Weekly Economic News Ahead: Apr 8 to Apr 12 2024

Weekly Economic News Ahead: Apr 8 to Apr 12

Apr 10: CPI from the US

The release of the Consumer Price Index (CPI) is one of the most awaited releases of the week, which will be made by the Bureau of Labor Statistics on Wednesday at 12:30 GMT. Economists are forecasting it to have an increase of 0.2% in March, which was previously 0.4%. The data is likely to reveal that overall inflation is rising while the essential "core" inflation metric is slowing. The CPI is an essential metric that excludes food and energy costs and is highly watched by Federal Reserve officials who set the country's monetary policy.

Apr 10: EIA Crude Oil Stocks Change

The US Energy Information Administration will be revealing the EIA Crude Oil Stocks Change on Wednesday at 14:30 GMT and is predicted to have a rise of 3.210 M by financial experts. If there is an increase in the values in the indicator that measures the number of barrels of commercial crude oil held by the US companies, it will have a negative impact on the barrel price. Since the EIA Crude Oil Stocks Change is one of the indicators affecting world oil prices, the market participants who are trading in the US dollar quotes and related to the oil industry are recommended to be alert during the release of the indicator.

Apr 11: ECB Interest Rate Decision

As per the sources from the European Central Bank, the Interest Rate Decision of the ECB will be made on Thursday at 12:15 GMT. In the monetary policy meeting, hints regarding the interest rate path and the economic outlook will be made, along with the monetary policy of the eurozone discussion. When the release was made on 7th Mar 2024 at 13:15 GMT, it stood at 4.5%. Since October 2023, the ECB has maintained the main financing rate at an all-time high of 4.5% and the deposit rate at 4% for four consecutive months. Despite the decline in inflation, the central bank remains concerned about wage growth and rising service costs.

Apr 11: Initial Jobless Claims

The crucial labour data about the Initial Jobless Claims will be unveiled on Thursday at 12:30 GMT and the participants who are dealing with the labour sector of the market are recommended to make a note of the changes in the readings of the indicator. The indicator that represents the number of people applying to receive unemployment insurance benefits for the first time in the last week will be published by the US Department of Labor. Top economists are expecting them to be 223000. When there is an increase in the readings of the indicator, it will have unfavourable impacts on US dollar quotes. Furthermore, the Initial Jobless Claims is used for the assessment of the condition of the labour market in the country.

Apr 12: GDP from the UK

On Friday, the market participants who are trading in the euro quotes are suggested to be vigilant during the release of the GDP from the UK. It will be disclosed by the Office for National Statistics on Friday at 06:00 GMT. It is advised so as the decline in GDP will have a negative effect on the pound quotes. Financial experts are estimating it to be 0.0%. When it was released on 13th Mar 2024 at 07:00 GMT, it had an increase of 0.2%.