January 21, 2025

Weekly Economic Calendar

Foreign Exchange

January 21 – January 24, 2025 

Economic Data Highlights
This week is a relatively light week in terms of economic releases. Here are a couple of highlights:

On Tuesday (Jan. 21), Statistics Canada published inflation figures for December 2024. Canada's annual inflation rate eased to 1.8%, down from 1.9% in November, falling slightly below market expectations. This marks the lowest inflation rate since September and the fifth consecutive month within or below the Bank of Canada’s 2% midpoint target. The slowdown strengthens expectations for further interest rate cuts in 2025. On a monthly basis, consumer prices in Canada declined by 0.4%.Key factors contributing to the decline include a sharp decrease in food inflation (0.6% vs. 2.8% in November), driven by lower costs for food purchased from restaurants, influenced by tax breaks on goods and services.

On Thursday (Jan. 23), The U.S Department of Labor releases the number of initial jobless claims for the week ended on January 18th.  The market forecast is 220K and the prior reading was 217K. The US labor market continues to show signs of strength. As in recent past, the labor market numbers will give the market hints on the future path of inflation, and how that will affect Fed actions in the upcoming meeting next week.

Also on Thursday, the Bank of Japan (BoJ) will be publishing its rate decision. Currently the market expects the BoJ to hike rates by 25bps to 0.50%. Also, the same day Japan will be releasing Japan’s inflation figures for December 2024.  

 

Economic Calendar

Date Flag Event Period
21-Jan-25 United Kingdom Average Weekly Earnings 3M/YoY Nov
21-Jan-25 United Kingdom Jobless Claims Change Dec
21-Jan-25 France Retail Sales SA YoY Dec
21-Jan-25 United States Philadelphia Fed Non-Manufacturing Activity Jan
21-Jan-25 Canada CPI NSA MoM Dec
21-Jan-25 Canada CPI YoY Dec
21-Jan-25 Eurozone ECB's Centeno Speaks in Lisbon
22-Jan-25 United Kingdom Central Government NCR Dec
22-Jan-25 United Kingdom Public Sector Net Borrowing Dec
22-Jan-25 United States MBA Mortgage Applications 17-Jan
22-Jan-25 Canada Industrial Product Price MoM Dec
22-Jan-25 Canada Raw Materials Price Index MoM Dec
22-Jan-25 Eurozone ECB's Lagarde Speaks in Davos
23-Jan-25 Canada Retail Sales MoM Nov
23-Jan-25 United States Initial Jobless Claims 18-Jan
23-Jan-25 United States Continuing Claims 11-Jan
23-Jan-25 Eurozone Consumer Confidence Jan P
23-Jan-25 United States Kansas City Fed Manf. Activity Jan
23-Jan-25 Japan Natl CPI YoY Dec
23-Jan-25 United Kingdom GfK Consumer Confidence Jan
23-Jan-25 Japan Jibun Bank Japan PMI Composite Jan P
23-Jan-25 Japan BOJ Target Rate 24-Jan
23-Jan-25 Japan BOJ GDP Current Forecast 1Q
23-Jan-25 Eurozone ECB's Escriva Speaks in Davos
24-Jan-25 Germany HCOB Germany Composite PMI Jan P
24-Jan-25 Eurozone HCOB Eurozone Composite PMI Jan P
24-Jan-25 United Kingdom S&P Global UK Composite PMI Jan P
24-Jan-25 United States S&P Global US Composite PMI Jan P
24-Jan-25 United States U. of Mich. Sentiment Jan F
24-Jan-25 United States U. of Mich. Current Conditions Jan F
24-Jan-25 United States U. of Mich. Expectations Jan F
24-Jan-25 United States Existing Home Sales Dec
24-Jan-25 Eurozone ECB's Lagarde Speaks in Davos
24-Jan-25 Eurozone ECB's Cipollone Appears on CBDR Panel in Frankfurt

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