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31FX Blog

Economic Week Ahead: Coronavirus Impact, US and UK Data and Fed Speech

31FX – This week takes us into the impending issue of the Coronavirus in China, as well as data from the US, U.K., and the Eurozone. Fed Speakers are also scheduled for an appearance this week.

Overview

Coronavirus Curbs

It was reported that the cases from the coronavirus in China have fallen on Sunday. The economic impact is still unknown as analysts estimate China’s annual growth could slow between 4% and 5%.

The U.S. Market Holiday

US Financial markets will be closed on Monday to give way for Presidents Day. The New York Stock Exchange and Nasdaq will be closed and trading on CME exchanges will be halted, meaning there will be no settlements for gold or crude oil futures contracts.

The FED Minutes and the U.S. Data

With the impact of the coronavirus, the U.S. Central Bank is due to release its minutes this Wednesday of its January meeting with investors paying close attention for any mention of the virus’ impact.

Fed Speakers including Minneapolis Fed President Neel Kashkari, Dallas Fed head Robert Kaplan, and Fed Governors Lael Brainard and Richard Clarida is scheduled to speak this week.

Data on housing will dominate the economic calendar.

UK Data

The UK is set to release data this week with December jobs report due out on Tuesday and with inflation figures due out on Wednesday. The Manufacturing and Services PMI data for February is due to be released on Friday.

The Eurozone Data

This week’s reports may show signs of the coronavirus impact on the bloc’s economy.

The German ZEW on Tuesday will be the first post-coronavirus indicator while consumer confidence and PMI figures on Thursday and Friday will also attract close attention.

The ECB is scheduled to publish its minutes from its January meeting on Thursday. Their focus will likely be on the details regarding its monetary policy strategy review.

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