The first full business week of 2024 is shaping up to be relatively calm. We are anticipating several key releases from Europe, the USA, and the United Kingdom. Consequently, these releases will impact assets such as $EURUSD, $GBPUSD, the Dow Jones, Nasdaq, and $SPX500 indices, as well as Brent and WTI crude oil. All of these assets are available on NAGA, and you can trade them or participate in copy trading on our social trading platform.
🇪🇺 Retail Sales m/m
The economic week kicks off with the release of the Retail Sales data from Europe at 12:00 GMT+2 (Monday). This release reflects a change in the Eurozone's retail sales for the reported month compared to the previous one, adjusted for inflation. Often referred to as the consumer spending indicator, this index provides insights into inflation trends within the Eurozone.
The previous figure was at 0.1%. Current forecasts remain the same, with experts anticipating similar growth. This positive trend could likely trigger short-term volatility in European stocks, including the DAX index. Therefore, it's important to keep an eye on this release.
🛢️ EIA Crude Oil Stocks Change
The next key release of the week takes us to Wednesday, January 10th, at 17:30 GMT+2, when we'll receive the EIA Crude Oil Stocks Change report. This is a component of the weekly report from the U.S. Energy Information Administration, part of the Department of Energy. It indicates the number of barrels of commercial crude oil held in storage by U.S. firms.
Generally, a higher inventory indicates potentially lower market prices for the commodity, as it suggests an oversupply. Conversely, lower inventories signify higher demand and less supply. Analysts are predicting a negative change at -2.280M, which could lead to increased demand and a rise in the prices of Brent and WTI crude oil.
🇺🇸 CPI and Core CPI m/m
The next key event is set for Thursday, January 11th, at 15:30 GMT+2, with the release of the Core Consumer Price Index (Core CPI) data. As a component of the Consumer Price Index (CPI), the Core CPI excludes short-term volatile price changes influenced by administrative, event-specific, and seasonal factors. It serves as a useful analytical tool in trading, providing a more stable view of inflation trends.
For instance, the monthly CPI might show an increase of 0.2% compared to 0.1% in the previous period. The Core CPI is forecasted to remain unchanged with a growth of 0.3%. Consequently, all American assets, along with the US Dollar, will be the focus of attention during this release.
🇬🇧 Manufacturing Production m/m
This Friday, there will be two releases from the United Kingdom. The first is the Manufacturing Production, which last time turned out to be negative. However, this time, analysts are forecasting a growth of 0.8%. This indicator reflects the change in the value of goods produced in the UK's manufacturing sector for the given month compared to the previous one. Manufacturing, which includes the production of foods, pharmaceuticals, light industry, metal processing, etc., accounts for about 80% of the total UK industrial production. An increase in this indicator may positively affect the Pound's value.
Keep a close eye on assets such as $FTSE100 and $GBPUSD.
🇬🇧 GDP (m/m)
The business week concludes with the release of the British Gross Domestic Product (GDP) data. In the last monthly release, there was a decrease, which negatively impacted many assets, including the British Pound. This time, the GDP is expected to remain unchanged, avoiding any further decrease. Therefore, it's important to monitor these assets and adjust your trading strategy as necessary to respond to these economic indicators.
That's it for this week! 👋
