Executive Summary
The U.S economic calendar this week is relatively sparse and begins with a speech by U.S. Treasury Secretary Jack Lew on Monday. Tuesday’s only significant number is JOLTS Jobs Openings (4.72M). On Wednesday, Crude Oil Inventories (last -0.9M) and a 10 year Bond Auction (last 2.44/2.8) is followed by Thursday’s weekly Initial Jobless Claims (306K). The week winds down with Friday’s Retail Sales (+0.3%), Core Retail Sales (+0.2%), Preliminary University of Michigan Consumer Sentiment (83.2), Import Prices (-0.8%) and Business Inventories (+0.5%).
Eurozone economic releases begin the week with the German Trade Balance (+17.3B) on Monday, with no significant releases scheduled for Tuesday. Wednesday will have French Industrial Production (-0.4%) and a tentative German 10-year Bond Auction (last 1.08/1.6). On Thursday, the release of the ECB’s Monthly Bulletin and the tentative release of Spanish HPI (last -0.5%) are scheduled. The week concludes on Friday with Eurozone Industrial Production (+0.6%) and the ECOFIN meetings in Brussels.
Switzerland’s economic releases this week are limited to Monday’s release of the Swiss Unemployment Rate (3.2%), CPI (-0.1%) and Retail Sales (+3.7%).
Japanese economic releases begin on Monday with Final GDP (-1.8%) and the Japanese Current Account (+0.18T). Tuesday will have the BOJ’s Monetary Policy Meeting Minutes and Tertiary Industry Activity (+0.3%). Wednesday has Core Machinery Orders (+4.1%), followed by Thursday’s release of the BSI Manufacturing Index. On Friday, a speech by BOJ Governor Kuroda in Tokyo ends the week.
UK Economic releases this week begin on Monday with Halifax HPI (+0.2%). Tuesday will have a speech by BOE Governor Mark Carney speaking in Liverpool, Manufacturing Production (+0.3%), the UK Trade Balance (-9.1B) and the NIESR GDP Estimate (+0.2%). Wednesday will have the Inflation Report Hearings, followed by Thursday’s release of the RICS House Price Balance (47%) and a tentative 30-year Bond Auction (3.53/1.8). The week concludes with Friday’s release of Construction Output (+0.7%) and the CB Leading Index (last +0.6%).
The Australian calendar begins on Monday with ANZ Job Advertisements (last +0.3%), followed by Tuesday’s release of the NAB Business Confidence index (last 11) and Australian Home Loans (+1.1%). On Wednesday, the Westpac Consumer Sentiment index (last +3.8%) is scheduled, with the Aussie calendar concluding on Thursday with MI Inflation Expectations (last +3.1%), Employment Change (+15.2K) and the Unemployment Rate (6.3%).
Canadian economic releases this week begins on Monday with Building Permits (-4.2%). Tuesday has Housing Starts (+197K), with the Capacity Utilization Rate (82.8%) due out on Wednesday, and concluding on Thursday with Canadian NHPI (+0.2%).
New Zealand’s economic calendar begins with Manufacturing Sales (last +0.6%) on Monday, with no releases scheduled for Tuesday. On Wednesday the RBNZ releases its Official Cash Rate (3.50%) decision, the RBNZ Monetary Policy Statement, Rate Statement and Press Conference. The week concludes on Thursday with the release of the Business NZ Manufacturing Index (last 53.0), REINZ HPI (-0.7%) and NZ FPI (-0.7%).
Top Policymaker Speeches and Statements for the Coming Week
Upcoming speeches and statements from top monetary policymakers are listed below for this week, along with their start time in the GMT time zone and the affected currency. Unexpectedly hawkish comments will generally benefit the relevant currency.
Monday, September 8th
- 1:45pm USD Treasury Secretary Lew speaks
Tuesday, September 9th
12:50am JPY Monetary Policy Meeting Minutes
9:30am GBP BOE Governor Carney speaks
Wednesday, September 10th
2:45pm GBP Inflation Report Hearings
10:00am NZD RBNZ Monetary Policy Statement
10:00am NZD RBNZ Press Conference
10:00am NZD RBNZ Rate Statement
Thursday, September 11th
- 9:00am EUR ECB Monthly Bulletin
Friday, September 12th
7:05am JPY BOJ Governor Kuroda speaks
10:00am All Day EUR ECOFIN Meetings
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
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