Hi there! Welcome to the TPwithUS Forex Signal and Analysis Site! Now we share a Review of Global economic data for the first week of Feb 2024.
Review of economic data for the coming week
From January 29th to February 2nd
Important for traders
Economic Calendar for next week, the market’s focus will be on the Federal Reserve’s decision on interest rates, nonfarm payrolls, wage benchmarks, and the unemployment rate. Also, JOLTS jobs, ISM manufacturing and services PMIs, Michigan consumer sentiment, and factory orders will draw traders’ attention.
Earnings season enters its third week, with reports from giants like Microsoft, Alphabet, AMD, Mastercard, Apple, Amazon, Merck and ExxonMobil.
Globally
Market focus will shift to the Bank of England’s monetary policy decision and fourth-quarter GDP growth rates for the Eurozone, France, Spain, Germany, Italy, and Mexico.
In addition, inflation figures for Spain, Australia, France, Germany, the Netherlands, the Eurozone, and Italy will be carefully examined. Finally, manufacturing PMIs from China, Spain, Switzerland, and Canada and unemployment rates for Japan, Germany, Italy, the Eurozone, and Spain will arrive at the end of the week.
US Economic Calendar
The US will see a week full of important events, including the Fed’s first policy meeting of the year, along with key data such as the US jobs report, ISM manufacturing PMI, and job opportunities JOLTs. Federal Reserve policymakers are expected to keep interest rates at a 23-year high as investors look for any sign of when the bank will cut rates this year.
On the economic data front, nonfarm payrolls are expected to have likely risen by 162,000 in January, down from a 216,000 gain in the previous month, while the unemployment rate is likely to rise for the second straight month and monthly wage growth. It will remain constant at 3.7 percent. It is expected to decrease from 0.4 percent to 0.3 percent.
Additionally, the ISM PMI is likely to indicate continued contraction in the manufacturing sector at the start of the year. Finally, investors will also monitor ADP employment changes, Q4 labor productivity and employment costs, factory orders, and regional industry indicators such as the Chicago PMI and the Dallas Fed manufacturing index.
Earnings season will also continue to weigh on the stock market, with an array of prominent companies including Apple, Amazon, Alphabet, Microsoft, Meta, Advanced Micro Devices, Automated Data Processing, Boeing, Chevron, ExxonMobil, MasterCard, Merck & Co, Pfizer, General Motors, Novo Nordisk, and Starbucks.
As the focus shifts to the rest of the US, Canada’s monthly GDP figures and the S&P global manufacturing PMI will take center stage. foreign business.
European Economic calendar
On the other side of the Atlantic, GDP growth, inflation, business surveys, and the preliminary unemployment rate for the fourth quarter will be released for eurozone countries including Spain, Germany, France, and Italy. Market consensus indicated that growth in the eurozone economy had stalled in the fourth quarter, with Spain experiencing growth of 0.2%, offset by a 0.2% decline in Germany, while GDP in France and Italy has remained stable. Also, in the eurozone, inflation likely eased to 2.8% in January and the key rate fell to its lowest level since March 2022. French industrial production is expected to increase for the second month in a row. Updated PMI figures in Italy and Spain showed that manufacturing activity reached 10-month and 7-month highs, respectively. Elsewhere in Europe, Switzerland’s KOF leading economic barometer is expected to reach its highest level in the last 10 months and manufacturing activities will decrease less.
UK Economic calendar
In the UK, the Bank of England is expected to keep interest rates at a 15-year high of 5.25% at its February meeting. Investors are eager to see if the BoE will ease its tough stance on borrowing costs. Also, Bank of England monetary indicators, house prices across the country, labor productivity, and final manufacturing PMI data will be released.
Asia Economic Calendar
In Asia, all eyes will be on China’s PMI for January, which showed manufacturing activity remained subdued despite several encouraging statements. In Japan, markets will assess the BoJ’s summary of comments for insight into the central bank’s policy outlook. Other Japanese data include January consumer confidence and December industrial production, retail sales, the unemployment rate, and housing starts. In Australia, headline inflation is expected to decline significantly in both the quarterly and monthly periods. Other releases include December retail sales and building permits.
Thanks for reading the Review of the global economic data for the first week of Feb 2024 with us, Be informed by the TPwithUS team, and take profit with us in the Forex market.
source:https://www.forexfactory.com/
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