3 markets to watch next week (15.12.2023)

5:32 PM 15 December 2023

Final pre-Christmas weekend on the markets is just around the corner. While the majority of world's key central banks announced their final decisions of 2023 this week, there is one more institution left to make the announcement - Bank of Japan! Apart from BoJ rate decision, traders will also be offered data from Canada and the United States. Be sure to watch USDJPY, US30 and AUDCAD in the week ahead!


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Monetary policy announcement from the Bank of Japan, scheduled for Tuesday, 3:00 am GMT, is a key event of the next week. USDJPY dropped almost 7% off the mid-November highs on hopes that Bank of Japan is preparing for an exit from negative interest rates. Expectations are high and while BoJ may not raise rates next week (money markets expect rates to be left unchanged), failure to provide a hawkish guidance would be seen as a big disappointment. This could lead to JPY erasing recent gains, with USDJPY recovering.


While December's FOMC rate decision is already behind us, US equity indices may see some moves next week on a number of US macro releases. Those include housing market data for November (Tuesday, 1:30 pm GMT), Conference Board consumer confidence index for December (Wednesday, 3:00 pm GMT) and PCE data for November (Friday, 1:30 pm GMT). US Q3 GDP report will be released on Thursday, 1:30 pm GMT, but it will be a revision and is unlikely to have a major impact on the markets.


AUDCAD is one of the FX pairs that may see some moves next week, especially on Tuesday. This is due to the release of RBA minutes (Tuesday, 0:30 am GMT) and Canadian CPI data for November (Tuesday, 1:30 pm GMT). Release of Canadian retail sales data on Wednesday (1:30 pm GMT) as well as monthly GDP report for October on Friday (1:30 pm GMT) may also increase volatility on the pair. AUDCAD has been trading mostly sideways over the past month, and traders are looking for a catalyst for a breakout.

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