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Forex News – Week Ahead: flash PMI data focus point for (what should be) a quiet week
January 20, 2014 1:41 pmVideo
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The beginning of the week could be relatively quiet because of the Martin Luther King Jr. national holiday in the United States on Monday and the lack of important data announcements out of Europe.
When the US returns to work on Tuesday, there will only be a week left until the beginning of the Fed’s two-day policy meeting, which could decide to taper its asset purchase program by an additional 10 billion dollars. Therefore, there will be no Fed speakers due to the self-imposed silence period in the 7-day run-up to the meeting.
Tuesday will get more interesting as the German ZEW investor confidence survey could show that the index has climbed to its highest since 2006. A business survey out of the CBI in the UK could also attract attention.
On Wednesday the highlight of the day will probably be the UK’s employment report. The report could show unemployment dipping to 7.3% in November from the previous month’s 7.4%. An improving labor market could put pressure on the Bank of England to move earlier-than-expected in order to raise interest rates. The minutes from the December meeting of the Monetary Policy Committee could also shed some light on the prospects for monetary policy in the UK. Early during the Asian session on Wednesday, Australian inflation figures for the fourth quarter will be released.
Thursday will be the busiest day of the week. The day will start with the Chinese HSBC flash manufacturing PMI, which could show further weakness for China’s manufacturers. The Reuters Tankan diffusion index for Japan will also be released. Later during the European session, Markit flash PMI figures for Eurozone services and manufacturing will be released together with the respective survey numbers for France and Germany. In the United States, Markit Manufacturing PMI will come out, as well as the usual weekly initial jobless claims, home prices and existing home sales.
Friday will be relatively quiet in terms of economic data, giving traders a chance to prepare for next week during which the Federal Reserve will decide what’s next for its asset purchase program.
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