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Top Economic Events To Watch | February 19 – 23 – 2024
19 February 2024
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Maxim Bohdan
This week will be less packed with economic events due to the Presidents' Day holiday in the US on Monday, February 19th, causing markets to be closed. Nevertheless, we have compiled the TOP 5 economic events from Wednesday to Friday that you should pay attention to. They may affect popular assets such as the Dow Jones, Nasdaq, and SPX500, as well as the US Dollar, Euro, and CAD.
🇺🇸 FOMC Minutes on Wednesday, February 21, at 21:00 GMT+2
The upcoming release of the Federal Open Market Committee (FOMC) meeting minutes is highly anticipated by market participants, as it is expected to shed light on the Federal Reserve's stance regarding potential adjustments to monetary policy. Following recent dovish sentiments and amidst divergent opinions on the future path of Fed interest rate cuts, investors are eagerly awaiting insights from the minutes.
However, there is a lingering concern that if the minutes fail to provide significant new information, it could leave investors uncertain and impact trading decisions and market sentiment. This highlights the importance of both the Fed's projections and market expectations, as they collectively hold the potential to influence the valuation of the dollar and shape global economic trends.
🇪🇺 S&P Global Composite PMI on Thursday, February 22, at 11:00 GMT+2
The next significant release of the week is the S&P Global Composite PMI, which indicates business activity in Europe. Overall, analysts' forecasts are positive. Experts anticipate the index to reach 48.6, surpassing the previous reading of 47.9. This could serve as a positive signal for euro-denominated assets. Despite sinking to the sub-1.0700 region earlier in the week, EUR/USD managed to regain its footing and close the week with slight gains.
🇪🇺 CPI and Core CPI m/m on Thursday, February 22, at 12:00 GMT+2
Just an hour after the release of the European Purchasing Managers' Index, inflation data for the Eurozone from the previous month will be published. It is expected that the indicator will stand at -0.4% and remain unchanged from the previous reading. Overall, this suggests a gradual decline in inflation in Europe, indicating that the central bank has a good chance of reducing the key interest rate in the near future.
🇨🇦 Retail Sales m/m on Thursday, February 22, at 15:30 GMT+2
The next release pertains to the Canadian economy, reflecting the volume of retail sales from the previous month. Analysts anticipate a slight decrease, specifically around -0.1%. It's worth noting that in the previous period, retail sales volume also experienced a decline of -0.2%, so the market reaction could be similar to last time. This release is likely to have the most significant impact on USD/CAD currency pair.
🇩🇪 GDP q/q on Friday, February 23, at 09:00 GMT+2
The final release of the week is the quarterly GDP report for Germany, which correlates with the European economy. This figure could impact EUR/USD as well as the DAX30 index. This time, a decrease in GDP is expected, with the indicator projected to stand at -0.3%, consistent with the previous reading.
That's it for this week! 👋
IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Maxim Bohdan
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