Against a background of a resurgence of the coronavirus pandemic, the main U.S. economic data in the coming week will be the reports on consumer and producer price inflation. Investors are watching closely for clues on how soon the Federal Reserve may start scaling back stimulus. There are also several Fed officials slated to speak during the coming week and their comments could help clarify the Fed’s position on tapering. Earnings will continue but will be fewer in number as earnings season winds down. Meanwhile, Bitcoin is hovering near two-month highs and the UK is to release data on second-quarter growth.
The U.S. consumer price index and the producer price index released Wednesday and Thursday, respectively will provide an insight into the current pace of inflation, one of the key factors along with the labour market, that the Fed looks at when making its monetary policy decisions.
It’s a light week for U.S. central bank speeches with only a few making public remarks, including Atlanta Fed President Raphael Bostic and Richmond’s Thomas Barkin on Monday, and Kansas City Fed chief Esther George on Wednesday.
Bitcoin rose to its highest level in two months on Sunday as market sentiment recovered but remained fragile. The digital currency hit $45,284, its highest since mid-June.
The UK is to release figures on June GDP growth on Thursday. The June numbers will add to data already released, giving a full picture of how the economy performed in the second quarter. With restrictions easing economists expect the economy to have rebounded around 5% after a contraction at the start of the year.
Also Thursday the eurozone is to publish figures on industrial production for June which economists expect to remain sluggish, weighed down by supply chain issues.
This Week’s High Impact Events
The times below are GMT+3.
Monday 9th August
17.00 – US – FOMC Member Bostic Speaks & JOLTS Job Openings
Potential instruments to Trade: USD Crosses.
19.00 – US – FOMC Member Bostic Speaks
Potential instruments to Trade: USD Crosses.
Tuesday 10th August
04.30 – Australia – NAB Business Confidence
Potential instruments to Trade: AUD Crosses.
12.00 – Europe – ZEW Economic Sentiment & German ZEW Economic Sentiment
Potential instruments to Trade: EUR Crosses.
Wednesday 11th August
03.30 – Australia – Westpac Consumer Sentiment
Potential instruments to Trade: AUD Crosses.
15.30 – US – CPI m/m & Core CPI m/m
Potential instruments to Trade: USD Crosses.
17.30 – US – Crude Oil Inventories
Potential instruments to Trade: USD & CAD Crosses.
17.30 – US – FOMC Member Bostic Speaks
Potential instruments to Trade: USD Crosses.
20.01 – US – 10-Year Bond Auction
Potential instruments to Trade: USD Crosses.
Thursday 12th August
06.00 – New Zealand – Inflation Expectations q/q
Potential instruments to Trade: NZD Crosses.
09.00 – UK – Prelim GDP q/q
Potential instruments to Trade: GBP Crosses.
15.30 – US – PPI m/m, Core PPI m/m, & Unemployment Claims
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