This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook.

The most important economic data for this week are:

Tuesday:

US Services PMI at 15:00 GMT for the month of February. The consensus is for a slight decrease of 0.4 points reaching 53. This might be rather bullish news for the Dollar since it would mean that the services sector in the States is still expanding for the whole of 2024 so far.

Wednesday:

Australian GDP growth rate at 12:30 AM GMT. The market consensus is for a decline in the figure to reach 1.4% against the previous 2.1%. If the consensus is confirmed then it could potentially create some short-term losses on the Australian dollar against its pairs.

US job openings are expected to be released at 15:00 GMT. The expectations are for a decline in the figure of around 131,000 jobs but this might not have a significant effect on the dollar since the data is for the month of January and also all eyes will be focusing on the job report later this week for a more accurate conclusion on the labor market.

Fed chair Testimony: Jerome Powell is expected to talk cautiously about lowering interest rates when he speaks to Congress this week on Wednesday and Thursday. He’ll likely stress the need for clear proof that inflation is moving toward the Federal Reserve target of 2%. Some officials at the Federal Reserve suggest delaying rate cuts, but most people expect a change in the middle of the year, depending on how the economy is doing. This careful approach is in line with the central bank’s efforts to balance economic growth and stable prices.

Thursday:

ECB Interest rate decision at 13:15 GMT. The market consensus is that the central bank of Europe will keep the rates stable at 4.5% at their meeting on the 7th. If there is a surprise rate hike then the Euro might find support against other major currencies while a cut might create some losses in the short term. Investors and traders are rather focused on the subsequent press conference following the release that will be focusing on getting possible insights on the monetary policy steps ahead.

Friday:

Canadian unemployment rate at 13:30 GMT. The market is expecting a slight increase in the figure of around 0.1% for February. This might have a minor negative effect on the loonie if the expectations are confirmed.

US Job report at 13:30 GMT where the non-farm payrolls and unemployment rate are going to be published. The expectation for the NFP is for a decline to reach 200,000 against the previous recording of 353,000. If these expectations are correct, the dollar could move down in various pairs in the aftermath of the release. On the other hand, the unemployment rate is expected to remain static at 3.7%.