Weekly Outlook, Jan 17 – 21, 2022: Top Economic Events to Watch This

The broad-based US dollar rose at the end of last week, while statistics showed that consumer prices rose at their fastest rate in nearly 40 years, indicating that the week would end on a bullish note. On the other hand, the debate about inflation and interest rate hikes continues, with Philadelphia Fed President Patrick Harker stating that more than three hikes are likely this year. Weekly initial jobless claims jumped unexpectedly from 207K to 230K during the week ending January 7.

Furthermore, the US Producer Price Index (PPI) increased by 9.7% year over year in December, which was up by 9.6% from the previous month. This, however, fell short of market forecasts, which predicted a reading of 9.8%, and thus managed to excite the USD bulls and halt the currency’s drop. Aside from that, the risk-off market mood, which was bolstered by several variables, was considered one of the primary factors that boosted the US dollar even more.

In the coming week, there will be plenty of retail sales and unemployment claims, as well as minutes from the BOJ Outlook Report and Employment Change, to keep the markets moving. Aside from that, BOE Gov. Bailey’s speech will be closely observed, as it may play a key role in establishing market risk levels.

Top Economic Events to Watch This Week

1. China, Gross Domestic Product (YoY) – Monday – 2:00 GMT

On Monday, January 17, at 02:00 GMT, China’s Gross Domestic Product (YoY) will be released. The National Bureau of Statistics of China publishes the Gross Domestic Product (GDP), which examines the total value of all commodities and services generated in China. The indicator shows how quickly the Chinese economy is growing or shrinking. This economic event would impact the Forex market, because the Chinese economy has an impact on the global economy. In general, a high rating for the CNY is considered favorable (or bullish), while a low number is considered negative (or Bearish). The last China Gross Domestic Product (YoY) consensus was -0.49615.

Previous Release:

ACTUAL: 4.9 %

DEV: -0.50    

CONS: 5.2 %

Last Release:

Monday, October 18, 2021, 02:00

2. China Retail Sales (YoY) – Monday – 2:00 GMT

On Monday, January 17, at 02:00 GMT, China Retail Sales (YoY) will be released. The National Bureau of Statistics of China’s Retail Sales report tracks retail consumer goods revenues. It reflects the entire value of consumer goods supplied by various industries to families and social groupings via multiple paths. 

It is a crucial indicator for analyzing developments in the Chinese retail market and gauging its economic health. A high reading indicates that the CNY is positive (or bullish), while a low reading indicates that the CNY is negative (or bearish). The next China Retail Sales (YoY) consensus is 3.7, with -0.28301 as the latest variation.

Previous Release:

ACTUAL: 3.9 %

DEV: -0.28

CONS: 4.6 %

Last Release:

Wednesday, December 15, 2021, 02:00

The Bank of Japan releases its interest rate decision reglarly. In…