Currency: JPY Importance: 3 Notes: A day to honor elderly citizens, to express appreciation and gratitude for their contribution to society, and to celebrate their longevity and vitality.

Currency: USD Importance: 3 Forecast: 0.40% Previous: 0.40% Notes: The Producer Price Index (PPI) measures a change in input prices of raw, semi-finished or finished goods and services. If input costs rise, some will be absorbed by the producer and some passed on to the consumer. Conversely, if input costs fall, some of the decline will be enjoyed as wider profit margins by the producer and some will be passed on to the consumer in the form of lower prices. Because PPI impacts consumer prices, it is watched by central bankers as part of fulfilling their mandate of price stability.

A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD.

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Currency: GBP Importance: 3 Forecast: 2.60% Previous: 2.60% Notes: At its last Monetary Policy Committee meeting in December 2024, the Bank of England decided to maintain interest rates at 4.75%. The decision was made with a majority of 6 to 3, with the minority favouring a 25-basis-point rate cut.

Bloomberg expects the MPC to cut interest rates by 25 basis points during its February meeting. Inflation data released in December, as well as in the coming months, will significantly influence the committee's interest rate decisions throughout the year. A sharp decline in inflation levels, bringing them closer to the 2% target, could accelerate the pace of rate cuts in 2025, potentially benefitting British stock indices like the UK100. However, if inflation remains slow to approach the target, the pace of rate reductions may decelerate.

Notably, the YoY inflation in November increased from 2.3% to 2.6%, while the YoY core inflation rose from 3.3% to 3.5%.

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Currency: USD Importance: 3 Forecast: 0.20% Previous: 0.30% Notes: Bloomberg forecasts suggest YoY inflation will rise from 2.7% in November to 2.9% in December, while the YoY core inflation is expected to remain steady at 3.3%.

In his December press conference, the Federal Reserve Chairman indicated that the pace of interest rate cuts might slow this year due to the "remarkable" performance of the US economy. Additionally, the Federal Open Market Committee's dot plot suggests the likelihood of only two rate cuts in 2025.

The persistent rise in inflation could hinder US interest rate cuts, supporting the US dollar and negatively impacting precious metal prices like silver, which have an inverse relationship with the dollar.

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Currency: USD Importance: 3 Forecast: 2.90% Previous: 2.70% Notes: Bloomberg forecasts suggest YoY inflation will rise from 2.7% in November to 2.9% in December, while the YoY core inflation is expected to remain steady at 3.3%.

In his December press conference, the Federal Reserve Chairman indicated that the pace of interest rate cuts might slow this year due to the "remarkable" performance of the US economy. Additionally, the Federal Open Market Committee's dot plot suggests the likelihood of only two rate cuts in 2025.

The persistent rise in inflation could hinder US interest rate cuts, supporting the US dollar and negatively impacting precious metal prices like silver, which have an inverse relationship with the dollar.

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Currency: USD Importance: 3 Forecast: 0.30% Previous: 0.30% Notes: Bloomberg forecasts suggest YoY inflation will rise from 2.7% in November to 2.9% in December, while the YoY core inflation is expected to remain steady at 3.3%.

In his December press conference, the Federal Reserve Chairman indicated that the pace of interest rate cuts might slow this year due to the "remarkable" performance of the US economy. Additionally, the Federal Open Market Committee's dot plot suggests the likelihood of only two rate cuts in 2025.

The persistent rise in inflation could hinder US interest rate cuts, supporting the US dollar and negatively impacting precious metal prices like silver, which have an inverse relationship with the dollar.

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Currency: Global Importance: 3 Previous: -0.959M Notes: The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.

If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected. If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.

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Currency: GBP Importance: 3 Forecast: 0.20% Previous: -0.10% Notes: Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy's health. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

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Currency: EUR Importance: 3 Forecast: 0.40% Previous: 0.40% Notes: The Consumer Price Index (CPI) measures the change in the prices of goods and services from the perspective of the consumer. As Germany has the largest output of any country in the euro-zone, the European Central bank pays very close attention to this figure in its role of maintaining price stability.

A reading that is stronger than forecast is generally supportive (bullish) for the EUR, while a weaker than forecast reading is generally negative (bearish) for the EUR.

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Currency: USD Importance: 3 Forecast: 0.40% Previous: 0.20% Notes: Core Retail Sales measures the change in the total value of sales at the retail level in the U.S., excluding automobiles. It is an important indicator of consumer spending which accounts for a large percentage of US GDP.

A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD.

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Currency: USD Importance: 3 Forecast: 210K Previous: 201K Notes: Initial Jobless Claims measures the number of people who filed for unemployment insurance for the first time during the past week. This is the most timely U.S. economic data, but the market impact varies from week to week.

A reading that is higher than forecast is generally negative (bearish) for the USD, while a lower than forecast reading is generally supportive (bullish) for the USD.

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Currency: USD Importance: 3 Forecast: -7 Previous: -10.9 Notes: The Philadelphia Federal Reserve Manufacturing Index measures the relative level of business conditions amongst manufacturers in the Federal reserve district. A level above zero on the index indicates improving conditions; below indicates worsening conditions. The data is compiled from a survey of about 250 manufacturers in the Philadelphia Federal Reserve district.

A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD.

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Currency: USD Importance: 3 Forecast: 0.50% Previous: 0.70% Notes: Retail Sales gauges the change in the aggregate value of sales at the retail level across the country. It is an important indicator of consumer spending accounting for the majority of overall economic activity.

A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD.

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Currency: CNY Importance: 3 Forecast: 5.10% Previous: 4.60% Notes: Gross Domestic Product (GDP) gauges the inflation-adjusted value of all goods and services produced within the economy. It is the most comprehensive measure of economic activity and an important indicator of economic health.

A reading that is stronger than forecast is generally supportive (bullish) for the CNY, while a weaker than forecast reading is generally negative (bearish) for the CNY.

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Currency: EUR Importance: 3 Forecast: 2.40% Previous: 2.40% Notes: Bloomberg forecasts indicate the YoY core inflation in Europe will remain stable at 2.7%, while the YoY inflation is expected to stay at 2.4%.

At its December meeting, the European Central Bank reduced interest rates by 25 basis points and suggested further cuts early next year to reach neutral levels that neither hinder nor stimulate economic growth.

A decline in inflation closer to the ECB's 2% target would support the current rate reduction pace, potentially benefitting European stock indices like the EURO STOXX 50, DAX, FRA40 indexes. Conversely, rising inflation could obstruct planned rate cuts, negatively impacting these indices.

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Currency: USD Importance: 3 Forecast: 4.37% Previous: 4.62% Notes: Recent data indicates that while inflation has moderated to 2.4% as of November 2024, it remains above the Federal Reserve’s 2% target. Simultaneously, the labor market continues to exhibit resilience, with jobless claims reaching an eight-month low. This combination of easing inflation and a strong labor market may provide the Federal Reserve with increased flexibility to adjust interest rates without reigniting inflation concerns, thereby supporting the possibility of a soft landing for the economy.

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