The Week Ahead: 17th – 21st January 2022

Overview for the Week Ahead

A Bank of Japan (BOJ) policy meeting this week will bear watching given talk it will revise up its outlook for growth and inflation, while sources told Reuters policy makers were debating how soon they could start telegraphing an eventual interest rate hike.

While a move is unlikely this year, financial markets may be under-estimating its readiness to gradually phase out its once-radical stimulus programme.

This was one reason the yen rallied, with the dollar slipping 1.2% last week.

COVID-19 news updates will remain a key area focus. Risk aversion could hit should a new strain of the virus appear in a developed economy.

Key stats for the USD include Philly FED Manufacturing and initial jobless claims due out on Thursday.

Other stats include NY Empire State Manufacturing and housing sector data. These stats should have a muted impact on the markets, however.

ZEW Economic Sentiment figures for Germany and the Eurozone will be the key stats early in the week.

Finalized December inflation figures for member states and the Eurozone in the week will also draw interest.

On the monetary policy front, the ECB monetary policy meeting minutes are due out on Thursday, with ECB President Lagarde scheduled to speak on Friday.

For the GBP, it is an important week.

On Tuesday, claimant counts and the UK’s unemployment rate will be in focus.

Inflation and retail sales figures due out on Wednesday and Thursday will also be key.

The stats through the week should give the BoE the numbers it needs to decide what’s next on the policy front.

On the monetary policy front, BoE Gov. Bailey is scheduled to speak on Wednesday.

This Week’s High Impact Events

The times below are GMT +2.

Monday 17th January

  • No High Impact Events

Tuesday 18th January

  • Tentative – BOJ Outlook Report & BOJ Press Conference

Potential instruments to Trade: JPY Crosses. 

  • 12.00 – EUR – ZEW Economic Sentiment & German ZEW Economic Sentiment

Potential instruments to Trade: EUR Crosses. 

  • 17.00 – US – Empire State Manufacturing Index

Potential instruments to Trade: USD Crosses. 

Wednesday 19th January

  • 09.00 – UK – CPI y/y

Potential instruments to Trade: USD Crosses. 

  • 15.30 – Canada – CPI m/m

Potential instruments to Trade: CAD Crosses. 

  • 16.15 – UK – BoE Gov. Bailey Speaks

Potential instruments to Trade: GBP Crosses. 

Thursday 20th January

  • 02.30 – AUD – Employment Change & Unemployment Rate

Potential instruments to Trade: AUD Crosses. 

Friday 21st January 

  • No High Impact Events 

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