Author: Anum Qudsia Siddiqui

Last week, markets were a bit like a see-saw, with small ups and downs as everyone waited for important economic news. On Thursday, we got some of that news: inflation data (Core CPI) met expectations, while consumer sentiment took a surprise dip and manufacturing activity slowed a bit. This hints that maybe the Federal Reserve could cut interest rates in June, which got investors excited!

This excitement caused a late-week rally, boosting major indexes and even helping the Nasdaq Composite set a new record.

Last week witnessed a remarkable surge in stock markets, with the S&P 500, the Nasdaq, and the Dow Jones Industrial Average all reaching unprecedented highs.

Looking ahead to this week for February 26 – March 1st, markets are bracing for potentially unforeseen behaviors influenced by upcoming economic releases. We’ve outlined five key releases for the week that are recommended to be closely monitored.

This week marks the midpoint of February 2024, and it’s shaping up to be quite eventful in terms of economic developments. Over the coming days, we anticipate several releases that could impact assets such as $GBPUSD, $EURUSD, and the Dow Jones, Nasdaq, DAX30, and SPX500 indices. Below, we outline their potential outcomes and precise release times and dates so you can plan your trading strategies with NAGA based on the top economic events of the week.

On Monday, our focus should be on the speech by BoE Governor Andrew Bailey. It’s likely that during his address, the Bank of England representative will touch upon the topic of the key interest rate, currently standing at 5.25%. Previously, the bank’s head stated that he is less concerned about inflation, which is gradually decreasing. Therefore, if the market receives concrete signals about a rate cut at the next meeting in March, it could affect assets such as the FTSE100 and $GBPUSD, supporting stocks and putting pressure on the pound.

US30 1-Hour Timeframe, 08 February 2024

The US30 on a 1-hour timeframe has moved in a volatile uptrend since the recent low plotted on 18 January. On 2 February, the US30 reached a new all-time high of 38 784.3. This move dethroned the 31 January all-time high at 38 609.2.

Welcome to our weekly top economic events, where we’re set to kick off a series of impactful releases starting Tuesday, January 23rd.

This week, watch for major announcements including the Bank of Japan’s interest rate decision, which could sway the $USDJPY pair, and the European Central Bank’s key rate decision, potentially affecting the $EURUSD and European stocks. Also, keep an eye on the American Pending Home Sales, Canadian interest rate decisions, and the Eurozone’s Composite PMI data – each capable of inducing significant market volatility.