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31 Jan 2021
3 min read

A Look Ahead into the Week

A Look Ahead into the Week

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

Key Takeaways

  • Retail traders dominate the landscape
  • Key economic data to be published throughout the week

The week starting Monday, Feb 1, promises to bring a wave of excitement to the financial markets. Apart from the regular economic data coming from the US and European countries, market participants will also be monitoring the latest developments in the cryptocurrency market and the continuing saga with individual stocks. The stocks that made headlines last week, GameStop, AMC, and BlackBerry, remain in focus as the army of retail traders shows no signs of stopping.

As to economic data and developments across the globe, Germany kicks off the week with manufacturing PMI data scheduled for 03:55 am EST. The UK will follow with its manufacturing PMI numbers a bit later, at 04:30 am EST. The US is next, set to report the latest ISM manufacturing PMI at 10:00 am EST. Later in the day, Australia will release its interest rate decision at 10:30 pm EST. The country is expected to leave the interest rate unchanged at 0.10%. The Reserve Bank of Australia will follow with its statement at the same hour.

Tuesday’s calendar is light on events. The only notable scheduled event will be the employment change report coming from New Zealand. The report is set for 4:45 pm EST.

The Markets Await Key Data

Wednesday brings the Composite PMI data from the UK for January at 04:30 am EST along with Services PMI. The European Union’s CPI data will arrive at 05:00 am EST. Later, at 08:15 am EST, the US ADP nonfarm employment change for January will be reported. At 10:00 am EST, the ISM non-manufacturing PMI figures will be presented.

Thursday’s events begin with the UK’s construction PMI figures at 04:30 am EST, followed by the Bank of England interest rate decision at 07:00 am EST. The central bank is expected to leave the interest rate unchanged at 0.10%. Australia’s retail sales for December are scheduled for 7:30 pm EST.

On Friday, the market will be monitoring the Bank of England’s governor will be delivering. Set for 08:30 am EST, the speech is expected to address the current market environment and the state of the British economy. Heading to the US, the most significant US economic data, US nonfarm payrolls for January, will stir the markets at 08:30 am EST. Along with it, the US unemployment rate for January will arrive. Canada is also set to report employment change at the same hour.

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