August 13 – August 18, 2023 Economic report and policy meeting
August 13
New Zealand: Services NZ PSI - July
August 14
Australia: Reserve Bank of Australia (RBA) Meeting Minutes, Wage Price Index (YoY) – 2nd Qtr.
Canada: Senior Loan Officer Survey
China: Fixed Asset Investment YTD (YoY) – July, Industrial Production (YoY) – July, Retail Sales (YoY) – July, Unemployment Rate – July
India: Balance of Trade – July, Inflation Rate (YoY) – July
Japan: GDP Growth Annualized Preliminary – 2nd Qtr., GDP Growth Rate (QoQ) Preliminary – 2nd Qtr., Industrial Production (YoY) Final – June
Thailand: GDP Growth Rate (QoQ) – 2nd Qtr., GDP Growth Rate (YoY) – 2nd Qtr.
U.K.: Employment Change – May, Unemployment Rate – June, Average Earnings including Bonus (3Mo/Yr.) - June, Claimant Count Change - July
U.S.: Consumer Inflation Expectations – July, 3-Month and 6-Month Bill Auctions
August 15
Australia: Westpac Leading Index (MoM) - July
Canada: Core Inflation Rate (MoM) – July, Core Inflation Rate (YoY) – July, Inflation Rate (YoY) – July, Inflation Rate (MoM) - July
China: House Price Index (YoY) - July
Euro-Zone: ZEW Economic Sentiment Index – August, Germany: ZEW Economic Sentiment Index – August, ZEW Current Conditions - August
Japan: Reuters Tankan Index – August
New Zealand: Reserve Bank of New Zealand (RNBZ) Interest Rate Decision, RNBZ Press Conference
South Africa: Unemployment Rate – 2nd Qtr.
U.K.: Core Inflation Rate (YoY) – July, Inflation Rate (YoY) – July, Inflation Rate (MoM) - July
U.S.: Retail Sales (MoM) – July, Retail Sales Excluding Autos (MoM) – July, Retail Sales Excluding Gas/Autos (MoM) – July, Business Inventories (MoM) – June, National Association of Home Builders (NAHB) Housing Market Index – August, Net Long-term Treasury International Capital (TIC) Flows – June, Federal Reserve’s Kashkari Speech
Some of the largest retailers announce results and provide insight into the state of American consumers. The Census Bureau releases retail sales data for July. Consensus estimate if for spending to rise 0.4% month over month following a 0.2% increase in June. Resilient consumers have powered the economy this year in the face of a contracting manufacturing sector.
August 16
Australia: Employment Change – July, Unemployment Rate – July, Full Time Employment Change – July
Euro-Zone: GDP Growth Rate (QoQ) 2nd Estimate – 2nd Qtr., GDP Growth Rate (YoY) 2nd Estimate – 2nd Qtr., Industrial Production (YoY) – June, Spain: Consumer Confidence - July
Israel: GDP Growth Annualized 1st Estimate – 2nd Qtr.
Japan: Balance of Trade – July, Foreign Bond Investment – August 12th, Machinery Orders (YoY) – June, Tertiary Industry Index (MoM) - June
Netherlands: GDP Growth Rate (QoQ) Flash – 2nd Qtr., GDP Growth Rate (YoY) Flash – 2nd Qtr., Unemployment Rate – July
Poland: GDP Growth Rate (QoQ) Preliminary – 2nd Qtr., GDP Growth Rate (YoY) Preliminary – 2nd Qtr.
U.S.: Building Permits Preliminary – July, Building Permits (MoM) Preliminary – July, Housing Starts (MoM) – July, Industrial Production (MoM) – July, Industrial Production (YoY) – July, Federal Open Market Committee (FOMC) Minutes, MBA 30-Year Mortgage Rate (August 11), MBA Survey Indexes - Mortgage Market Index, Mortgage Applications (August 11), Mortgage Market Change, Mortgage Refinance Index, Refinancing Change, MBA Mortgage Approvals (August 11), Department of Energy (DOE) U.S. Crude Oil Inventories (August 11), DOE Cushing OK Crude Inventory (August 11), DOE U.S. Gasoline Inventories (August 11), DOE U.S. Distillate Inventory (August 11), DOE U.S. Refinery Utilization (August 11), DOE Crude Oil Implied Demand (August 11), Gasoline Implied Demand (August 11), Distillate Implied Demand (August 11), API Crude Oil Stock Change (August 11)
The Federal Open Market Committee releases the minutes of its late-July monetary-policy meeting. The FOMC raised the federal funds rates at that meeting by a quarter of a percentage point to 5.25%-5.50%, which the majority of traders expect to be the last interest-rate hike for this cycle.
August 17
China: Foreign Direct Investment (FDI) YTD (YoY) - July
Euro-Zone: Balance of Trade – June, Spain: Balance of Trade – June
Japan: Inflation Rate (YoY) – July, Core Inflation Rate (YoY) – July, Inflation Rate Excluding Food and Energy (YoY) - July
Norway: Norges Bank Interest Rate Decision, Norges Bank Press Conference
Philippines: Interest Rate Decision
Switzerland: Industrial Production (YoY) – 2nd Qtr.
U.K.: Retail Sales (YoY) – July, Retail Sales Excluding Fuel (YoY) – July
U.S.: Continuing Jobless Claims – August 5, Initial Jobless Claims – August 12, Philadelphia Federal Reserve Manufacturing Index – August, Conference Board Leading (Economic) Index (MoM) - July The Conference Board releases its Leading Economic Index for July. Economists forecast a 0.3% month-over-month decline. The LEI has fallen for 15 straight months, and the Conference Board still expects a recession later this year.
August 18
Euro-Zone: Core Inflation Rate (YoY) Final – July, Inflation Rate (MoM) Final – July, Inflation Rate (YoY) Final - July
U.S.: Baker Hughes U.S. Rig Count – August 18
*Bold denotes likely market-moving newsflash which traders consider significant to foreign exchange levels or otherwise important/noteworthy information, i.e., market holiday’s which will affect standard settlement dates.
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