Fed meeting will be main highlight in week ahead

Looking at the week ahead, it would be good to focus first on Sunday’s data out of China, when they will publish industrial production data. Meanwhile on Monday we will also see industrial production figures from Japan and the Eurozone.

On Tuesday the main data to focus on would be the US retail sales as this would be the last important piece of data before the all-important Federal Reserve meeting on Thursday. Before the US data on Tuesday it would be good to look at the RBA policy meeting minutes and then the Bank of Japan policy statement followed by a press conference. Then UK inflation data along with the German ZEW economic sentiment report.

On Wednesday Eurozone sees the release of inflation, labour costs and wages numbers. Employment data are released out of the UK. Wage growth has picked up to 2.8% once erratic bonus payments were stripped out, so any further increase will ignite rate-rise hopes from the Bank of England.

Later in the day, consumer prices data are announced in the US.

On Thursday, trade data are published in Japan. Focus then shifts to UK retail sales data.

In the US, export sales, jobless claims and house starts figures are due. Bu the main highlight of the day and of the week will be the FOMC. The Fed will announce its latest policy decision. Many would see it as an unnecessarily risky move for the Fed to start raining rates when so much uncertainty abounds in the markets and inflation shows little sign of taking off, suggesting policymakers could easily be swayed into delaying hikes until later in the year.

On Friday the Bank of Japan’s latest policy meeting minutes are published.

Later, European current account numbers are issued. In the North American session, consumer price inflation data are published in Canada.

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