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07 Feb 2021
2 min read

The Week Ahead: Key Economic Data & National Days 

The Week Ahead: Key Economic Data & National Days

*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

  • Biden to try to pass fiscal stimulus bill of $1.9tn
  • National Holidays in New Zealand & Japan
  • UK wait in anticipation of GDP figures on Friday

The week starting Monday, Feb 7, will deliver some important news and developments to the financial markets. In the coming week, US President Joe Biden is expected to continue pushing for the approval of his $1.9tn relief package to support the US economy. Mr. Biden has stated he will try to pass the fiscal stimulus bill without help from Republican Senators. Investors seem to be optimistic over his approach towards the passing of the bill. Additionally, financial regulators will be monitoring how the GameStop saga develops.

 

National Holidays & Crucial Economic Data Releases  

On Monday, Feb 7, the European and the US markets will be operating normally, while New Zealand traders will take a break to celebrate National Day. No significant market-moving data is expected to be released then. Tuesday, in a similar fashion, does not hold any big news for the market participants.

Wednesday will deliver the latest US CPI data at 08:30 am EST. Later, crude oil inventories will be announced at 10:30 am EST. On Thursday, Japan is taking a day off to celebrate their National Day. The US will report its latest initial jobless claims at 08:30 am EST. At 11:00 am EST, the Fed will release its policy report with key remarks about the current state of the economy and the prospects for economic recovery.

 

UK Key Figures

Friday’s most significant data is reserved for the UK. At 02:00 am EST, the country reports GDP figures for the fourth quarter. Both on an annual basis and quarter-on-quarter, the numbers will define if the economy went through a double-dip recession in the last three months of 2020. In addition to the GDP data, the UK will also report the manufacturing production rate for December.

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