Foreign Exchange Commentary – Weekly Economic Calendar
August 6 – August 11, 2023 Economic report and policy meetings
August 6
Indonesia: GDP Growth Rate (QoQ) – 2nd Qtr., GDP Growth Rate (YoY) – 2nd Qtr.
Japan: Bank of Japan (BoJ) Summary of Opinions, Coincident Index Preliminary – June, Leading Economic Index Preliminary – June
Switzerland: Unemployment Rate - July
August 7
Australia: Westpac Consumer Confidence Index – August
Euro-Zone: Spain: Consumer Confidence – July, Germany: Inflation Rate (YoY) Final – July, Inflation Rate (MoM) Final – July, France: Balance of Trade – June
China: Balance of Trade - July
Japan: Household Spending (YoY) – June, Bank Lending (YoY) – July, Economy Watchers Survey Current – July, Economy Watchers Survey Outlook - July
Mexico: Consumer Confidence - July
U.K.: British Retail Consortium (BRC) Retail Sales Monitor (YoY) - July
U.S.: Consumer Confidence Change – June, Federal Reserve’s Bowman Speech
August 8
Brazil: Brazilian Central Bank (BCB) Copom Meeting Minutes
Canada: Balance of Trade – June
China: Inflation Rate – June, Inflation Rate (MoM) – July, Producer Price Index (PPI) (YoY) – July
New Zealand: Electronic Retail Card Spending (MoM) – July, Electronic Economic Data
Philippines: Unemployment Rate - July
South Korea: Unemployment Rate - July
U.S.: Balance of Trade – June, Exports – June, Imports – June, Wholesale Inventories (MoM) - June
August 9
Australia: Consumer Inflation Expectations – August
Brazil: Retail Sales (MoM) - June
Canada: Building Permits (MoM) – June
Euro-Zone: Germany: 10-Year Bund Auction
India: Reserve Bank of India (RBI) Interest Rate Decision
Japan: Foreign Bond Investment – August 5, Producer Price Index (PPI) (MoM) – July, PPI (YoY) - July
Mexico: Inflation Rate (YoY) – July, Core Inflation Rate (MoM) – July
Philippines: GDP Growth Rate (QoQ) – 2nd Qtr., GDP Growth Rate (YoY) – 2nd Qtr.
Russia: Inflation rate (MoM) – July, Inflation Rate (YoY) - July
U.S.: MBA Survey Indexes - Mortgage Market Index, Mortgage Applications (August 4), Mortgage Market Change, Mortgage Refinance Index, Refinancing Change, MBA Mortgage Approvals (August 4), Department of Energy (DOE) U.S. Crude Oil Inventories (August 4), DOE Cushing OK Crude Inventory (August 4), DOE U.S. Gasoline Inventories (August 4), DOE U.S. Distillate Inventory (August 4), DOE U.S. Refinery Utilization (August 4), DOE Crude Oil Implied Demand (August 4), Gasoline Implied Demand (August 4), Distillate Implied Demand (August 4), API Crude Oil Stock Change (August 4), EIA Natural Gas Stocks Change – August 4
August 10
Euro-Zone: Italy: Inflation Rate (YoY) Final – July, France: Unemployment Rate – 2nd Qtr., Inflation Rate (MoM) Final – July, Inflation Rate (YoY) Final - July
New Zealand: Business NZ Purchasing Managers Index (PMI) - July Philippines:
U.K.: GDP 3-Month Average – June, GDP Growth Rate (YoY) Preliminary – 2nd Qtr., GDP (YoY) – June, Balance of Trade – June Construction Output (YoY) – June, GDP Growth Rate (QoQ) Preliminary – 2nd Qtr. GDP (MoM) – June, Goods Trade Balance – June, Goods Trade Balance Non-EU – June, Industrial Production (YoY) – June, Manufacturing Production (YoY) – June
U.S: Inflation Rate (YoY) – July, Core Inflation Rate (YoY) – July, Core Inflation Rate (MoM) – July, Inflation Rate (MoM) -July, Consumer Price Index (CPI) – July, CPI s.a. – July, Monthly Budget Statement – July, Continuing Jobless Claims – July 29, Initial Jobless Claims – August 5
The Bureau of Labor Statistics releases the consumer price index for July. Consensus estimate is for the CPI to rise 3.3% year over year and the core CPI, which excludes volatile food and energy prices, to increase 4.8%. This compares with gains of 3.0% and 4.8%, respectively, in June. The CPI is at its lowest level since March of 2021.
August 11
Brazil: Inflation Rate (MoM) – July, Inflation Rate (YoY) – July, Business Confidence – August
China: New Yuan Loans - July
Euro-Zone: France: IEA Oil Market Report, Italy: Balance of Trade – June
India: Industrial Production (YoY) – June, Manufacturing Production (YoY) – June
Mexico: Industrial Production (YoY) – June
Russia: Balance of Trade – June, GDP Growth Rate (YoY) Preliminary – 2nd Qtr.
U.K.: NIESR Monthly GDP Tracker - July
U.S.: Producer Price Index (PPI) (MoM) – July, University of Michigan Consumer Sentiment Preliminary – August, Baker Hughes U.S. Rig Count – August 11th
The University of Michigan releases its Consumer Sentiment Index for August. In July, consumers’ expectations of the year-ahead inflation was 3.4%. Inflation expectations remain well anchored, despite the four-decade high CPI readings reached last summer. The BLS releases the producer price index for July. Expectations are for the PPI to increase 0.7% from a year earlier, six-tenths of a percentage point more than in June. The core PPI is seen rising 2.5%, after a 2.4% gain in June.
*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.
This is not a complete analysis of every material fact regarding any company, industry or security. The information and materials herein have been obtained from sources we consider to be reliable, but Comerica Capital Markets does not warrant, or guarantee, its completeness or accuracy. Materials prepared by Comerica Capital Markets personnel are based on public information. Facts and views presented in this material have not been reviewed by, and may not reflect information known to, professionals in other business areas of Comerica Capital Markets, including investment banking personnel.
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