Key Economic Events to Watch: Insights and Analysis for Traders During August 12-16, 2024
The week of August 12-16, 2024, is packed with significant economic events that could shape market movements across the globe. This week, traders should pay close attention to key indicators from the United States, United Kingdom, New Zealand, and Japan. With events scheduled in various time zones, all times listed are in GMT. Anticipate potential volatility, especially in currency pairs and commodities, as markets respond to these critical releases.
Monday, August 12, 2024
- Japan: Mountain Day Holiday
Japan kicks off the week with Mountain Day, a national holiday. Expect lower trading volumes and limited movement in JPY-related pairs.
Tuesday, August 13, 2024
- United States: Producer Price Index (PPI) MoM (Jul)
Time: 12:30 GMT
The U.S. PPI for July will provide insights into inflationary trends at the wholesale level. As a key measure of inflation, this data could influence future Federal Reserve decisions, making it a significant event for the USD.
Wednesday, August 14, 2024
- New Zealand: RBNZ Interest Rate Decision
Time: 02:00 GMT
The Reserve Bank of New Zealand (RBNZ) will announce its interest rate decision. Currently set at 5.50%, any changes or guidance will likely impact the NZD and set the tone for the country’s monetary policy going forward. - United Kingdom: Consumer Price Index (CPI) YoY (Jul)
Time: 06:00 GMT
The UK’s CPI for July is a key indicator of inflation. This data is crucial as it will influence the Bank of England’s approach to managing inflation and economic growth. - United States: Core CPI MoM (Jul), CPI YoY (Jul), CPI MoM (Jul)
Time: 12:30 GMT
The U.S. will release a series of CPI figures, including Core CPI, which excludes food and energy prices. These figures are essential for gauging the inflationary pressures in the economy, potentially affecting the Federal Reserve’s future interest rate decisions. - United States: Crude Oil Inventories
Time: 14:30 GMT
The weekly crude oil inventory report could lead to price fluctuations in the oil markets. This data is crucial for traders focused on energy commodities. - Japan: GDP QoQ (Q2) Preliminary
Time: 23:50 GMT
Japan’s preliminary GDP figures for Q2 will provide insights into the economic health of the country. A weaker GDP could increase pressure on the JPY and influence the Bank of Japan’s policy outlook.
Thursday, August 15, 2024
- United Kingdom: GDP YoY (Q2) Preliminary, GDP MoM (Jun) Preliminary, GDP QoQ (Q2) Preliminary
Time: 06:00 GMT
The UK’s GDP data for Q2, alongside the monthly GDP figure for June, will be critical for assessing the country’s economic performance. This data will help determine the direction of the GBP in the near term. - United States: Core Retail Sales MoM (Jul), Initial Jobless Claims, Philadelphia Fed Manufacturing Index (Aug), Retail Sales MoM (Jul)
Time: 12:30 GMT
A series of U.S. data releases will round out the week, focusing on retail sales and jobless claims. The Philadelphia Fed Manufacturing Index will offer further insights into the state of the manufacturing sector. These releases are key to understanding the health of the U.S. economy and will likely drive USD volatility.
Wrap-up
This week is set to be highly impactful for traders, with major economic indicators and central bank decisions on the agenda. Markets across the globe may see increased volatility, particularly in currencies such as the USD, GBP, NZD, and JPY. Traders should stay informed and adjust their strategies as necessary to navigate these potential market shifts.
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