Economic Calendar

Unemployment figures, company earnings reports and elections – keep track of key announcements and other events that could affect the markets. 

Monday 19 February to Sunday 25 February

Canadian CPI

Tuesday, February 20

13:30 GMT

In December 2023, Canada's annual inflation rose to 3.4% from 3.1%, meeting expectations. This aligns with the Bank of Canada's projection of sustained elevated inflation around 3.5% for a lengthy period, potentially keeping rate cuts off the table for a long time. The increase was driven by higher gasoline costs, leading to rebounds in transportation and shelter prices, including rents and mortgage rates. Passenger vehicle prices also rose. With US inflation falling less than expected, will we also see a positive surprise for Canada’s CPI?

What to watch: USD/CAD, CAD/JPY

FOMC minutes

Wednesday, February 21

19:00 GMT

In January, the Fed kept rates steady at 5.25%-5.5%. Powell and his FOMC colleagues emphasised a reluctance to lower rates until confident about reaching 2% inflation sustainably. The Fed chair hinted at possible rate reductions later in the year but expressed scepticism about a March cut. The Fed omitted further rate hike references, noting improved risk balance but remained prepared to adjust policy if necessary due to persistently high inflation.

What to watch: USD, Gold

Global PMIs

Thursday, February 22

All day

Among the global PMIs to watch on Thursday will be those of Germany and the Eurozone, where the economy has been struggling, remaining well below the pace of growth observed in the US. This has not stopped the DAX to hit record highs, with nearly all mainland European indices doing rather well, but the EUR/USD has been stuck in a downward trajectory for a couple of months. But if we start to see improvement here, then the EUR/USD may start finding some much-needed support.

What to watch: EUR, Germany 40

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