5 Things to Watch on the Economic Calendar This Week

Investing.com - In the week ahead, market players will be turning their attention to Wednesday’s minutes of the Federal Reserve’s latest policy meeting for fresh indications on whether the U.S. central bank will raise interest rates at all this year.

Investors will also be looking ahead to U.S. data on inflation for further clues on the strength of the economy.

Meanwhile, China is to release what will be closely watched trade and inflation data as Chinese financial markets reopen Monday after the week-long Lunar New Year holiday.

Preliminary data on Japanese fourth quarter growth will also be in focus.

1. FOMC meeting minutes

Investors will be focusing on minutes of the Federal Reserve’s January policy meeting due on Wednesday at 19:00GMT, or 2:00PM ET.

The Fed left interest rates unchanged following its meeting on January 27, as widely expected, and said it was "closely monitoring" global economic and financial developments.

Fed Chair Janet Yellen said last week that financial conditions have become less supportive to growth as foreign developments pose risks to the economic outlook, but also maintained that moderate growth at home would justify "gradual adjustments" to the Fed's monetary policy stance.

2. U.S. January inflation figures

The Commerce Department will publish inflation figures for January at 13:30GMT, or 8:30AM ET, Friday. The consensus forecast is that the report will show consumer prices inched down 0.1% last month, while core inflation is forecast to rise 0.2%.

The U.S. will also release data on building permits, housing starts and producer price inflation on Wednesday, followed by reports on initial jobless claims and manufacturing activity in the Philadelphia region on Thursday.

3. Chinese trade data

China is to release January trade data at around 3:00GMT on Monday, or 10:00PM EST, Sunday. The report is expected to show that the country’s trade surplus narrowed to $58.9 billion last month from $60.1 billion in December.

Chinese exports for January are forecast to drop 1.9% from a year earlier, following a decline of 1.4% a month ago, while imports are expected to slump 0.8%, after falling 7.6% in December.

On Thursday, China is to publish reports on January consumer and producer price inflation. The data is expected to show that consumer prices rose 1.9% last month, compared to a reading of 1.6% in December, while producer prices are forecast to fall by 5.4%, which would be the 45th straight monthly decline.

4. Japan fourth quarter GDP

Japan will publish fourth quarter economic growth data at 23:50GMT on Sunday, or 6:50PM ET. The report is expected to reveal that Japan's economy shrank 0.3% in the final three months of last year, maintaining pressure on policymakers to support the world's third largest economy.

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5. U.K. inflation, employment & retail sales data

The U.K. Office for National Statistics will release data on consumer price inflation for January at 9:30GMT, or 4:30AM ET, on Tuesday. Analysts expect consumer prices to inch up 0.3%, after rising 0.2% a month earlier.

The U.K. December jobs report will be published at 9:30GMT, or 4:30AM ET, on Wednesday. The unemployment rate fell to the lowest level since 2006 in November, underlining optimism over the health of the labor market.

On Friday, the ONS will produce a report on January retail sales at 9:30GMT, or 4:30AM ET, which will offer further clues on the strength of the economy and the timing of a rate hike by the Bank of England.

Expectations for a rate hike by the BoE have been pushed back to late-2016 due to a recent spate of weaker than expected data and amid uncertainty over a referendum on whether or not Britain should stay in the European Union.

Stay up-to-date on all of this week's economic events by visiting: http://www.investing.com/economic-calendar/