Let's take a look at the major events happening before the holidays! 🎅🏻🎄
RBA Monetary Policy Meeting Minutes – (Tuesday, December 21)
The minutes of the Reserve Bank of Australia's meetings are published two weeks after the interest rate decision. It is a detailed record of the most recent meeting of the Reserve Bank of Australia, offering in-depth insights into the economic factors that influenced their decision on interest rate setting; they also maintain track of the votes of the Committee's members. In general, if the RBA is bearish about the economy's inflationary future, markets expect a rate hike sooner rather than later, suitable for the AUD.
📊 Watch out for AUD/USD.
Canada Retail Sales (MoM) – (Tuesday, December 21)
On Tuesday, December 21 at 13:30 GMT, Canada's retail sales (MoM) will occur. Statistics Canada's Retail Sales report is a monthly data set that shows all goods sold by retailers based on a sample of different types and sizes of retail establishments. The retail sales index is frequently used to gauge consumer confidence. It shows the retail sector's performance in the short term. In general, the CAD's bullish movements are predicted by good economic growth.
📊 Watch out for USD/CAD.
US Consumer Confidence – (Wednesday, December 22)
On December 22, at 15:00 GMT, the US Consumer Confidence Index will be released. The Conference Board's Consumer Confidence survey measures the public's confidence in the economy. In addition, the CB surveys over 3,000 households in which respondents are asked to rate the relative degree of present and future economic conditions, such as labour availability, business conditions, and general economic position. High consumer confidence supports economic growth, while low consumer confidence causes economic contraction. Thus, a high reading for the USD is generally considered positive, while a low reading is considered negative.
📊 Watch out for EUR/USD and other dollar-related currency pairs.
Canada Gross Domestic Product (MoM) - (Thursday, December 23)
On Thursday, December 23, at 13:30 GMT, Canada's Gross Domestic Product (MoM) will be released. Statistics Canada's Gross Domestic Product measures the total value of all products and services produced in Canada. The GDP is a broad indicator of economic activity and health in Canada. In general, a rising trend is considered favourable for the CAD, while a falling trend is considered negative (or bearish).
📊 Watch out for USD/CAD.
Core PCE Price Index m/m (Thursday, December 24)
On Thursday, December 23, at 13:30 GMT, the US Core Personal Consumption Expenditures-Price Index (MoM) will be released. The US Bureau of Economic Analysis' Core Personal Consumption Expenditures is consumers' monthly average amount of money. To capture an accurate expenditure measurement, "Core" removes seasonally volatile products such as food and energy. It's a key indicator of inflation. A high reading indicates that the USD is bullish, while a low reading suggests that it is bearish.
📊 Watch out for EUR/USD and other dollar-related currency pairs.
That's it for this week!
Make sure to follow other market events on NAGA's Economic calendar, as well as companies' Q3 earnings reports on the Earnings calendar! 📅
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