Economic Calendar 2024 Starts with a Bang – Spotlight on US Fed Minutes and Job Reports!

 Important data and events for Wednesday

  •  The economic calendar starts on Wednesday with the opening of JOLTS. This number could be favorable for the dollar as it is expected to be 8.85 million slightly higher than the previous reading of 8.73 million.
  • In addition, reports on ISM Manufacturing and ISM Services are scheduled to be released on the same day. The data supports the dollar because it is also predicted to be slightly higher than last from 47.2 to 46.7 and 50.00 from 49.9.
  • Market participants will also be closely watching the December FOMC meetings, which will be released later in the day. Remarkable

Important data and events for Thursday

  • In the scheme of things the economic calendar denotes The ADP employment report and jobless claims are the main focus in the US macro arena. The number of unemployed is expected to be 210,000 from 218,000 previously, which could be positive for the dollar.
  • China Caixin Services PMI is released, the data is expected to be 51.6 compared to 51.50 previously.
  • A figure released on Sunday showed that China’s manufacturing activity fell for a third straight month in December and weakened more than expected, clouding the outlook for the country and its economic recovery and raising concerns about new stimulus measures. new year
  • The government has introduced a number of policies in recent months to support a weak post-pandemic recovery that has been slowed by a severe collapse in assets, local government debt risks and weak global demand. But the world’s second largest economy is still struggling to gain traction.
  • In the Eurozone, the key factor is Germany’s preliminary consumer price index (m/m). The data is expected to be 0.2% higher compared to a 0.4% contraction. The number could support the euro.

Important data and events for Friday

  • The economic calendar depicts the important data of the week to be on Friday, when Eurostat publishes the preliminary index of consumer prices (CPI) for the euro area for December. Spain’s opening numbers are a good sign. Spain’s consumer price index slowed to 3.1 percent year-on-year in December, which was below the market consensus of 3.4 percent. The benchmark interest rate also fell to 3.8 percent, the lowest since March 2022.
  • Canada publishes employment change and percentage. The change in employment is predicted to be 13.5,000 from the previous 24,9000, while the unemployment rate data is 5.9% from the previous 5.8%. Both figures could have a neutral impact on the Canadian dollar
  • The US non-farm payrolls report will be released in November. Economists expect job growth to  moderate by 168,000 from last month’s 199,000, which remains consistent with a strong labor market. 
  • The unemployment rate is expected to remain unchanged at 3.8%, while wage growth is expected to slow to 0.3% from a year earlier, which would mark a post-pandemic low. This could help reinforce the Fed’s view that price pressures are easing and there is no need to raise interest rates

Commodity Samachar
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