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24 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

  • Important data milestones ahead
  • Ambitious vaccination plan takes center stage in the US

The week starting Monday, Jan 25 will present awaited and carefully monitored milestones for traders and investors globally. A lightweight kick-off is expected on Monday as the US will not be presenting any major data or updates. US markets will operate under normal conditions. Joe Biden is expected to continue the work on his Covid-19 plan which promises 100 million vaccines to Americans in the next 100 days. Additionally, the Senate is expected to vote on the impeachment of former President Donald Trump. Democrats and Republicans in the Senate will also need to find time to consider Joe Biden’s cabinet nominees and his $1.9 trillion fiscal relief plan intended to tackle the coronavirus and its implications on the economy.

Coming from the EU, Germany will release the latest figures from the Ifo Business Climate Index on Monday, 04:00 am EST.

Tuesday will be quiet for the Australian market as the country celebrates Australia Day, observed annually on Jan 26. The UK is set to release the Average Earnings Index for November at 02:00 am EST and the Claimant Count change for December at the same time. The US will announce the CB Consumer Confidence for January at 10:00 am EST. Later in the day, the latest CPI data (QoQ, Q4) will be released in Australia at 07:30 pm EST.

Anticipation for US Data Releases

Wednesday will be reserved for the most important data for the week. The US is set to release a batch of economic indicators along with a press conference by the FOMC. At 8:30 am EST, markets will be monitoring the Core durable good orders for December. At 14:30 am EST, the FOMC will hold its first of eight regularly scheduled meetings during the year. The meeting will follow the FOMC statement and the Fed Interest Rate Decision scheduled at 14:00 am EST. The Fed is expected to leave the interest rate unchanged at 0.25%.

On Thursday, the US will report its GDP figures for the fourth quarter of 2020. The results published at 08:30 am EST will be closely monitored by investors as they will show the effect of the restrictions on the economy in the last three months of the year. Additionally, New Home Sales are set for 10:00 am EST.

Friday will be more diverse as data will be coming from three countries. From the EU, Germany will report its GDP figures for the last quarter of last year. The release is scheduled for 02:00 am EST. Following the report, at 04:00 am EST, Germany will also release Unemployment Change for January. Canada is also on tap to release GDP data on Friday, at 08:30 am EST. Later, at 10:00 am EST, the US will publish the Pending home sales report for December.

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