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Market Opportunities : Week 05-02-2024 - 09-02-2024
USDIDX: ISM United States Service Purchasing Managers Index (PMI) report for January is the most important economic event in the February 5 – 9 week. The Institute for Supply Management will release the Services PMI on February 5. In case the Services PMI improvement for January is more than expected, it will be bullish for US Dollar index.
USDCNH: China’s consumer and producer prices reports for January is an important event for forex markets due February 8. The performance of China’s economy is an important indicator of the state of global economy as China supplies manufactured goods to most countries of the world. The Chinese economy is experiencing deflationary pressures after disappointing results of reopening after emergence of Chinese economy from strict zero-Covid lockdown measures. There is a possibility the Consumer Price Index and Producer Prices Index reports may indicate lower prices than expected which will be bullish for USDCNH.
USDCNH: China’s consumer and producer prices reports for January is an important event for forex markets due February 8. The performance of China’s economy is an important indicator of the state of global economy as China supplies manufactured goods to most countries of the world. The Chinese economy is experiencing deflationary pressures after disappointing results of reopening after emergence of Chinese economy from strict zero-Covid lockdown measures. There is a possibility the Consumer Price Index and Producer Prices Index reports may indicate lower prices than expected which will be bullish for USDCNH.
Key Events to Watch
| Date | Country | Event | Forecast | Previous |
|---|---|---|---|---|
| 2024-02-05 | USD | ISM United States Non-Manufacturing Purchasing Managers Index (PMI) | 52.1 | 50.6 |
| 2024-02-06 | EUR | European Union Retail Sales m/m | 0.3% | -0.3% |
| 2024-02-06 | CAD | Ivey Canada Purchasing Managers Index (PMI) | 55.5 | 56.3 |
| 2024-02-06 | CAD | Bank of Canada (BoC) Governor Macklem Speech | ||
| 2024-02-07 | NZD | New Zealand Employment Change q/q | 0.4% | -0.2% |
| 2024-02-07 | USD | EIA United States Crude Oil Stocks Change | ||
| 2024-02-08 | INR | Reserve Bank of India Interest Rate Decision | 6.50% | |
| 2024-02-08 | MXN | Bank of Mexico Interest Rate Decision | 11.25% | |
| 2024-02-09 | CAD | Canada Employment Change | 34.7 K | 0.1 K |
