Executive Summary
This week’s U.S. economic calendar is relatively sparse compared to the previous week and begins with Monday’s release of Existing Home Sales (+5.21M). No significant data is expected out on Tuesday, while Wednesday has New Home Sales (+432K). On Thursday, this week’s highlight for U.S. data includes Durable Goods Orders (-17.7%), and Core Durable Goods Orders (+0.7%), also, Weekly Initial Jobless Claims (294K). The week concludes with Final GDP (+4.6%) and the Revised University of Michigan’s Consumer Sentiment Index (85.1).
The Eurozone’s economic calendar begins with Monday’s tentative release of the German Bundesbank’s Monthly Report. On Tuesday, the week’s Eurozone economic highlights, which include French Flash Manufacturing PMI (47.1); German Flash Manufacturing PMI (51.3); Eurozone Flash Manufacturing PMI (50.6); French Flash Services PMI (50.2), German Flash Services PMI (54.6) and Eurozone Flash Services PMI (53.2). Wednesday’s only important European release is German Ifo Business Climate, while Thursday has Eurozone Private Loans (-1.5%) and the Eurozone M3 Money Supply (+1.9%). The week’s data releases end on Friday with GfK German Consumer Climate (8.5).
The Japanese economic calendar is sparse this week and begins with Flash Manufacturing PMI (52.5) on Wednesday, followed by SPPI (+3.7%) on Thursday and ends with Tokyo Core CPI (+2.7%) and National Core CPI (+3.2%) on Friday.
The UK economic calendar is relatively quiet compared to last week and begins on Tuesday with BBA Mortgage Approvals (+42.9K) and Public Sector Net Borrowing (+10.3B). The week concludes with Thursday’s release of Nationwide HPI (last +0.8%) and CBI Realized Sales (34).
Switzerland’s economic calendar will have only two minor economic releases on Wednesday: the UBS Consumption Indicator (last 1.66) and the SNB Quarterly Bulletin.
The Australian economic calendar is also quiet next week and is limited to Wednesday’s release of the CB Leading Index (last +0.4%) and the RBA Financial Stability Review.
Canadian economic data this week is limited to Tuesday’s release of Retail Sales (+0.4%) and Core Retail Sales (-0.1%).
New Zealand’s economic calendar begins on Monday with Westpac Consumer Sentiment (last 121.2) and ends with Tuesday’s release of the New Zealand Trade Balance (-1125M).
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.
Sunday, September 21st
- Day 2 ALL G20 Meetings
Monday, September 22nd
Tentative EUR German Buba Monthly Report
2:00pm EUR ECB President Draghi Speaks
3:05pm USD FOMC Member Dudley Speaks
6:00pm CAD Governing Council Member Wilkins Speaks
Tuesday, September 23rd
12:30am USD FOMC Member Kocherlakota Speaks
2:20pm USD FOMC Member Powell Speaks
7:00pm USD FOMC Member Kocherlakota Speaks
Wednesday, September 24th
2:30am AUD RBA Financial Stability Review
5:05pm USD FOMC Member Mester Speaks
Thursday, September 25th
- 3:30am AUD RBA Governor Stevens Speaks
Technical Chart Points and Forecast Market View by Currency Pair
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades slightly near 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD struggles to hold above 1.2500 ahead of Thursday's BoE event
GBP/USD stays on the back foot and trades in negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The renewed US Dollar strength on hawkish Fed comments weighs on the pair as market focus shifts to the BoE's policy announcements on Thursday.
Gold fluctuates in narrow range below $2,320
After retreating to the $2,310 area early Wednesday, Gold regained its traction and rose toward $2,320. Hawkish tone of Fed policymakers help the US Treasury bond yields edge higher and make it difficult for XAU/USD to gather bullish momentum.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.