Key USD and CAD Events to Watch This Week

Significant events to watch:

-CA (CAD): Canada Consumer Price Index (CPI) MoM

-US (USD): U.S. Federal Open Market Committee (FOMC) Meeting Minutes

-US (USD): U.S. Services Purchasing Managers Index (PMI)

CA (CAD): Canada Consumer Price Index (CPI) MoM – The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.

The previous reading was -0.3 % in line with the expectations. The next report is due on February 20, 2024 at 13:30 GMT. Its forecast stands at 0.4%.

US (USD): U.S. Federal Open Market Committee (FOMC) Meeting Minutes – The Federal Open Market Committee (FOMC) Meeting Minutes are a detailed record of the committee’s policy-setting meeting held about three weeks earlier. The minutes offer detailed insights regarding the FOMC’s stance on monetary policy, so currency traders carefully examine them for clues regarding the outcome of future interest rate decisions.

The event is due on February 21, 2024 at 19:00 GMT.

US (USD): U.S. Services Purchasing Managers Index (PMI) – The Service PMI release is published monthly by Markit Economics. The data are based on surveys of over 400 executives in private sector service companies. The surveys cover transport and communication, financial intermediaries, business and personal services, computing & IT, hotels and restaurants. 

An index level of 50 denotes no change since the previous month, while a level above 50 signals an improvement, and below 50 indicates a deterioration. A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD.

The previous actual data was 52.5 worse than the forecast of 52.9 The upcoming report is due on February 22, 2024 at 14:45 GMT and its forecast figure stands at 52.

Risers and Fallers

-SSE Composite Index (+7.87%)

-Microsoft Corp (-3.93%)

-Ford Motor Co (-1.51%)

-Gold (-0.55%)

SSE Composite Index– The index demonstrated a positive performance last week, registering nearly 7.87% gains. However, SSE Composite has shown a bearish trajectory over the last 1 year, shedding nearly 12% gains.

Microsoft Corp – The stock declined by 3.93% in the last 5 days. Nonetheless, MSFT has displayed an uptick performance these past 6 months, adding nearly 25.53% in value.

Ford Motor Co – Ford’s stock dipped previous week, losing almost 1.51% in value. However, it has exhibited a positive performance value during the previous 6 months, climbing by 2.76%.

Gold – Gold’s price dropped 0.55% in the past 5 days. The commodity is now trading at 2021 USD.  

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