Economic Calendar | February 6 – 10

Monday, February 6 

After a rather large-scale and rapid strengthening of the dollar at the end of last week, the market clearly needs a rebound that will at least slightly correct the situation with its overbought. However, there are no reasons for a rebound yet. Moreover, data on retail sales in the eurozone further aggravated the situation: the indicator in December decreased by 2.7% on a monthly basis and by 2.8% on an annual basis (worse than analysts' forecasts). Therefore, the dollar continues to strengthen at the beginning of the week. 

Tuesday, February 7

The only thing worth paying attention to on Tuesday is the meeting of the board of the Reserve Bank of Australia, during which the refinancing rate should be raised from 3.10% to 3.35%. The tightening of monetary policy will support the Australian dollar, and it will be able to slightly improve its position in a pair with the US dollar.

Wednesday, February 8

On Wednesday, the macroeconomic calendar is completely empty. So after a small corrective rebound, the trend for strengthening the US dollar will have to resume.

Thursday, February 9

The main event of Thursday will be the publication of data on applications for unemployment benefits in the United States, the forecasts for which are rather negative. Their total number should grow by 11 thousand. But, most likely, these data will be ignored by the market, since after Friday's publication of the report of the Ministry of Labor Non-Farm payrolls in the near future, no indirect data on the labor market does not matter.

Friday, February 10

On Friday, all investors' attention will be focused on the UK GDP data for the fourth quarter: they should show a slowdown in economic growth from 1.9% to 0.2%. And this is much worse than in the eurozone or the United States. Naturally, the pound will be under pressure. And through the dollar index, it will pull other currencies with it. 

The week will end with data on the labor market in Canada, which will lead to an even greater weakening of the Canadian dollar. The driver of the decline will be the growth of unemployment in the country from 5.0% to 5.2%.