September 11, 2023

Weekly Economic Calendar

Foreign Exchange

September 11 – September 15, 2023 Economic report and policy meetings

 

September 11

 

Australia:  Westpac Consumer Confidence Index – September     

China:  New Yuan Loans – August

Euro-Zone:  Italy: Industrial Production (MoM) – July, Industrial Production (YoY) - July

Mexico:  Industrial Production (YoY) – July

New Zealand:  Electronic Retail Card Spending (MoM) – August, Electronic Retail Card Spending (YoY) – August

Russia:  Balance of Trade – July

U.K.:  Employment Change – June, Unemployment Rate – July, Average Earnings including Bonus (3Mo/Yr.) – July, Claimant Count Change – August, Bank of England (BoE) Pill Speech, BoE Mann Speech

U.S.:  3-Month and 6-Month Bill Auctions

September 12

Brazil:  Inflation Rate (MoM) – August, Inflation Rate (YoY) - August     

Euro-Zone:  ZEW Economic Sentiment Index – September, Germany: ZEW Economic Sentiment Index – September, ZEW Current Conditions – September

India:  Industrial Production (YoY) – July, Inflation Rate (YoY) – August, Manufacturing Production (YoY) – July

Japan:  Reuters Tankan Index – September, BSI Large Manufacturing (QoQ) – 3rd Qtr., Producer Price Index (PPI) (MoM) – August, PPI (YoY) – August

South Korea:  Unemployment Rate - August

U.K.:  GDP 3-Month Average – July, GDP (YoY) – July, Balance of Trade – July, Construction Output (YoY) – July, GDP (MoM) – July, Goods Trade Balance – July, Goods Trade Balance Non-EU – July, Industrial Production (YoY) – July, Manufacturing Production (YoY) – July

U.S.:  API Crude Oil Stock Change – September 8th, WASDE Report  

September 13

 

Australia:  Consumer Inflation Expectations – September, Employment Change – August, Unemployment Rate – August, Full Time Employment Change – August     

Euro-Zone:  Industrial Production (YoY) – July, France: IEA Oil Market Report

Japan:  Foreign Bond Investment – September 9th, Machinery Orders (YoY) – July, Industrial Production (YoY) Final - July

U.K.:  NIESR Monthly GDP Tracker – August    

U.S.:  Core Inflation Rate (YoY) – August, Inflation Rate (YoY) – August, CPI – August, CPI s.a. – August, Core Inflation Rate (MoM) – August, Inflation Rate (MoM) – August, Monthly Budget Statement – August, MBA 30-Year Mortgage Rate (September 8th),  MBA Survey Indexes - Mortgage Market Index, Mortgage Applications (September 8th), Mortgage Market Change, Mortgage Refinance Index, Refinancing Change, MBA Mortgage Approvals (September 8), Department of Energy (DOE) U.S. Crude Oil Inventories (September 8), DOE Cushing OK Crude Inventory (September 8), DOE U.S. Gasoline Inventories (September 8), DOE U.S. Distillate Inventory (September 8), DOE U.S. Refinery Utilization (September 8), DOE Crude Oil Implied Demand (September 8), Gasoline Implied Demand (September 8), Distillate Implied Demand (September 8), API Crude Oil Stock Change (September 8), EIA Natural Gas Stocks Change – September 8

The Bureau of Labor Statistics releases the consumer price index for August. Economists forecast a 3.6% year-over-year increase, four-tenths of a percentage point more than in July. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.4% following a 4.7% gin previously. The CPI is nearly six percentage points lower than its peak of 0.1% reached in June of 2022.

 

September 14

Brazil:  Business Confidence – September

China:  House Price Index (YoY) – August, Fixed Asset Investment YTD (YoY) – August, Industrial Production (YoY) – August, Retail Sales (YoY) – August, Retail Sales (YoY) – August, Unemployment Rate - August

Euro-Zone:  European Central Bank (ECB) Interest Rate Decision, Deposit Facility Rate, Marginal Lending Rate, ECB Press Conference, Eurogroup Meeting, France: Inflation Rate (MoM) Final – August, Inflation Rate (YoY) Final - August    

Japan:  Tertiary Industry Index (MoM) – July

New Zealand:  Business NZ Purchasing Managers Index (PMI) – August     

U.S:  Producer Price Index (PPI) (MoM) – August, Retail Sales (MoM) – August, Continuing Jobless Claims – September 22, Initial Jobless Claims – September 9, Retail Sales Excluding Autos (MoM) – August, Retail Sales Excluding Gas/Autos (MoM) – August, Business Inventories (MoM) – July

The European Central Bank announces its monetary-policy-decision. Traders are pricing in a one in three change that the central bank will raise its key short-term rate by a quarter of a percentage point to 4%. The ECB has increased the target rate from negative 0.5% to 3.75% in a little more than a year. The current contact between the United Auto Workers and the Big Three auto makers expires at 11:59 p.m. The UAW has authorized a strike if no contract is agreed to by the deadline. The current contract covers nearly 150,000 workers, and as of press time, the parties seem far apart.

 

September 15

Brazil:  Retail Sales (MoM) – July   

Euro-Zone:  Balance of Trade – July, ECB President Lagarde Speech, Italy: Inflation Rate (YoY) Final – August, Balance of Trade - July

India:  Balance of Trade – August  

U.S.:  University of Michigan Consumer Sentiment Preliminary – September, industrial Production (MoM) – August, Industrial Production (YoY) – August, Baker Hughes U.S. Rig Count – September 15th   

 

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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