This week's market preview highlights key economic data releases and their potential impact on major currencies, particularly the USD and GBP. The US January CPI and Fed Chairman Powell's testimony are expected to influence the USD, while the UK's Q4 GDP data will be crucial for the GBP.
The week is drawing to a close, yet the US employment report for January is still to be released and could alter the picture of the markets. Yet let’s have a look at what the calendar has in store for the market in the coming week. On Monday we get Japan’s Current Account balance for December and Norway’s CPI rates for January and GDP rates for Q4. On Tuesday we get Australia’s consumer confidence for February and Business indicators for January as well as Canada’s December Building Permits.
On the flip side inflation in the Zone may not be easing as planned by the bank which could force it to ease on its rate cutting path and such a scenario to provide support for the common currency. On a macroeconomic level, we note in the coming week the release of Germany’s final HICP rate for January and expect it to verify that the rate remained unchanged if compared to the December rate at 2.8% yy.
USD GBP Inflation Fed Boe GDP Economic Data Market Outlook
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