Week’s main events (August 07 – August 11)

It will be a relatively quiet week for economic events. The main focus of investors will be the US inflation rate data. Economists expect the annual inflation rate to be moderate and show little change. The UK is due to release monthly GDP data for June and the overall second quarter. China will release trade data on Tuesday and inflation data for July on Wednesday, which is expected to show a decline in consumer prices, amid concerns about the outlook for the world’s second-largest economy.

Monday, August 07

On Monday, investors‘ main focus is on industrial production data as well as the speech by FOMC officials. It’s a bank holiday in Canada and Australia.

Main events of the day:

– German Industrial Production (m/m) at 09:00 (GMT+3);
– FOMC Member Harker Speaks at 15:15 (GMT+3);
– FOMC Member Bowman Speaks at 15:30 (GMT+3).

Tuesday, August 08

On Tuesday, the biggest event will be German inflation data. A slight increase in consumer prices is expected. Also equally important will be the data on the trade balance of major economies.

Main events of the day:

– Australia NAB Business Confidence (m/m) at 04:30 (GMT+3);
– China Trade Balance (m/m) at 06:00 (GMT+3);
– German Consumer Price Index (m/m) at 09:00 (GMT+3);
– US Trade Balance (m/m) at 15:30 (GMT+3);
– Canada Trade Balance (m/m) at 15:30 (GMT+3).

Wednesday, August 09

The most important Wednesday release for investors will be the inflation rate in China. Analysts predict that the inflation rate in China will remain in deflationary territory. This will increase the likelihood of additional incentives from the authorities. Also, traders should not miss the US Crude Oil Inventories data, which significantly impacts oil prices.

Main events of the day:

– China Consumer Price Index (m/m) at 04:30 (GMT+3);
– China Producer Price Index (m/m) at 04:30 (GMT+3);
– New Zealand Inflation Expectations (q/q) at 06:00 (GMT+3);
– Canada Building Permits (m/m) at 15:30 (GMT+3);
– US Crude Oil Reserves (w/w) at 17:30 (GMT+3).

Thursday, August 10

On Thursday, investors should keep a close eye on the US Consumer Price Index. A lower reading would increase the likelihood that Fed policymakers will refrain from raising interest rates at the September meeting. Also, traders should not miss the Norwegian inflation data, which significantly affects the prices of currency pairs with the Norwegian krone.

Main events of the day:

– Japan Producer Price Index (m/m) at 02:50 (GMT+3);
– Norway Inflation Rate (m/m) at 09:00 (GMT+3);
– US Consumer Price Index (m/m) at 15:30 (GMT+3);
– US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
– US Natural Gas Storage (w/w) at 17:30 (GMT+3);
– FOMC Member Harker Speaks at 23:15 (GMT+3).

Friday, August 11

The UK will release second-quarter GDP data on Friday, which is expected to increase slightly, indicating that the economy as a whole remains near stagnation. GDP contracted less than expected in May and had virtually stagnated in the previous two months. Investors should also keep a close eye on the Prelim Consumer Sentiment from the University of Michigan. This data will provide insight into how consumers are forecasting their future during a period of high-interest rates. It’s a bank holiday in Japan.

Main events of the day:

– UK GDP (m/m) at 09:00 (GMT+3);
– UK Industrial Production (m/m) at 09:00 (GMT+3);
– UK Manufacturing Production (m/m) at 09:00 (GMT+3);
– US Producer Price Index (m/m) at 15:30 (GMT+3);
– US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+3).

by JustMarkets, 2023.08.07

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