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Forecasting the Upcoming Week: The Stats for Inflation in the United States Catch Everyone’s Attention

Leon Kramer

ByLeon Kramer

Feb 10, 2024
Forecasting the Upcoming Week: The Stats for Inflation in the United States Catch Everyone’s Attention

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The risk-linked market began to settle as time went on, following the increase in the value of the United States Dollar that occurred on Monday and was led by Powell’s activities. As a consequence of this, currencies such as the British Pound and the Euro experienced a significant comeback. Speculations over the timing of potential interest rate reductions by the Federal Reserve had a substantial impact on the general tone of the market.

The Main Events Will Take Place in the United States

The United States is expected to announce its monthly budget statement for January on Monday. The following economic data are scheduled for release: the U.S. inflation rate on February 13, retail sales, manufacturing output, company inventories, the NAHB real estate market index, and net over-time TIC flows on February 15.

The first-ever Michigan Consumer Sentiment rating, along with a slew of other important economic indicators, including housing starts, producer prices, and building permits, will be released on February 16.

The USD Index (DXY) has begun a stabilization phase following Monday’s strong rally, which saw it reach fresh year-to-date highs above 104.00. This occurs following the index’s new year-end highs.

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Quite a Few Interesting Reports Will Be Published in Europe

On February 13, the ZEW Institute will release the German and Eurozone Economic Sentiment data in the domestic data space. The public will have access to this data. In addition, the GDP growth rate and industrial output data for the fourth quarter will be further updated on February 14.

As of February 15, the Eurogroup’s December trade data will have been finalized. The Euro/U.S. Dollar pair recovered some of the stability it had lost after a steep drop on Monday and ended the week strongly. Getting past the 1.0800 mark is the couple’s top priority for the immediate future.

Waiting for U.K. Inflation and Employment Data

Based on the current evidence, the upcoming week in the U.K. is going to be one of the most fascinating ones. The current schedule calls for the release of the jobs data on February 13 and the inflation rate report on February 14.

On February 15, the world is expected to receive the next set of economic indicators, which will supposedly comprise figures for GDP, the Balance of Trade, Construction Output, Manufacturing, and Manufacturing Production. Given the importance of these data points in revealing the state of the economy, the NIESR GDP Tracker will be given extra consideration.

The retail sales numbers for January are expected to be released on February 16. At least for the time being, the upward momentum of the GBP/USD currency pair came to a stop just before it reached the 1.2650 mark.

Information on Industrial Production and GDP in Japan

On the Japanese calendar, producer prices are scheduled to be released on February 13, followed by the announcement of industrial output and the unexpected GDP Growth Rate for the fourth quarter on February 15.

The Weekly Foreign Bond Funding and the Tertiary Industry Index are anticipated to be made available to the public at the conclusion of the calendar week. Since there has been a significant increase in the selling pressure surrounding the Japanese currency, the USD/JPY exchange rate is progressively getting closer and closer to the crucial 150.00 barrier.

Australia Will Also Be a Source of Important Data

The Westpac Consumer Confidence Index is the indicator that determines the mood for the forthcoming week in Australia. It comes before the release of the labor market indicator and the Consumer Inflation Expectations report on February 15. The AUD/USD pair had a turbulent week, with the majority of activity taking place close to the 0.6500 level.

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Leon Kramer

Leon Kramer

Leon Kramer, a renowned financial author, enlightens Main Forex News readers with his deep understanding of currency markets. His years in global finance, combined with an intuitive grasp of trends, delivers insightful, up-to-the-minute foreign exchange analysis.

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