US Elections, General

Week Ahead: last-minute wrapping up

George Walker, Friday, 18 December 2020


Our last Week Ahead of 2020 is a short one, with few macro events on the calendar in the lead up to Christmas. 

PBoC remain at the ready

The interest rate decision from the People’s Bank of China comes out in the early hours of Monday morning, being the only notable data release as we start the week. Like most central banks, the PBoC cut interest rates earlier in the year to 3.85% and is not expected to implement changes at this meeting. A common theme has been not immediate change, but a readiness and willingness to re-evaluate it. Does the PBoC believe the current monetary policy is sufficient, or will they jump on the bandwagon with further stimulus?

GDP data from both sides of the pond

The cable comes into focus on Tuesday with Gross Domestic Product data out from the UK in the morning, followed by that of the US in the afternoon. We heard from the Federal Reserve and the Bank of England last week, and economic recovery remains a focal point for both. Other than employment, GDP is one of the major gauges of economic strength, so as a result of these figures being released on the same day, GBPUSD could be in for a busy day.

A couple quiet days midweek start with Import and Export data released overnight Wednesday, and Canadian GDP figures out ahead of the US market open.
Durable Goods Orders data is released an hour ahead of the US open on Thursday – these are good typically designed to last for more than three years, often requiring larger investments, subsequently acting as a good indicator of economic strength and disposable income.

Big data in Japan

The final high-impact data of the week comes Thursday evening in the form of Consumer Price Index (CPI) inflation figures and the Unemployment rate from Japan. Both are key to monetary policy decision-making for the Bank of Japan, so we could see some last-minute volatility in the JPY ahead of markets closing for Christmas. 
That wraps up our week – remember to check in on the market hours here.
Have a very Merry Christmas, and we’ll be back with you again in the new year!

All times indicated are GMT.


Monday, 21st December
00:00 NZD ANZ Business Outlook
00:00 NZD Activity Outlook
01:30 CNY PBoC Interest Rate Decision
01:30 AUD Mid-Year Economic and Fiscal Outlook
13:30 USD Chicago Fed National Activity Index
15:00 EUR Consumer Confidence Preliminary

UK Company Announcements:

US Company Announcements: 

Tuesday, 22nd December
00:30 AUD Retail Sales
06:00 GBP Public Sector Net Borrowing
07:00 GBP Total Business Investment
07:00 GBP Gross Domestic Product
07:00 GER Gfk Consumer Confidence Survey
13:30 USD Gross Domestic Product
13:30 USD Personal Consumption Expenditures Prices
13:30 USD Core Personal Consumption Expenditures
13:55 USD Redbook Index
15:00 USD Existing Homes Sales
15:00 USD Existing Home Sales Change
15:00 USD Richmond Fed Manufacturing Survey
21:30 USD API Weekly Crude Oil Stock
23:50 JPY BoJ Monetary Policy Meeting Minutes

UK Company Announcements:

US Company Announcements:
Cintas Corporation

Wednesday, 23rd December 
00:30 AUD Imports
00:30 AUD Exports
00:30 AUD Trade Balance
05:00 JPY Coincident Index
05:00 JPY Leading Economic Index
09:00 CHF ZEW Survey – Expectations
13:30 USD Personal Consumption Expenditures – Price Index
13:30 USD Core Personal Consumption Expenditure – Price Index
13:30 USD Personal Income
13:30 USD Personal Spending
13:30 CAD Gross Domestic Product
15:00 USD Michigan Consumer Sentiment Index
15:00 USD New Home Sales
15:00 USD New Home Sales Change

UK Company Announcements:

US Company Announcements:

Thursday, 24th December
13:30 USD Durable Goods Orders
13:30 USD Durable Goods Orders ex-Transportation
13:30 USD Durable Goods Orders ex-Defence
13:30 USD Nondefense Capital goods Orders ex-Aircraft
23:30 JPY Tokyo Consumer Price Index
23:30 JPY Tokyo CPI ex-Fresh Food
23:30 JPY Tokyo CPI ex-Food & Energy
23:30 JPY Unemployment Rate
23:30 JPY Jobs / Applicants Ratio
23:50 JPY Retail Trade
23:50 JPY Large Retailer Sales

UK Company Announcements:

US Company Announcements:

Share article