● On Monday 23th: Canadian GDP MoM, American CB Consumer Confidence, Canadian BoC Summary of Deliberations and Japanese BoJ Monetary Policy Meeting Minutes
● On Tuesday 24th: Australian RBA Meeting Minutes and American Durable Goods Orders MoM
● On Wednesday 25th: No major data releases.
● On Thursday 26th: American Initial Jobless Claims and Japanese Retail Sales YoY
● On Friday 27th: No major data releases.
Monday 23th of December
Canada’s economy is expected to show minimal growth in October, with a forecasted increase of 0.1%. This follows a similar 0.1% expansion in September, which was lower than the anticipated 0.3%. The release of October's GDP MoM at 1:30 PM GMT will be closely watched for insights into Canada's economic trajectory and the potential sustainability of growth.
The Conference Board’s Consumer Confidence Index improved in November, rising to 111.7 from 109.6 in October. Both the Present Situation and Expectations indices showed positive movement, signaling optimism about the current business and labor market conditions. Investors are now keenly awaiting the Consumer Confidence data for December, scheduled for release at 3:00 PM GMT, as it will offer a crucial gauge of consumer sentiment heading into 2025.
After cutting its key interest rate by 50 basis points in December, marking the second consecutive rate cut, the BoC’s Summary of Deliberations (scheduled for release at 6:30 PM GMT) will shed light on the central bank’s future policy outlook. Despite these rate cuts, there are indications that the BoC will take a more cautious approach to rate adjustments in 2025, particularly in light of a below-expected 1% GDP growth in Q3 and uncertainties regarding U.S. trade policies.
The BoJ held its short-term interest rate steady at around 0.25% in its October meeting, maintaining the highest level since 2008. The minutes from this meeting, scheduled for release at 11:50 PM GMT, will provide further insight into the BoJ’s rationale and future monetary policy direction.
Tuesday 24th of December
The RBA concluded 2024 by holding its cash rate at 4.35%, marking the ninth consecutive meeting without a change. The RBA Meeting Minutes (scheduled for release at 12:30 AM GMT) will offer additional details on the central bank’s ongoing assessment of inflation, economic growth, and geopolitical risks. Although inflation is expected to decline, underlying inflation remains elevated, and the RBA projects it will not reach the target range until 2026.
U.S. durable goods orders saw a modest 0.2% increase in October, coming in below the 0.5% forecast. This followed a revised 0.4% decline in September. Market participants will be watching the November Durable Goods Orders data (to be released at 1:30 PM GMT) for further clues on the state of the manufacturing sector and its contribution to economic growth.
Wednesday 25th of December
No major data releases
Thursday 26th of December
In the first week of December, U.S. Initial Jobless Claims surged by 17,000 to 242,000, significantly surpassing market expectations of 220,000. The Jobless Claims data for the remainder of December, set for release at 1:30 PM GMT, will provide more clarity on trends in the labor market, particularly as the year winds down.
Japanese retail sales rose by 1.6% YoY in October, though this was below the forecasted 2.2%. Month-over-month, retail sales grew by just 0.1%, following a sharp 2.3% drop in September. The November Retail Sales YoY data, set for release at 11:50 PM GMT, is expected to show a slowdown, with forecasts pointing to a 1.3% YoY increase.
Friday 27th of December
No major data releases
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