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As 2022 rolls on, so do the big economic events. We’ve profiled some of the big ones below in our February 2022 preview.

Economic events to watch in February

OPEC-JMMC meetings – Wednesday February 2nd

February’s OPEC+ meeting should have much the same tone as January’s. Expect to see the cartel agree to pump a further 400,000 bpd of crude in March. That said, the near $90 oil price (at the time of writing) and tight capacity for smaller members may prompt a leftfield strategic rethink.

Bank of England rate statement – Thursday February 3rd

Some have called the Bank of England slow to act with inflation running hot in the UK’s economy. Word on the street is Governor Bailey and the Monetary Policy Committee are poised to hike rates a further 25 basis points on this meeting.

European Central Bank rate statement – Thursday February 3rd

The BoE might be planning a rate hike, but its contemporaries in Brussels are not planning any such moves this year. The European Central Bank is sticking to its guns, even as inflation pressure builds, so instead we’re predicting a fairly mundane rate statement from the ECB this February.

US nonfarm payrolls – Friday February 4th

January’s job market numbers are in focus today with the release of the latest nonfarm payrolls. Labour markets have disappointed for two consecutive months stateside. The Fed and US will be watching closely to see if things picked up in January.

US CPI – Thursday February 10th

US consumer prices jumped at their highest level in four decades in December, as reported in January’s CPI reading. We know inflation is running hot, and we know the Fed is planning fairly aggressive rate hikes to cope. Perhaps February’s CPI report will provide the Fed with a further kick if inflation continues to burn.

US PPI – Tuesday February 15th

While consumer goods costs jumped massively in December, the month saw PPI rise at a modest rate of 0.2%. That said, US PPI is up 9.7% across the year, showing that something has to be done to help cool inflation.

FOMC meeting minutes – Wednesday February 16th

What is that? Well, the talk is rate hikes. The Fed has taken a hawkish pivot in recent months. The release of the FOMC meeting minutes for January will let us get under the Fed’s hood for a clearer view on its policymaking decisions ahead of any further rate increases.

EU Flash PMI data – Monday February 21st

European productivity is in the spotlight this month too with another batch of PMI readings. Markets and the ECB will be hoping to carry over some momentum from January. The IHS Markit Composite PMI reading for last month pushed the index to a 5-month high, the PMIs coming in at 58.7.

RBNZ rate statement – Wednesday February 23rd

Forex traders have priced in a further rake hike from the Reserve Bank of New Zealand this month. The RBNZA was one of the first central banks to hike rates and has already pushed it up to 0.75%. A further increase could be on the way, with economic observers expecting a rates to hit 2.5% by 2023.

US Core PCE price index – Friday February 25th

The Fed’s favourite inflation indicator rounds off our preview of what to watch in February. PCE inflation reached a 40-year high last month, at 5.8%, which goes someway towards explaining why the Federal Reserve has shaken off its dove’s feathers and adopted a hawkish stance. Let’s see how hot inflation is running in January with this print.

Major economic data

Date Time (GMT) Asset Event
Tue 01-Feb 3:30am AUD Cash Rate
  3:30am AUD RBA Rate Statement
  1:30pm CAD GDP m/m
   3:00pm USD ISM Manufacturing PMI
   3:00pm USD JOLTS Job Openings
  9:45pm NZD Employment Change q/q
  9:45pm NZD Unemployment Rate
       
Wed 02-Feb 1:30am AUD RBA Gov Lowe Speaks
  8:00am EUR Spanish Unemployment Change
  All Day All OPEC-JMMC Meetings
  1:15pm USD ADP Non-Farm Employment Change
  3:30pm USD Crude Oil Inventories
  8:00pm CAD BOC Gov Macklem Speaks
       
Thu 03-Feb 12:00pm GBP Asset Purchase Facility
  12:00pm GBP BOE Monetary Policy Report
  12:00pm GBP MPC Asset Purchase Facility Votes
  12:00pm GBP MPC Official Bank Rate Votes
  12:00pm GBP Monetary Policy Summary
  12:00pm GBP Official Bank Rate
  12:30pm GBP BOE Gov Bailey Speaks
  12:45pm EUR Main Refinancing Rate
  12:45pm EUR Monetary Policy Statement
  1:30pm EUR ECB Press Conference
  1:30pm USD Unemployment Claims
  3:00pm USD ISM Services PMI
       
Fri 04-Feb 12:30am AUD RBA Monetary Policy Statement
  12:15pm GBP MPC Member Broadbent Speaks
  1:30pm CAD Employment Change
  1:30pm CAD Unemployment Rate
  1:30pm USD Average Hourly Earnings m/m
  1:30pm USD Non-Farm Employment Change
  1:30pm USD Unemployment Rate
  3:00pm CAD Ivey PMI
       
Wed 09-Feb 2:00am NZD Inflation Expectations q/q
  3:30pm USD Crude Oil Inventories
  6:01pm USD 10-y Bond Auction
       
Thu 10-Feb 2:00am CNY Retail Sales y/y
  10:00am EUR EU Economic Forecasts
  1:30pm USD CPI m/m
  1:30pm USD Core CPI m/m
  1:30pm USD Unemployment Claims
  6:01pm USD 30-y Bond Auction
       
Fri 11-Feb 7:00am GBP Prelim GDP q/q
  3:00pm USD Prelim UoM Consumer Sentiment
       
Tue 15-Feb 12:30am AUD Monetary Policy Meeting Minutes
  1:30pm USD PPI m/m
  1:30pm USD Core PPI m/m
  1:30pm USD Empire State Manufacturing Index
       
Wed 16-Feb 9:30am GBP CPI y/y
  1:30pm CAD CPI m/m
  1:30pm CAD Common CPI y/y
  1:30pm CAD Median CPI y/y
  1:30pm CAD Trimmed CPI y/y
  1:30pm USD Core Retail Sales m/m
  1:30pm USD Retail Sales m/m
  2:15pm USD Industrial Production m/m
  3:30pm USD Crude Oil Inventories
  7:00pm USD FOMC Meeting Minutes
       
Thu 17-Feb 12:30am AUD Employment Change
  12:30am AUD Unemployment Rate
  10:00am EUR ZEW Economic Sentiment
  10:00am EUR German ZEW Economic Sentiment
  1:30pm USD Philly Fed Manufacturing Index
  1:30pm USD Unemployment Claims
       
Fri 18-Feb 7:00am GBP Retail Sales m/m
  1:30pm CAD Core Retail Sales m/m
  1:30pm CAD Retail Sales m/m
  3:00pm USD Existing Home Sales
       
Mon 21-Feb 8:15am EUR French Flash Services PMI
  8:30am EUR German Flash Manufacturing PMI
  8:30am EUR German Flash Services PMI
  9:30am GBP Flash Manufacturing PMI
  9:30am GBP Flash Services PMI
       
Tue 22-Feb 2:45pm USD Flash Manufacturing PMI
  2:45pm USD Flash Services PMI
  3:00pm USD CB Consumer Confidence
       
Wed 23-Feb 12:30am AUD Wage Price Index q/q
  1:00am NZD Official Cash Rate
  1:00am NZD RBNZ Monetary Policy Statement
  1:00am NZD RBNZ Rate Statement
  2:00am NZD RBNZ Press Conference
  9:00am EUR German ifo Business Climate
  Tentative GBP Monetary Policy Report Hearings
       
Thu 24-Feb 8:00am CHF KOF Economic Barometer
  1:30pm USD Prelim GDP q/q
  1:30pm USD Unemployment Claims
  4:00pm USD Crude Oil Inventories
       
Fri 25-Feb 1:30pm USD Core PCE Price Index m/m
  1:30pm USD Core Durable Goods Orders m/m
  1:30pm USD Durable Goods Orders m/m
  3:00pm USD Pending Home Sales m/m
    USD Revised UoM Consumer Sentiment
       
Mon 28-Feb 2:45pm USD Chicago PMI

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