The UK’s withdrawal from the European Union is the major event of this week. In addition, market participants will monitor the U.S. Federal Reserve’s decision on the interest rate, as well as changes in inflation indicators in Europe.
Major Events on Economic Calendar
- The US reports on New Home Sales for December 2019 on January 27.
- The US Conference Board releases its Consumer Confidence Index on January 28.
- The US Fed releases its Interest Rate Decision on January 29.
- The US reports on the country’s Q4 GDP on January 30.
- The EU releases data on Consumer Price Index on January 31.
January 28. Venezuela’s Opposition Protests
On this day, Juan Guaido may lead opposition protests in Venezuela. Recall that Guaido had declared himself acting president of Venezuela and even got support from several countries. However, he never managed to achieve the overthrow of the Nicolas Maduro regime.
January 29. Brexit Legislation Ratification
The European Parliament will start the ratification process of the Withdrawal Agreement. The British Parliament and Queen Elizabeth II approved Prime Minister Boris Johnson’s Brexit bill last week. The United Kingdom is set to withdraw from the European Union on January 31.
January 31. Brexit Final
On January 31, the United Kingdom will officially cease to be part of the European Union. Nevertheless, the countries will maintain a high level of cooperation in the economy and other important areas, such as labor market and migration. It is difficult to assess the long-term impact of such an event, but many large companies started closing their headquarters in Britain and moving them to other European countries.