Forex Markets and Stock Exchanges Anticipate UK Employment Figures
This week, market players in the Forex Markets and Stock Exchange Markets around the globe, aren’t expecting any Monetary Policy changes from Draghi but eargerly anticipate the UK Employment Figures at 9:30 AM GMT. This places the GBP Pairs especially the GBPUSD pair on the spotlight. The chart below shows the price review of GBPUSD last week. Also given that the latest economic estimates of the EuroZone were released last month, it’s unlikely that we’ll hear any changes to ECB projections either. As expected, the Bank of Japan (BOJ) kept its monetary policies steady for another month in January.
As widely expected, the Bank of Canada last week, increased its target for the overnight rate to 1.25%. Growth is expected to remain above potential through the Q1 of 2018. Traders were cautious last week with earnings reporting season set to get underway in Europe. Aside from influences from the U.S., a spate of Chinese Economic Data helped lift shares. By end of the week last week, the U.S. Dollar continued its decline against most of its major counterparts — the Yen, Euro, Pound Sterling, Swiss Franc and the Australian Dollar.
Investors in the Foreign Exchange Markets in Dubai and the listed Stock Markets in the UAE as a whole however, found the Central Bank’s Economic Outlook where members hinted that they’re not as worried over Consumer Price increases as they were three months ago, worthy of note.
Existing Home Sales will be released today, Wednesday with New Home Sales released tomorrow, Thursday, and both are expected to show solid December strength. The Durable Goods Report on Friday where forecasters are calling for very solid results will be released on Friday, in addition to the First Estimate on GDP Q4, a quarter when consumer spending is expected to have made the difference.
Potential Catalysts EuroZone
08:00 AM GMT French Manufacturing PMI (Jan)
08:00 AM GMT French Services PMI (Jan)
08:30 AM GMT German Manufacturing PMI (Jan)
08:30 AM GMT German Services PMI (Jan)
09:00 AM GMT EuroZone Manufacturing PMI (Jan)
09:00 AM GMT Market Composite PMI (Jan)
09:00 AM GMT Services PMI (Jan)