Three markets to watch next week (12.01.2024)

This week saw further escalation in the Middle East, with US and UK carrying out retaliatory airstrikes against Houthi targets in Yemen. Oil will surely remain on watch in the coming days, but there is also a number of reports scheduled for the next week that may move other markets. Be sure to watch EURUSD, CHN.cash and GBPCAD in the week ahead!

EURUSD

The main currency pair may see some moves throughout the next week as traders will be offered top-tier releases from Europe and the United States. Flash German GDP report for 2023 will be released on Monday (7:00 am GMT), US retail sales for December on Tuesday (1:30 pm GMT), ECB minutes on Thursday (12:30 pm GMT) and flash University of Michigan data for January on Friday (3:00 pm GMT). EURUSD has been trading mostly sideways this week, and data that will be released next week may help the pair find direction.

CHN.cash

Chinese indices continue to struggle in the new year. CHN.cash deepened a year-long downward impulse in January 2024 and dropped to the lowest level since November 2022. Chinese equities may get a chance to recover part of the losses next week with release of flash GDP report for Q4 2023 on Wednesday, 2:00 am GMT. Monthly activity data for December, including retail sales and industrial production, will be released simultaneously.

GBPCAD

GBPCAD is one of the FX pairs that may also see some moves next week. Release of UK jobs data for November (Tuesday, 7:00 am GMT), UK CPI data for December (Wednesday, 7:00 am GMT) and UK retail sales data for December (Friday, 7:00 am GMT) will keep GBP moving. Meanwhile, CAD traders will focus on Canadian CPI print for December (Tuesday, 1:30 pm GMT) and Canadian retail sales data for November (Friday, 1:30 pm GMT).