In the ever-changing landscape of forex trading, where the values of currencies are in constant flux, a multitude of factors steer the course of the market. Among these pivotal elements, major data releases stand out as key events that wield substantial influence over market sentiments and significantly shape trading decisions. For traders striving to maintain a competitive edge, a vigilant focus on this forex forecast is not just advisable; it is paramount.
As we approach the coming week, forex traders must be aware of the upcoming forex forecast that could impact currency pairs. Here’s a breakdown of key events based on the UTC+4 time zone, sourced from Trading Economics.
Tuesday (27/02/2024)
3:30 AM: Japanese Inflation Rate YoY
Gain insights into Japan’s year-on-year inflation rate, providing indications of price trends and potential impacts on the Japanese yen.
5:30 PM: US Durable Goods Orders MoM
Monitor month-on-month durable goods orders in the US, offering insights into consumer spending patterns and potential influences on the US dollar.
Wednesday (28/02/2024)
5:30 PM: US GDP Growth Rate QoQ 2nd Est
Assess the second estimate of the US quarter-on-quarter GDP growth rate, offering comprehensive insights into economic performance and influencing the US dollar.
Thursday (29/02/2024)
11:45 AM: France Inflation Rate YoY Prel
Evaluate the preliminary year-on-year inflation rate in France, providing insights into price trends and potential impacts on the euro.
4:00 PM: India GDP Growth Rate
Monitor India’s GDP growth rate, offering valuable insights into the country’s economic performance and potentially impacting the Indian rupee.
5:00 PM: Germany Inflation Rate YoY Prel
Assess the preliminary year-on-year inflation rate in Germany, providing indications of price trends and potential influences on the euro.
5:30 PM: Canadian GDP Growth Rate QoQ
Evaluate Canada’s quarter-on-quarter GDP growth rate, offering insights into economic performance and potentially impacting the Canadian dollar.
5:30 PM: US Core PCE Price Index MoM
Monitor month-on-month changes in the US core personal consumption expenditure (PCE) price index, a key inflation indicator influencing the US dollar.
5:30 PM: US Personal Spending MoM
Assess month-on-month changes in personal spending in the US, offering insights into consumer behavior and potential currency impacts.
Friday (01/03/2024)
5:30 AM: Chinese NBX Manufacturing PMI
Evaluate the manufacturing Purchasing Managers’ Index (PMI) in China, providing insights into economic activity and potential influences on the Chinese yuan.
9:00 AM: Japanese Consumer Confidence
Monitor consumer confidence in Japan, offering insights into economic sentiment and potential impacts on the Japanese yen.
2:00 PM: Euro Area Inflation Rate YoY
Assess the year-on-year inflation rate in the Euro Area, providing comprehensive insights into price trends and potential euro movements.
7:00 PM: US ISM Manufacturing PMI
Monitor the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index (PMI) in the US, offering insights into manufacturing activity and potential influences on the US dollar.
Disclaimer
Forex trading involves risks, and traders are strongly advised to conduct thorough and independent research before making any investment decisions. Market conditions can change rapidly, and it’s crucial to stay informed and adapt to the evolving landscape.
As the upcoming week unfolds, these major data releases have the potential to shape market trends and create trading opportunities. Stay vigilant, stay informed, and may your trading endeavors be met with success.
