Monday, 23rd December:
- CAD – GDP m/m – 1:30pm GMT: Canada’s monthly GDP is expected to rise by 0.1%, a slight deceleration compared to last month’s 0.2% increase. This data will indicate whether the Bank of Canada’s recent rate cuts are stimulating growth as intended. Any surprises here could impact the CAD and Canadian equity markets.
- USD – CB Consumer Confidence – 3:00pm GMT: Consumer confidence in the US is forecast to edge higher to 112.9 from 111.7. With the consumer playing a crucial role in the US economy, this report could shape expectations for Q1 2025 corporate earnings and influence the direction of the USD and major stock indices.
Tuesday, 24th December:
- AUD – Monetary Policy Meeting Minutes – 12:30am GMT: Minutes from the Reserve Bank of Australia’s recent meeting could provide insight into the likelihood of a rate cut in February. With the RBA adopting a more dovish stance, traders will analyse these minutes for clarity on their policy trajectory. AUD/USD and the ASX 200 could see movement depending on the tone of this release.
- USD – Core Durable Goods Orders m/m – 1:30pm GMT: Core durable goods orders are expected to rise by 0.3%, a slight improvement from last month’s 0.2%. The overall durable goods orders, however, are predicted to decline by 0.3%. Weak data could weigh on the USD, especially as investors look for signs of a cooling economy.
- USD – New Home Sales – 3:00pm GMT: New home sales in the US are projected to climb to 666K from 610K. This increase would signal continued strength in the housing market, potentially supporting risk sentiment and influencing US equity markets.
- USD – Richmond Manufacturing Index – 3:00pm GMT: The Richmond Manufacturing Index is forecast to improve slightly to -11 from the previous -14. While still in contraction territory, a better-than-expected result could temper concerns about the manufacturing sector’s health.
Wednesday, 25th December:
- JPY – BOJ Governor Ueda Speaks – Tentative: With markets anticipating potential policy changes in January, any comments from BOJ Governor Ueda will be closely monitored. Traders will look for signals regarding the Bank of Japan’s stance on interest rates and its response to last week’s stronger-than-expected inflation figures.
Thursday, 26th December:
- USD – Unemployment Claims – 1:30pm GMT: Weekly jobless claims are expected to edge lower to 218K from the prior 220K. A better-than-expected print could support the USD, reinforcing confidence in the US labour market’s resilience.
- USD – Crude Oil Inventories – 4:00pm GMT: Oil inventories are anticipated to decline by 1.6M barrels, extending last week’s drop of 0.9M. This data could influence crude prices and energy-related equities, particularly if the figures deviate significantly from expectations.
- JPY – Tokyo Core CPI y/y – 11:30pm GMT: The Tokyo Core CPI is expected to rise to 2.5% from 2.2%. A stronger-than-expected inflation print could add pressure on the BOJ to consider a rate hike in January, potentially driving gains in the JPY and Japanese equity indices.
Muted trading expected due to the Christmas holiday: With major markets in Europe and the US closed on Wednesday, volatility is likely to remain subdued.
