The most important forex news affecting the markets this week, March 20 to 24

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After a busy week of important forex news represented by the central banking meetings in addition to the European elections, there is a state of focus by market participants on the statements of some members of the Federal Reserve during this week, including the speech of “Federal Reserve Chair Janet Yellen” to look for more An indication of the timing of an interest rate increase in the United States.

Meanwhile, investors are watching US housing data to gauge whether the recent rise in consumer spending and inflation was the result of higher home prices and higher home sales.

On the other hand, specifically in the United Kingdom, market participants are awaiting the release of some reports on consumer prices and retail sales in order to look for any new signs regarding the continued impact of the “Brexit” decision on the royal economy.

In the euro zone, investors are awaiting the release of the Eurozone business survey data in order to get any new indications about the health of the manufacturing and services sector in the region.

Elsewhere, investors are awaiting the release of some data on retail sales and inflation from Canada to gauge the health of the economy.

And before the release of next week's reports, I have compiled for you a list of the top five events on the economic calendar that are most likely to affect the markets.

1. Speech by Janet Yellen, Chair of the Federal Reserve

One of the important forex news this week is that a group of monetary policy makers in the Federal Reserve will present an objective view on the possibility of increasing interest rates during the coming period.

Charles Evans, Chairman of the Federal Reserve Board of Chicago, will also talk about current economic conditions at the National Association for Business Economics in New York.

Forex newsOn Tuesday, New York Federal Reserve Chairman William Dudley, Kansas City Federal Reserve Chairman Esther George and Cleveland Federal Reserve Chairman Loretta Meester will also speak.

On Thursday, Federal Reserve Chair Janet Yellen will deliver a speech at the opening of the Community Development Research Conference in Washington, DC, at 8:45 a.m. ET.

Minneapolis Fed Chairman Neil Kashkari and Dallas Federal Reserve Chairman Rob Kaplan will also speak next Thursday.

Finally, comments are scheduled for Friday from Chicago Fed Chairman Charles Evans, New York Fed President William Dudley and St. Louis Fed President James Pollard.

It is worth noting that the Federal Reserve raised interest rates by a quarter of a percentage point during the past week, as was widely expected, while maintaining its expectations about the possibility of increasing interest rates two or three times during the current year.

2. US housing data for the month of February

The National Association of Realtors will release a report on existing home sales for the month of February at 10:00 am GMT Wednesday amid expectations that a decrease of 1.8 % to 5.57 million after a rise of 3.3 % in January .

On Thursday, the Commerce Department will release a report on new home sales for February at 10 a.m. ET and the data is expected to show an estimated increase of 0.6% to 568,000 after a 3.7 % rise the previous month.

In addition to the housing data, this week's calendar also contains some reports on initial jobless claims and durable goods orders.

This will focus the headlines from Washington on more details about the promises of US President "Donald Trump" regarding tax reform and infrastructure spending.

Meanwhile, the House is expected to vote on the health care bill on Thursday, and if passed, it would be a small step closer to Congress' consideration of tax reform, although any legislation would have to go through the Senate.

3. UK Consumer Price Index and Retail Sales for February

The Office for National Statistics in Britain will release some data on consumer price inflation for the month of February at 09:30 GMT (5:30 am ET) on Tuesday, and analysts' expectations indicated that consumer prices would rise by 2.1 percent. %, after up 1.8% in the previous month.

On Thursday, the Office for National Statistics will release a report on retail sales for February at 09:30 GMT (5:30 a.m. ET), while analysts had expected a rise of 0.4% after a decline of 0.31. TP2T last January.

It is noteworthy that the Bank of England had voted to keep interest rates unchanged during the past week, and the decision makers were divided as one of the nine members voted to raise interest rates for the first time since last July due to the recent rise in inflation.

4. Flash PMI for Eurozone

Followers of the forex news are waiting for the euro zone to publish some preliminary data on the manufacturing purchasing managers index and the manufacturing activity index for the month of March, at exactly 09:00 GMT (5:00 am ET) on Friday, amid expectations that a decline will occur. Modest.

Ahead of the Eurozone PMI report, a report on the French PMI and the German PMI is scheduled to be released at 8:00 and 8:30 GMT.

This optimistic reading is likely to increase speculation that the European Central Bank could start raising interest rates before the asset purchase program ends.

Continuing signs of strong growth and rising inflation as well as hawkish comments made by some European Central Bank policy makers over the past week have prompted market participants to put forward their expectations for an interest rate hike early.

5. Retail Sales and Inflation Figures in Canada

Canada is expected to release many important forex news as many data on retail sales will be released at 8:30 am ET on Tuesday, and expectations have indicated an increase of 1 %, after a decrease of 0.5 % last December Core retail sales are also expected to rise by 1.2 %, after decreasing by 0.3% in the previous month.

On Friday, some data for February consumer price inflation is also scheduled to be released at 8:30 a.m. ET, and those data are expected to show that inflation rose by 0.2% during the previous February after a rise of 0.9%. Last January, on an annual basis, the CPI is expected to rise by 2.1 %.

It is worth noting that the Central Bank of Canada had kept interest rates unchanged earlier this month, stressing that the current monetary policy stance is still appropriate.

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Mohamed Abdel Khaleq

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