The US Nonfarm Payrolls report and US FOMC meeting minutes will be the main events of this week. The latest FOMC report showed that the US Federal Reserve plans to slow the pace of interest rate hikes. If the current rate stays the same, it may give a new impetus to stock indices. Friday's unemployment report will show the state of the US labor market. A strong labor market is positive for the dollar. Also, this week, there will be a meeting of OPEC+ countries. The oil market remains very tight due to the situation in China and the restrictions imposed against Russian oil. Also, during the week, the European countries will publish new inflation data, increasing the volatility in the currency pairs with the euro.

Monday, January 02

On Monday, traders will mainly focus on the Manufacturing PMI data in the European countries. It is a bank holiday in the United States, United Kingdom, Switzerland, Australia, Canada, New Zealand, Hong Kong, China, and Japan. With a high probability, it will be a quiet volatility day.

Main events of the day:

• – Spanish Manufacturing PMI (m/m) at 10:15 (GMT+2);
• – Italian Manufacturing PMI (m/m) at 10:45 (GMT+2);
• – French Manufacturing PMI (m/m) at 10:50 (GMT+2);
• – Germany Manufacturing PMI (m/m) at 10:55 (GMT+2);
• – Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+2).

Tuesday, January 03

On Tuesday, Germany will update the inflation rate. Analysts believe that the inflation rate will fall slightly. The OPEC+ meeting should also attract the attention of investors. No change in production is predicted, but there may be surprises. Also, investors should not miss the manufacturing PMI data in main economies. It is a bank holiday in New Zealand and Japan.

Main events of the day:

• – Caixin Manufacturing PMI (m/m) at 03:45 (GMT+2);
• – Switzerland Manufacturing PMI (m/m) at 10:30 (GMT+2);
• – German Unemployment Rate (m/m) at 10:55 (GMT+2);
• – UK Manufacturing PMI (m/m) at 11:30 (GMT+2);
• – OPEC+ Meeting (m/m) at 12:00 (GMT+2);
• – German Consumer Price index (m/m) at 15:00 (GMT+2);
• – Canada Manufacturing PMI (m/m) at 16:30 (GMT+2);
• – US Manufacturing PMI (m/m) at 16:45 (GMT+2).

Wednesday, January 04

The US FOMC Meeting Minutes will be the main event of the day. No surprises are expected since all the US Federal Reserve's monetary policy plans have already been announced. But volatility will jump on almost all instruments.

Main events of the day:

• – Japan Manufacturing PMI (m/m) at 02:30 (GMT+2);
• – Switzerland Consumer Price index (m/m) at 09:30 (GMT+2);
• – French Consumer Price index (m/m) at 09:45 (GMT+2);
• – Spanish Services PMI (m/m) at 10:00 (GMT+2);
• – Italian Services PMI (m/m) at 10:45 (GMT+2);
• – French Services PMI (m/m) at 10:50 (GMT+2);
• – Germany Services PMI (m/m) at 10:55 (GMT+2);
• – Eurozone Services PMI (m/m) at 11:00 (GMT+2);
• – US ISM Manufacturing PMI (m/m) at 17:00 (GMT+2);
• – US JOLTs Job Openings (m/m) at 17:00 (GMT+2);
• – US FOMC minutes at 21:00 (GMT+2).

Thursday, January 05

On Thursday, investors will focus on the US Initial Jobless Claims, an important indicator of the US labor market. Traders should also pay attention to the Crude Oil Reserves data, which significantly impacts oil prices.

Main events of the day:

• – China Caixin Services PMI (m/m) at 03:45 (GMT+2);
• – UK Services PMI (m/m) at 11:30 (GMT+2);
• – Italian Consumer Price Index (m/m) at 12:00 (GMT+2);
• – US ADP Non-Farm Employment Change (m/m) at 15:15 (GMT+2);
• – US Initial Jobless Claims (w/w) at 15:30 (GMT+2);
• – US Natural Gas Storage (w/w) at 17:30 (GMT+2);
• – US Crude Oil Reserves (w/w) at 18:00 (GMT+2).

Friday, January 06

Friday will bring various statistics for many countries. The most important release for investors will be the US Nonfarm Payrolls. This data can trigger increased volatility in the market, and this indicator is also taken into account by the Fed to adjust monetary policy. Traders should also keep a close eye on the Unemployment Rate in Canada and the level of consumer prices in the Eurozone. Analysts predict a slight increase in inflation in Europe, but there may be surprises, which will increase volatility on currency pairs with the euro.

Main events of the day:

• – Japan Services PMI (m/m) at 02:30 (GMT+2);
• – German Retail Sales (m/m) at 09:00 (GMT+2);
• – Switzerland Retail Sales (m/m) at 09:30 (GMT+2);
• – UK Construction PMI (m/m) at 11:30 (GMT+2);
• – Eurozone Consumer Price Index (m/m) at 12:00 (GMT+2);
• – Eurozone Retail Sales (m/m) at 12:00 (GMT+2);
• – US Nonfarm Payrolls (m/m) at 15:30 (GMT+2);
• – US Unemployment Rate (m/m) at 15:30 (GMT+2);
• – Canada Unemployment Rate (m/m) at 15:30 (GMT+2);
• – Canada Ivey PMI (m/m) at 15:00 (GMT+2);
• – US ISM Services PMI (m/m) at 17:00 (GMT+2).

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