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Top Economic Events of This Week | December 18 – December 22 – 2023
18 December 2023
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Maxim Bohdan
This week promises to be a significant one in the world of economics, packed with potentially market-moving events. From Japan's Bank of Japan Interest Rate Decision to the US Consumer Confidence Index and crucial GDP data from both the US and UK, traders and investors worldwide will be on high alert. These announcements could impact various currency pairs and indices, making it a critical time for market participants.
🇯🇵 BoJ Interest Rate Decision
The final week leading up to the Christmas holidays of 2023 kicks off with an announcement from Japan regarding the updated key interest rate, which has long been negative at -0.1 %. The decision will be announced on Tuesday, December 19th, at 4:30 GMT+2. As of now, there is no reliable data on whether the key rate will be changed or remain negative until the next meeting. Either way, this could lead to temporary increased volatility in the $USDJPY currency pair, currently situated between 139.60 and 137.25.
🇺🇸 CB Consumer Confidence Index
The next economic event that could impact the markets is scheduled for Wednesday, December 20th at 17:00 GMT+2 in the United States. The Consumer Confidence Index measures the degree of consumer confidence in the stability of the country's economy. Consequently, the release of this index can trigger trading activity in the $EURUSD currency pair, as well as in the Dow Jones and $SPX500 indices. The previous data was at 102.0, but this time it could increase by an additional 0.3 points. This is positive for the U.S. economy, so traders will be closely monitoring the release.
🇺🇸 GDP (q/q)
Another event that could stir the U.S. markets, including the Nasdaq index, is the upcoming release of the Gross Domestic Product (GDP) figures for the previous quarter. This is scheduled to occur on Thursday at 15:30 GMT+2. The previous release showed a steady growth at a rate of 5.2%, which is also the expectation for this release (meaning no year-on-year change is anticipated).
🇬🇧 GDP (q/q)
The economic week will conclude with a GDP release from the United Kingdom, also providing data on the quarterly GDP. This release is expected on Friday, December 22nd, at 9:00 GMT+2. It's important to note that the UK economy is currently under considerable strain, so the GDP is expected to show no change. There has been no growth observed for several releases in a row. As always, the focus will be on the $GBPUSD currency pair, as well as the UK's FTSE100 economic index. With $GBPUSD extending its slide toward 1.2650, this release is not to be missed by those trading in this asset.
🇺🇸 Core Durable Goods Orders (m/m)
On the same day, Friday, an American release of Core Durable Goods Orders for the previous month is expected. Core Durable Goods Orders are a measure of new orders for long-lasting goods, excluding transportation equipment. Durable goods are items that have a long life span (usually three years or more) and do not need frequent replacement, such as washers, refrigerators, airplanes, and other machinery. The data is set to be released at 3:30 PM GMT+2, and this time it may remain unchanged.
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.
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