July 31, 2023

Weekly Economic Calendar

Foreign Exchange

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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