This week is the fourth week of February, and GEMFOREX reminds us of the following five important financial news to watch out for this week:

1. Federal Reserve minutes

On Wednesday, the Fed will release the minutes of the last FOMC meeting, where it reduced the rate hike to 25 basis points after a year of aggressive rate hikes.

However, the producer price index in the United States recorded another increase in seven months. In addition, the U.S. jobs report in January was also quite strong, and this series of data has investors worried that the Federal Reserve will raise interest rates again in the future. The market now expects the Fed funds rate to rise above 5.2 per cent in July, according to interest-rate futures.

At the same time, the FOMC minutes could give investors some insight into the Fed's willingness to raise interest rates more aggressively at its upcoming March meeting, after recent comments from some Fed officials hinted at a pro-rate stance.

2. Us economic data

Personal income and spending data will be released on Friday, including the Fed's preferred inflation measure, the core personal consumption expenditures Price index (PCE).

The economic calendar also includes the annualized total U.S. existing home sales, fourth-quarter GDP, last week's U.S. jobless claims and more.

Meanwhile, New York Fed President John Williams will talk about inflation at an event on Wednesday.

3. Retail revenue

As the lackluster fourth-quarter earnings season comes to an end, results from major retailers are due. Their data will provide insight into whether consumers' spending habits and intensity have changed amid soaring prices.

Walmart (NYSE: WMT), the world's largest retailer by sales, and home improvement giant Home Depot (NYSE: HD) report earnings on Tuesday.

Jpmorgan analysts rate Walmart shares "neutral" and Home Depot "overweight."

Discount retailer TJX Companies (NYSE: TJX) will report on Wednesday, as will Moderna (NASDAQ: MRNA) and e-commerce company eBay (NASDAQ: EBAY) next week.

4. Eurozone economic data

The highlight of the week for the euro zone will be Tuesday's PMI data for February, which will show how the economy fared after a surprise expansion in the fourth quarter of 2022.

If an improvement in business conditions leads to a rise in price pressures, then given that inflation remains elevated, this could increase expectations that the ECB will continue to raise interest rates.

Germany's Ifo business climate index on Wednesday will show how the euro zone's largest economy is weathering the energy crisis, and economists expect signs of recovery to remain low.

The final inflation data for January will be released on Thursday and will be in focus after delayed German data was omitted in the first estimate.

5. Parliamentary testimony of the Bank of Japan Governor

The leadership of the BOJ will go to Kazuo Ueda, an academic who is expected to succeed current governor Haruhiko Kuroda when his second five-year term ends in April.

The incoming Bank of Japan governor will testify before the lower house of parliament on Friday along with two of his deputies.

While Ueda is a dove, investors expect his tenure to end yield curve control. But when was the trillion-dollar problem for the Japanese bond market?