The global currency market is anticipating a busy week filled with economic announcements expected to significantly impact the movements of major currencies such as the US dollar, Swiss franc, and Australian dollar. These data will also have a considerable effect on the prices of commodities like oil and gold. In this context, we present to you the key economic events that will shape market dynamics this week:
Wednesday, April 23: PMI Indicators in the Eurozone: The week kicks off at 07:15 AM GMT with the release of the preliminary Purchasing Managers' Index (PMI) for France, followed by Germany at 07:30 AM, and finally, the data for the Eurozone as a whole at 08:00 AM. These indicators usually have a significant impact on the euro's movements, as they provide signals regarding the activity in the industrial and services sectors in European countries.
United Kingdom: At 08:30 AM, the PMI for the UK will be announced, with expectations of a slight decline from previous readings. This data reflects the continued contraction of the manufacturing sector in Britain, which could put pressure on the British pound and affect its trading.
United States: At 01:45 PM GMT, the preliminary PMI data for the US will be released by S&P Global. Expectations indicate a slowdown in growth for both the manufacturing and services sectors in the US, which could negatively impact the US dollar.
Thursday, April 24: US Jobless Claims: At 12:30 PM GMT, the report on US jobless claims for the week ending April 18 will be released. Predictions suggest an increase of 222,000 claims, which could have a significant effect on the movement of the US dollar. If the data comes in better than expected, it may bolster the dollar's performance, while weak results could lead to a decline.
Friday, April 25: Canadian Retail Sales: At 12:30 PM GMT, data on retail sales in Canada will be announced. The retail sales index is one of the key indicators reflecting the health of the Canadian economy and directly influences the movements of the Canadian dollar against major currencies in the market.
Global market investors are looking forward to the release of many economic data this week, which will significantly impact currency and commodity movements. These data will be the main driving force of the markets, determining the trends of major currencies such as the dollar, euro, and British pound, in addition to movements in commodities like oil and gold.
