[Weekly] Economic Calendar: A Boring Week!

This week brings several crucial economic events that may significantly impact the market. Here's an overview: 

European Union Retail Sales m/m

Tuesday – 4:00AM CST

Retail Sales m/m reflect a change in the euro area retail sails in the reported month compared to the previous one. The calculation is adjusted for inflation.

The index is often called the consumer spending indicator and allows assessing inflation in the euro area.

The indicator growth can have a positive effect on the euro quotes.

Forecast: 0.0%

Previous: -0.5%

European Union Retail Sales y/y

Tuesday – 4:00AM CST

Retail Sales y/y shows the change in the euro area retail sales for the given month compared to the same month of the previous year. The calculation is adjusted for inflation.

The index is often called the consumer spending indicator and allows assessing inflation in the euro area.

The indicator growth can have a positive effect on the euro quotes

Forecast: 0.4%

Estimated: -0.7%

Ivey Canada Purchasing Managers Index (PMI)

Tuesday – 9:000AM CST

Canada Ivey Purchasing Managers Index (PMI) shows economic activity in the past month calculated by the Ivey School of Business.

The indicator is calculated based on a survey of purchasing managers in the private and public sector companies. The survey involves representatives of 175 companies selected in view of their field of activity and geographical location. Respondents answer questions about whether purchases, employment, supplies and prices in their sector have become better, worse or has not changed over the reported month.

Survey results are seasonally adjusted.

A reading above 50 indicates that the economic activity is expanding, a reading below 50 suggests the economy is in contraction. The index growth can have a positive effect on CAD quotes.

Forecast: 53.9

Previous: 57.5

EIA United States Crude Oil Stocks Change

Wednesday – 9:00AM CST

The Energy Information Administration's (EIA) Crude Oil Stocks Change Indicator is published weekly. It measures the number of barrels of commercial crude oil held by US companies. It is one of the indicators affecting world oil prices.

Growing crude oil stocks indicate a weaker demand for oil and can have a negative impact on the oil barrel price.

Forecast: N/A

Previous:  N/A

Bank of England (BoE) Interest Rate Decision

Thursday – 6:00AM CST

Bank of England Interest Rate Decision is taken by monetary policy committee members and is published two weeks after the meeting.

The interest rate decision is one of the most important events. Interest rate growth is seen as positive for the sterling.

Forecast: N/A

Previous: 5.25%

Bank of England (BoE) Governor Bailey Speech

Wednesday – 8:15AM CST

Bank of England Governor Speech is given by the head of the BOE's Monetary Policy Committee and has the greatest influence over sterling's value among all members of the Committee. The BoE Governor's public engagements suggest clues regarding the change in the exchange rate and future monetary policy of the Bank of England.

Forecast: N/A

Previous: N/A

Canada Employment Change

Wednesday – 7:30AM CST

Canada Employment Change shows a change in the number of officially employed Canadians in the reported month.

The indicator is used when measuring Canada's labor market. The indicator growth can have a positive effect on CAD quotes.

Forecast: 22.6K

Previous: -2.2K

As we navigate through this week, it's essential to remain vigilant and informed about the multitude of economic events on the horizon. Each event has the potential to significantly influence market dynamics and shape investment strategies. To stay ahead of the curve and fully grasp the implications of these events, be sure to monitor updates and analysis from reputable sources. As always, informed decision-making is key in navigating the ever-changing landscape of global financial markets.

Wishing you a successful and profitable week of trading!