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Check out some of the month’s key events to watch with our first monthly trading preview of 2022.

Economic events to watch in January

US nonfarm payrolls – Friday January 7th

The year’s first big release is the US nonfarm payrolls. Markets will be hoping for a stronger report compared with December’s which once again disappointed. Just 210,000 roles were added in that report month, compared with 573,000 in Wall Street.

US CPI – Wednesday January 12th

December 2021’s inflation data is shared with the January US CPI report. Inflation boiled over to a 40-year high in November, and we’re expecting to see similar numbers in this release. For context, the CPI reached a searing 6.8% in November 2021.

US retail sales – Friday January 14th

Christmas, Thanksgiving, Black Friday, and Cyber Monday all fall within a traditional dynamite period for US retailers. Initial reports at the end of last year suggest sales this is still the case. Watch for potentially hot retail sales in the face of an inflation ridden economy.

UK CPI – Wednesday January 19th

UK inflation hit a 10-year high in November, prompting the Bank of England to actually raise rates in a move that surprised markets. It’s unlikely this hot inflation is transitory though. It’s more the case that we’ll see an increase over November’s CPI 5.1% rise when December’s data is released this month.

Global Flash PMI data – Thursday January 20th

The first PMI blitz of the year comes on Thursday 20th January with the latest economic indicators from the US, UK, and EU. Did these economies end December on the front foot or has Omicron put a dent in their recovery?

Bank of Canada rate statement – Wednesday January 26th

The Bank of Canada laid the groundwork for future rate hikes in December’s statement. As many as four could be on the way, and a possible timetable could be announced at Wednesday’s meeting.

FOMC statement – Wednesday January 26th

The Federal Reserve’s first meeting of the year comes off the back of December’s tapering announcement and rate hike hints. Could Powell and Co. announce their hike intentions and give us an idea of when they could be coming?

US core PCE price index – Friday January 28th

Following its first meeting, the Fed gets a look at one of its preferred inflation indicators with the release of December’s PCE data. Mirroring CPI data, the PCE index rose at its fastest pace since 1982 last month. Expect a hot reading this January.

Major economic data

Date Time (GMT) Asset Event
Thu 06-Jan 1:30pm USD Unemployment Claims
3:00pm USD ISM Services PMI
Fri 07-Jan 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 12-Jan 1:30pm USD CPI m/m
1:30pm USD Core CPI m/m
6:01pm USD 10-y Bond Auction
Thu 13-Jan 1:30pm USD PPI m/m
1:30pm USD Core PPI m/m
1:30pm USD Unemployment Claims
6:01pm USD 30-y Bond Auction
Fri 14-Jan 8:00am EUR German Prelim GDP q/q
1:30pm USD Core Retail Sales m/m
1:30pm USD Retail Sales m/m
2:15pm USD Industrial Production m/m
3:00pm USD Prelim UoM Consumer Sentiment
Mon 17-Jan 2:00am CNY GDP q/y
2:00am CNY Retail Sales y/y
Day 1 All WEF Annual Meetings
3:30pm CAD BOC Business Outlook Survey
Tue 18-Jan Tentative JPY BOJ Outlook Report
Tentative JPY Monetary Policy Statement
Tentative JPY BOJ Press Conference
Day 2 All WEF Annual Meetings
1:30pm USD Empire State Manufacturing Index
Wed 19-Jan Day 3 All WEF Annual Meetings
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
Thu 20-Jan 12:30am AUD Employment Change
12:30am AUD Unemployment Rate
8:15am EUR French Flash Services PMI
8:30am EUR German Flash Manufacturing PMI
8:30am EUR German Flash Services PMI
9:00am EUR Flash Manufacturing PMI
9:00am EUR Flash Services PMI
Day 4 All WEF Annual Meetings
9:30am GBP Flash Manufacturing PMI
9:30am GBP Flash Services PMI
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
3:00pm USD Existing Home Sales
Fri 21-Jan 7:00am GBP Retail Sales m/m
Day 5 All WEF Annual Meetings
1:30pm CAD Core Retail Sales m/m
1:30pm CAD Retail Sales m/m
Sat 22-Jan Day 6 All WEF Annual Meetings
Mon 24-Jan 2:45pm USD Flash Manufacturing PMI
2:45pm USD Flash Services PMI
Tue 25-Jan 12:30am AUD CPI q/q
12:30am AUD Trimmed Mean CPI q/q
3:00pm USD CB Consumer Confidence
Wed 26-Jan 9:00am EUR German ifo Business Climate
3:00pm CAD BOC Monetary Policy Report
3:00pm CAD BOC Rate Statement
3:00pm CAD Overnight Rate
4:00pm CAD BOC Press Conference
7:00pm USD FOMC Statement
7:00pm USD Federal Funds Rate
7:30pm USD FOMC Press Conference
9:45pm NZD CPI q/q
Thu 27-Jan 8:00am CHF KOF Economic Barometer
1:30pm USD Advance GDP q/q
USD Advance GDP Price Index q/q
USD Core Durable Goods Orders m/m
USD Durable Goods Orders m/m
USD Unemployment Claims
3:00pm USD Pending Home Sales m/m
Fri 28-Jan 1:30pm USD Core PCE Price Index m/m
3:00pm USD Revised UoM Consumer Sentiment
Mon 31-Jan 2:45pm USD Chicago PMI

 

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