions in Japan, the US and the UK, GDP data in Canada and the buildup to the US Non-Farm Payrolls on Friday promise a busy week. These are the main events on forex calendar.
- Japan rate decision: Tuesday. The Bank of Japan maintained its monetary policy in its December meeting amid modest pace of growth. The decision was in line with market forecast.
- Canadian GDP data: Tuesday, 13:30. The Canadian economy is expected to grow by 0.3% in November.
- US CB Consumer Confidence: Tuesday, 15:00. A score of 112.6 is on the cards now.
- US ADP Non-Farm Employment Change: Wednesday, 13:15. A gain of 165K private sector jobs is expected for January.
- US ISM Manufacturing PMI: Wednesday, 15:00. A score of 55 points is likely for January.
- US Crude Oil Inventories: Wednesday, 15:30.
- US FOMC Rate Statement: Wednesday, 19:00. The Federal Reserve decided to raise its benchmark interest rate in December as widely anticipated. Federal funds rate was increased by 25 basis points, to a range of 0.50 to 0.75%. This was the second rate hike in a decade. Economists expect these steps will spur economic growth and inflation while supporting company earnings.
- UK rate decision: Thursday, 12:00. The Bank of England kept interest rates unchanged at 0.25% but warned that higher inflation and slower wage growth will weigh in household budgets in 2017. In addition to the rate statement and the accompanying meeting minutes, the BOE also publishes its quarterly inflation report.
- US Unemployment Claims: Thursday, 13:30. Economists expected claims to reach 247,000. A level of 251K is predicted now.
- US Non-Farm Payrolls report: Friday, 13:30. In January, 170K are estimated. Wages are projected to rise by 0.3%. The unemployment rate is forecast to remain at 4.7%.
- US ISM Non-Manufacturing PMI: Friday, 15:00. A score of 57 points is on the cards.
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