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21 Feb 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

  • A light calendar for the days ahead
  • Fed Chairman Powell to testify before the Economic Committee

The week starting Monday, Feb 22, opens trading with a relatively light agenda. On Monday, the German Ifo business climate index will be released at 04:00 am EST. Tuesday begins with the latest CPI data for January from the European Union. The news is scheduled to arrive at 05:00 am EST. The US follows at 10:00 am EST with Consumer confidence data for February. Also at 10:00, Federal Reserve Chairman Jerome Powell will testify on the economic outlook and recent monetary policy actions before the Joint Economic Committee in Washington DC.

Chairman Powell will first read a prepared statement, followed by a question session by the committee. Market participants will be monitoring the second part as it could present new insights into the current state of the economy

Anticipation Surrounds the Stimulus Package

Later on Tuesday, at 08:00 pm EST, the Reserve Bank of New Zealand will announce its interest rate decision. Investors expect the central bank to leave the interest rate unchanged at 0.25%.

A light calendar will also characterize Wednesday. German GDP figures for the fourth quarter will be released at 02:00 am EST, while the US New home sales figures for January will be announced at 10:00 am EST. Thursday brings US Core durable goods orders at 08:30 am EST. At the same time, the US GDP data for the fourth quarter will be revealed. The US Pending home sales numbers for January will be published at 10:00 am EST. Friday does not feature any major scheduled economic data.

Throughout the week, investors will continue to watch out for any signs of progress on the long-anticipated coronavirus spending package. Additionally, vaccination roll-outs around the world will remain in focus.

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