The Week Ahead: 12th – 16th December 2022

Overview for the Week Ahead

A highly anticipated inflation reading, and the Federal Reserve’s last policy decision of the year will serve as highlights during what should be the final week of major economic news in 2022.

On Tuesday, the closely watched Consumer Price Index (CPI) for November may foretell how much higher rates could go in the coming year.

Tuesday we will see a house hearing on FTX, whose spectacular collapse under the leadership of Sam Bankman-Fried last month has forced at least one cryptocurrency firm, BlockFi, to follow FTX into bankruptcy and put others on shaky ground.

And on Wednesday afternoon, the Fed’s latest monetary policy decision will almost certainly deliver to investors the seventh and final interest rate increase of 2022.

The government’s retail sales report out Thursday morning will add to a consequential week on Wall Street.

Following the Federal Reserve’s interest rate decision on Wednesday, the European Central Bank will announce its decision on rates.

Friday will see a second FTX hearing on a motion regarding releasing the full list of creditors to FTX, which would include names and email addresses.

Friday will also mark the last day of a stop-gap funding bill for the federal government, leaving three options, a government shutdown, the passing of a new budget, or another stop gap bill pushing the problem to the new year.

For the GBP, Britain’s darkening economic outlook is set leave Bank of England policy makers the most divided ever over how much to raise interest rates, with the prospect of the first-ever four-way split.

Investors are betting the nine-member Monetary Policy Committee led by Governor Andrew Bailey will boost the key lending rate a half point to 3.5%, the highest in 14 years.

This Week’s High Impact Events

The times below are GMT +2.

Monday 12^th December

22.25 – Canada – BoC Gov. Macklem Speaks

Potential instruments to Trade: CAD Crosses.

Tuesday 13^th December

09.00 – UK – Claimant Count Change & Average Earnings Index 3m/y

Potential instruments to Trade: GBP Crosses.

12.00 – Europe – German ZEW Economic Sentiment

Potential instruments to Trade: EUR Crosses.

13.00– UK – BoE Gov. Bailey Speaks

Potential instruments to Trade: GBP Crosses.

15.30 – US – CPI m/m, CPI y/y, Core CPI m/m

Potential instruments to Trade: USD Crosses.

Wednesday 14^th December

12.30 – Australia – RBA Gov. Lowe Speaks

Potential instruments to Trade: AUD Crosses.

09.00– UK – CPI y/y

Potential instruments to Trade: GBP Crosses.

21.00 – US – FOMC Economic Projections, FOMC Statement, Federal Funds Rate

Potential instruments to Trade: USD Crosses.

21.30 – US – FOMC Press Conference

Potential instruments to Trade: USD Crosses.

Thursday 15^th December

02.30 – Australia – Employment Change, Unemployment Rate

Potential instruments to Trade: AUD Crosses.

10.30 – Switzerland – SNB Monetary Policy Assessment, SNB Policy Rate

Potential instruments to Trade: CHF Crosses.

11.00 – Switzerland – SNB Press Conference

Potential instruments to Trade: CHF Crosses.

14.00 – UK – MPC Official Bank Rate Votes, Monetary Policy Summary, Official Bank Rate

Potential instruments to Trade: GBP Crosses.

15.15 – Europe – Main Refinancing Rate, Monetary Policy Statement

Potential instruments to Trade: EUR Crosses.

15.30 – US – Core Retail Sales m/m, Empire State Manufacturing Index, Unemployment Claims

Potential instruments to Trade: USD Crosses.

15.45 – Europe – ECB Press Conference

Potential instruments to Trade: EUR Crosses.

Friday 16^th December

09.00 – UK – Retail Sales m/m

Potential instruments to Trade: GBP Crosses.

10.15 – Europe – French Flash Services PMI, Flash Manufacturing PMI

Potential instruments to Trade: EUR Crosses.

10.30 – Europe – German Flash Services PMI, Flash Manufacturing PMI

Potential instruments to Trade: EUR Crosses.

11.30 – UK – Flash Services PMI, Flash Manufacturing PMI

Potential instruments to Trade: GBP Crosses.

16.45 – US – Flash Services PMI, Flash Manufacturing PMI

Potential instruments to Trade: USD Crosses.

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