Weekly Economic Calendar

January 28 – February 2, 2024 Economic report and policy meetings

January 28

New Zealand:  Balance of Trade – December

Singapore:  Monetary Policy Statement

January 29

Australia:  Retail Sales (MoM) Preliminary – December

Brazil:  Brazilian Central Bank (BCB) Focus Market Readout

Japan:  Unemployment Rate – December

Switzerland:  Balance of Trade – December

U.S.:  Dallas Federal Reserve Manufacturing Index – January

January 30

Australia:  Inflation Rate (YoY) – 4^th Qtr., Housing Credit (MoM) – December, Inflation Rate (QoQ) – 4^th Qtr., Monthly CPI Indicator – December

China:  NBS Manufacturing Purchasing Managers Index (PMI) – January, NBS Non-Manufacturing PMI –  January

Euro-Zone:  GDP Growth Rate (QoQ) Flash – 4^th Qtr., GDP Growth Rate (YoY) Flash – 4^th Qtr., Consumer Confidence Final – January, Economic Sentiment – January, Industrial Sentiment – January, Germany: Retail Sales (YoY) – December, Spain: GDP Growth Rate (QoQ) Flash – 4^th Qtr., GDP Growth Rate (YoY) Flash – 4^th Qtr., Inflation Rate (MoM) Preliminary – January, Inflation Rate (YoY) Preliminary – January, Business Confidence – January, Germany: GDP Growth Rate (YoY) Flash – 4^th Qtr., GDP Growth Rate (QoQ) Flash – 4^th Qtr., Italy: GDP Growth Rate (YoY) Advance – 4^th Qtr., GDP Growth Rate (QoQ) Advance – 4^th Qtr., France: Inflation Rate (YoY) Preliminary – January, Inflation Rate (MoM) Preliminary – January

Japan:  Bank of Japan (BoJ) Summary of Opinions, Industrial Production (YoY) Preliminary – December, Retail Sales (YoY) – December, Consumer Confidence – January, Housing Starts (YoY) – December   

Mexico:  GDP Growth Rate (YoY) Preliminary – 4^th Qtr.

New Zealand:  ANZ Business Confidence – January

Philippines:  Full Year GDP Growth (2024), GDP Growth Rate (QoQ) – 4^th Qtr., GDP Growth Rate (YoY) – 4^th Qtr.

Switzerland:  KOF Leading Indicators – January, Retail Sales (YoY) – December       

U.K.:  Conference Board Consumer Confidence – January, Mortgage Approvals – December, Mortgage Lending – December. Home Price Index (MoM) – November, Nationwide Housing Prices (YoY) – January

U.S.:  Job Openings and Labor Turnover (JOLTs) Survey, Dallas Federal Services Index   

In a week in which more than 100 S&P 500 companies are expected to report earnings, all eyes will be on five of 2023’s Magnificent Seven. Shares have a combined 24% weighting in the S&P 500 index, gained an average of 88% last year, and are up 6.5% on average so far this year.

January 31

Australia:  Judo Bank Manufacturing Purchasing Managers Index (PMI) Final – January, Building Permits (MoM) Preliminary – December

Brazil:  Unemployment Rate – December, Interest Rate Decision

Canada:  GDP (MoM) – November, GDP (MoM) Preliminary – December

Euro-Zone:  Germany: Unemployment Change – January, Unemployment Rate – January, Inflation Rate (YoY) Preliminary – January, Inflation Rate (MoM) Preliminary – January, Unemployed Persons – January 10-Year Bund Auction, Italy: Unemployment Rate – December  

Hong Kong:  GDP Growth Rate (QoQ) Advance – 4^th Qtr., GDP Growth Rate (YoY) Advance – 4^th Qtr.

Indonesia:  Inflation Rate (YoY) – January

Japan:  Foreign Bond Investment – January 27^th  

Netherlands:  Inflation Rate (YoY) – Preliminary

Poland:  Full Year GDP Growth (2023)

Russia: S&P Global Manufacturing Purchasing Managers Index (PMI) – January

South Africa:  Balance of Trade – December   

South Korea:  Exports (YoY) – January, S&P Global Manufacturing Purchasing Managers Index (PMI) – January

Taiwan:  GDP Growth Rate (YoY) Advance – 4^th Qtr.

U.S.:  Federal Reserve Interest Rate Decision, Federal Reserve Press Conference, ADP Employment Change – January, Employment Cost – Benefits (QoQ) – 4^th Qtr., Employment Cost – Wages (QoQ) – 4^th Qtr., MBA 30-Year Mortgage Rate (January 26),  MBA Survey Indexes – Mortgage Market Index, Mortgage Applications (January 26), Mortgage Market Change, Mortgage Refinance Index, Refinancing Change, MBA Mortgage Approvals (January 26), Department of Energy (DOE) U.S. Crude Oil Inventories (January 26), DOE Cushing OK Crude Inventory (January 26), DOE U.S. Gasoline Inventories (January 26), DOE U.S. Distillate Inventory (January 26), DOE U.S. Refinery Utilization (January 26), DOE Crude Oil Implied Demand (January 26), Gasoline Implied Demand (January 26), Distillate Implied Demand (January 26), API Crude Oil Stock Change (January 26), EIA Natural Gas Stocks Change – January 26

The Federal Reserve Open Market Committee (FOMC) announces its monetary-policy decision. The FOMC is widely expected to keep the federal-funds rate unchanged at 5.25%-5.50%. Wall Street will be listening intently to Fed Chairman Jerome Powell’s post meeting conference for signals about when the central bank might begin cutting interest rates. Despite strong GDP growth in 2023 and a tight labor market, traders are pricing in a 50% chance of a quarter-of-a-percentage-point rate cut at the March FOMC meeting.

February 1

Australia:  Home Loans (MoM) – December, Investment Lending for Homes – December

Brazil:  Balance of Trade – January

Canada:  S&P Global Manufacturing Purchasing Managers Index – January

Euro-Zone: Core Inflation Rate (YoY) Flash – January, Inflation Rate (MoM) Flash – January, Inflation Rate (YoY) Flash – January, Unemployment Rate – December, HCOB Manufacturing Purchasing Managers Index (PMI) Final – January, Spain: HCOB Manufacturing Purchasing Managers Index (PMI) – January, France: HCOB Manufacturing PMI Final – January, Germany: HCOB Manufacturing PMI Final – January, Italy: Inflation Rate (YoY) Preliminary – January, Inflation Rate (MoM) Preliminary – January, France: Industrial Production (MoM) – December   

Mexico: Business Confidence - January

New Zealand: Building Permits (MoM) – December

South Korea:  Inflation Rate (YoY) – January

Sweden: Riksbank Rate Decision,

Switzerland: procure.ch Manufacturing Purchasing Managers Index - January

U.K.:  Bank of England (BoE) Interest Rate Decision, BoE Monetary Policy Report, BoE MPC Vote Cut, BoE MPC Vote Hike, BoE MPC Vote Unchanged, MPC Meeting Minutes, S&P Global Manufacturing Purchasing Managers Index (PMI) Final – January

U.S.:  Institute of Supply Management (ISM) Manufacturing Prices – January, Construction Spending (MoM) – December, S&P Global Manufacturing Purchasing Managers Index (PMI) Final – January, Continuing Jobless Claims – January 20, Initial Jobless Claims – January 27

February 2

Brazil:  Industrial Production (MoM) – December

Euro-Zone:  Spain: Unemployment Change – January       

Switzerland:  Consumer Confidence – 1^st Qtr.

U.S:  Non-Farm Payrolls – January, Unemployment Rate – January, Average Hourly Earnings (YoY), Average Weekly Hours – January, Average Hourly Earnings (YoY), Average Weekly Hours – January, Nonfarm Payrolls Private – January, Participation Rate – January, University of Michigan Consumer Sentiment Final – January, Factory Orders (MoM) – December, Baker Hughes U.S. Rig Count – February 2

The Bureau of Labor Statistics releases the jobs report for January. Consensus estimate is for an increase of 175,000 in nonfarm payrolls, after a 216,000 gain in December. The unemployment rate is expected to tick up to 3.8% from 3.7%.

Bold denotes likely market-moving newsflash which traders consider significant to foreign exchange levels or otherwise important/noteworthy information, e.g., market holiday’s which will affect standard settlement dates.