2022 is just around the corner, but that doesn't mean the financial markets sleep, so let's take a look at what's going on this week! 👀
US API Weekly Crude Oil Stock – (Wednesday, December 29)
On Wednesday, December 29 at 21:30 GMT, the United States API Weekly Crude Oil Stock will be released. The API's Weekly Statistical Bulletin (WSB) has published data on refinery operations and the output of the four primary petroleum products: motor gasoline, kerosene jet fuel, distillate, and residual fuel oil in the United States and its regions. More than 85% of the whole petroleum industry comprises these items. The next United States API Weekly Crude Oil Stock consensus is unknown yet. According to the China National Petroleum Corporation's (CNPC) Economics & Technology Research Institute (ETRI), China's oil consumption could peak at over 780 million tonnes per year by 2030. This can have a positive impact on oil prices.
Watch out for $OIL.WTI price action.
US Goods Trade Balance – (Wednesday, December 29)
The US Goods Trade Balance will be released at 13:30 GMT on Wednesday, December 29. The difference in value between imported and exported items for a given month is the Goods Trade Balance, published by the US Bureau of Economic Analysis and the US Census Bureau. The figure will be provided every month, 4-7 days before the international trade balance, and will include advanced statistics for the previous month. Given that it began in July 2015, volatility may be irregular during the initial releases; nonetheless, it should be noted that stronger exports and lower imports are considered positive for the dollar and vice versa.
Watch out for the EUR/USD and other dollar-related currency pairs.
Switzerland KOF Leading Indicator - (Thursday, December 30)
On Thursday, December 30, the Swiss KOF Leading Indicator will be released at 08:00 GMT. The Konjunkturforschungsstelle Swiss Institute for Business Cycle Research publishes the KOF Swiss Leading Indicator. It’s a joint survey with a leading indicator that measures future trends in overall economic activity. It depicts the movement of Switzerland's GDP growth and economic trend. Typically, a positive economic release is considered good for the Swiss Franc and vice versa.
Watch out for USD/CHF.
China NBS Manufacturing PMI - (Friday, December 31)
On Friday, December 31, at 01:00 GMT, the China NBS Manufacturing PMI will be released. The China Federation of Logistics and Purchasing (CFLP) publishes the Manufacturing Purchasing Managers Index (PMI), examining business conditions in China's manufacturing sector. A figure of more than 50 indicates expansion, whereas a reading of less than 50 indicates contraction. It's a leading indicator of economic health because firms react swiftly to market conditions, and buying managers may have the most up-to-date and relevant knowledge regarding the company's economic outlook. The yen, as is customary, does not react to economic data or central bank statements. Instead, the country is on the verge of deflation, and there is little indication that rates will climb in the next few years. As a result, the yen remains vulnerable to global risk appetite and the actions of foreign central banks.
Watch out for USD/CNY.
That's it for this week!
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