Monday, 9th December
- 1:30am GMT – China Inflation Data (CPI & PPI): China’s inflation data came in below expectations, with CPI at 0.2% (forecast 0.4%) and PPI at -2.5% (forecast -2.8%). Sluggish consumer demand continues despite previous stimulus efforts, raising hopes for further intervention by the People’s Bank of China (PBOC). This could influence the Hong Kong 50 and China A50 indices.
Tuesday, 10th December
- 3:30am GMT – RBA Cash Rate Decision & Statement: The Reserve Bank of Australia (RBA) is expected to hold its cash rate at 4.35%. Traders will closely monitor the RBA’s statement and press conference at 4:30am GMT for any hints of future rate adjustments. With Australia’s economy facing slowing growth, dovish signals could impact the AUD and the ASX 200.
- 10th-15th December – China New Loans Data: China’s new loans data is forecast at 950B (previous 500B). A significant increase could reflect credit expansion efforts to stimulate growth.
- All Day – OPEC Meetings: OPEC members will meet to discuss oil output and market stabilization strategies amid concerns of an oversupply in 2024. Oil prices may experience volatility based on the meeting’s outcomes.
Wednesday, 11th December
- 1:30pm GMT – U.S. CPI Inflation Data (m/m, y/y): The U.S. CPI is forecast at 0.3% m/m and 2.7% y/y. Any deviation from these expectations could influence Federal Reserve policy decisions ahead of its final meeting of the year. A higher reading might reduce chances of future rate cuts, impacting the USD and U.S. equities.
- 2:45pm GMT – Bank of Canada Rate Decision & Press Conference: Markets are split on whether the BoC will cut rates from 3.75% to 3.25%. The press conference at 3:30pm GMT could offer more clarity on the bank’s policy direction, with significant implications for the CAD and related currency pairs.
- USD Crude Oil Inventories: Forecasts indicate a decline of -5.1M barrels. A larger-than-expected draw could support oil prices amid ongoing OPEC negotiations.
Thursday, 12th December
- 12:30am GMT – Australia Employment Data: Employment change is expected at 26K (previous 15.9K), with unemployment anticipated to tick up to 4.2%. Weak job data could heighten expectations of future rate cuts by the RBA, impacting the AUD.
- 8:30am GMT – SNB Interest Rate Decision & Press Conference: The Swiss National Bank (SNB) is expected to raise rates from 0.75% to 1.00%. The central bank’s policy assessment and press conference at 9:00am GMT could influence EURCHF and USDCHF pairs.
- 1:15pm GMT – ECB Rate Decision & Press Conference: The European Central Bank is expected to hike its main refinancing rate from 3.15% to 3.40%. President Christine Lagarde’s comments at 1:45pm GMT will be closely watched for any indications of future policy moves, with significant implications for the EUR and European stock indices.
- 1:30pm GMT – U.S. Core PPI & Unemployment Claims: Core PPI is forecast at 0.2% m/m, with unemployment claims expected at 221K. Strong data could reinforce expectations of continued monetary tightening by the Federal Reserve.
Friday, 13th December
- 7:00am GMT – UK GDP Data (m/m): The UK’s GDP is expected to grow by 0.1% after contracting by -0.1% previously. Positive growth could support the GBP, while disappointing data might add pressure on the Bank of England for potential rate cuts.
This week’s calendar is packed with high-impact events that could shape market sentiment, keep an eye on these developments as they unfold!
