This week we have Jackson Hole for the Kansas City Fed’s annual symposium, attended by top central bankers from around the world. And as usual, everyone is wondering just what Fed Chair Jerome Powell — who’s expected to speak Friday morning — might have to say.
Beyond Jackson Hole, the US economic data calendar is light and includes reports on previously owned home sales, new-home purchases, and orders for durable goods.
Further north, retail sales for June are likely to show Canadians are winding down their spending in the face of higher rates, but any continued consumer strength will be a concern for the Bank of Canada.
European Central Bank President Christine Lagarde speaks in Jackson Hole on Friday — with everyone focused on potential hints on what might happen in September. In July she said that both another rate hike or a hold may be possible. Economists are counting on the former, while markets are less convinced.
Flash PMIs on Wednesday for the euro area and its top two economies — Germany and France — are predicted to show another round of dismal readings. Germany’s struggles will be on full display at the end of the week: GDP data could revise down a second-quarter stagnation and Ifo numbers may disappoint again.
In the UK, public finances figure due on Tuesday are likely to show the budget deficit well above last year’s levels but below the forecasts of the Office for Budget Responsibility. Higher tax revenues resulting from slightly stronger than expected economic growth have given Chancellor Jeremy Hunt a bit of room to manoeuvre.
On Wednesday, PMI data are expected to show growth in Britain’s private-sector companies ground to a halt in August but remained slightly stronger than much of the rest of Europe.
Have your trading charts ready for a very busy week!
This Week’s High Impact Events
The times below are GMT +3.
Tuesday 22nd August
17.00 – US – Existing Home Sales, Richmond Manufacturing Index
Potential instruments to Trade: USD Crosses.
Wednesday 23rd August
From 10.15 – Europe – Flash Manufacturing PMI & Flash Services PMI
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