This week's economic calendar is packed with a number of important economic data that will affect the movements of major currencies and the direction of central banks in the coming period. In addition, the comments of a number of decision makers, led by Bank of England Governor Mark Carney and FED Powell.
Tuesday: Durable Goods Orders in USA
Tomorrow, markets are looking for durable goods orders in US in the first month of the year. It is expected to drop 2.4% month-on-month after the previous reading was revised lower from 2.9% to 2.8%. Core durable goods orders may rise only 0.4% during the period. But consumer confidence may improve from 125.4 to 126.2 points in February.
Wednesday: US GDP
On Wednesday, US GDP data is due for release in the fourth quarter of last year. Most forecasts suggest the economy will grow by 2.5% quarter-on-quarter, while the prelim GDP price index is expected to stabilize at 2.4%.
Thursday: British manufacturing data:
Manufacturing data is one of the most important data the Bank of England is watching to determine the pace of economic growth. After the manufacturing sector started in 2018 with a negative outlook, some views continue to favor the sector's continued slowdown, with the PMI contracting from 55.3 to 55.1 points.
Consumer spending data:
Also on Thursday, the markets are looking at consumer spending, core PCE price index is expected to rise by 0.3%, personal income by 0.2%, personal spending by 0.2%.
Friday: British construction data, Canadian GDP
For the construction sector, some improvement is expected to show, that PMI is expected to rise from 50.2 to 50.5 points. While Canada's GDP growth is expected to slow by only 0.1% on a monthly basis in January.
