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• The Week Ahead: 18th – 22nd December 2023 

The Week Ahead: 18th – 22nd December 2023 

Overview for the Week Ahead 

The fate of EUR/USD was determined by two events last week: the FOMC (Federal Open Market Committee) meeting of the US Federal Reserve and the meeting of the Governing Council of the European Central Bank (ECB), which took place a day later. As a result, the euro emerged victorious: for the first time since November 29, the pair rose above 1.1000. 

The Federal Reserve left its key interest rate unchanged at 5.5%. Meanwhile, the regulator’s leadership acknowledged that it is discussing easing its monetary policy. The FOMC’s forecast for the foreseeable future turned out to be significantly lower than market expectations.  

ECB President Christine Lagarde acted in sync with the Fed: the pan-European regulator also left the interest rate unchanged, at the previous level of 4.50%. However, the ECB expects the Eurozone’s GDP to grow by only 0.6% in 2023, compared to the previously forecasted 0.7%, and by 0.8% in 2024 instead of 1.0%.  

Inflation in 2024 is forecasted at 5.4%, in 2024 at 2.7%, and in 2025 it is expected to almost reach the target mark of 2.1% (two years earlier than in the US). 

Regarding the past week, after the release of disappointing business activity data (PMI) in Europe on December 15th and mixed results in the US, EUR/USD ended the week at 1.0894. 

Next week, both Europe and the United States will be summarizing the year and preparing for Christmas. Notable economic events include the release of inflation data (CPI) in the Eurozone on Tuesday, December 19. On Wednesday, December 20, the U.S. Consumer Confidence Index will be published. The following day, the U.S. GDP volume for the third quarter and the number of initial jobless claims will be announced. The work week concludes on Friday, December 22, with a comprehensive package of data on the U.S. consumer market. 

Have your trading charts ready this week! 

This Week’s High Impact Events 

The times below are GMT +2. 

Monday 18^th December 

• No High Impact Events 

Potential instruments to Trade: USD Crosses.  

Tuesday 19^th December 

• 02.30 – Australia – Monetary Policy Meeting Minutes 

Potential instruments to Trade: AUD Crosses.  

• Tentative – Japan – BoJ Policy Rate, BoJ Press Conference 

Potential instruments to Trade: JPY Crosses.  

• 15.30 – Canada – CPI m/m, Median CPI y/y, Trimmed CPI y/y 

Potential instruments to Trade: CAD Crosses.  

Wednesday 20^th December 

• 09.00 – UK – CPI y/y 

Potential instruments to Trade: GBP Crosses.  

• 17.00 – US – CB Consumer Confidence 

Potential instruments to Trade: USD Crosses.  

Thursday 21^st December 

• 15.30 – Canada – Core Retail Sales m/m, Retail Sales m/m 

Potential instruments to Trade: CAD Crosses.  

• 15.30 – US – Final GDP q/q, Unemployment Claims 

Potential instruments to Trade: USD Crosses.  

Friday 22^nd December 

• 09.00 – UK – Retail Sales m/m 

Potential instruments to Trade: GBP Crosses.  

• 15.30 – Canada – GDP m/m 

Potential instruments to Trade: CAD Crosses.  

• 15.30 – US – Core PCE Price Index m/m 

Potential instruments to Trade: USD Crosses.  

• 17.00 – US – Revised UoM Consumer Sentiment 

Potential instruments to Trade: USD Crosses.  

If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email [email protected].

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