September 17 - September 22, 2023 Economic report and policy meetings
September 17
New Zealand: Services NZ PSI - August
September 18
Australia: Reserve Bank of Australia (RBA) Meeting Minutes
Switzerland: Balance of Trade – August
U.S.: National Association of Home Builders (NAHB) Housing Market Index – September, Net Long-term TIC Flows – July
September 19
Australia: Westpac Leading Index (MoM) – August
Canada: Core Inflation Rate (MoM) – August, Core Inflation Rate (YoY) – August, Inflation Rate (YoY) – August, Inflation Rate (MoM) – August, Bank of Canada (BoC) Kozicki Speech
Euro-Zone: Core Inflation Rate (YoY) Final – August, Inflation Rate (MoM) Final – August, Inflation Rate (YoY) Final – August, New Car Registrations (YoY) – August
Japan: Balance of Trade - August
U.K.: Core Inflation Rate (YoY) – August, Inflation Rate (YoY) – August, Inflation Rate (MoM) – August
U.S.: Building Permits Preliminary – August, Building Permits (MoM) Preliminary – August, Housing Starts (MoM) – August, API Crude Oil Stock Change – September 15th.
September 20
Brazil: Interest Rate Decision
Canada: Bank of Canada (BoC) Summary of Deliberations
Euro-Zone: France: Business Confidence – September
Netherlands: Consumer Confidence – September, Unemployment Rate – August
New Zealand: GDP Growth Rate (YoY) – 2nd Qtr., GDP Growth Rate (QoQ) – 2nd Qtr.
South Africa: Inflation Rate (MoM) – August, Inflation Rate (YoY) – August
U.K.: Public Sector Net Borrowing – August
U.S.: Federal Open Market Committee (FOMC) Economic Projections, Federal Reserve Interest Rate Decision, Interest Rate Projection – 1st Yr., Interest Rate Projection – 2nd Yr., Interest Rate Projection – 3rd Yr., Interest Rate Projection – Current, Interest Rate Projection – Longer, Federal Reserve Press Conference, MBA 30-Year Mortgage Rate (September 15th), MBA Survey Indexes - Mortgage Market Index, Mortgage Applications (September 15th), Mortgage Market Change, Mortgage Refinance Index, Refinancing Change, MBA Mortgage Approvals (September 15), Department of Energy (DOE) U.S. Crude Oil Inventories (September 15), DOE Cushing OK Crude Inventory (September 15), DOE U.S. Gasoline Inventories (September 15), DOE U.S. Distillate Inventory (September 15), DOE U.S. Refinery Utilization (September 15), DOE Crude Oil Implied Demand (September 15), Gasoline Implied Demand (September 15), Distillate Implied Demand (September 15), API Crude Oil Stock Change (September 15), EIA Natural Gas Stocks Change – September 15
The Federal Open Market Committee announces its monetary-policy decision. Wall Street is nearly unanimous in expecting the FOMC to hold the federal-funds rate steady at 5.25% to 5.50%. By year end, there is roughly a 40% chance of a quarter of a percentage point rate increase, bringing the federal-funds rate to 5.50% -5.75% according to the CME FedWatch Tool.
September 21
Australia: Judo Bank Manufacturing Purchasing Managers Index (PMI) Flash – September, Judo Bank Services PMI Flash – September
Canada: New Housing Price Index (YoY) – August
Euro-Zone: Spain: Balance of Trade – July, Consumer Confidence Flash – September
Indonesia: Interest Rate Decision
Japan: Inflation Rate (YoY) – August, Core Inflation Rate (YoY) – August, Inflation Rate Ex-Food and Energy (YoY) – August, Foreign Bond Investment, Bank of Japan (BoJ) Interest Rate Decision
Netherlands: GDP Growth Rate (QoQ) Final – 2nd Qtr., GDP Growth Rate (YoY) Final – 2nd Qtr.
New Zealand: Balance of Trade – August
Norway: Norges Bank Interest Rate Decision, Norges Bank Press Conference
Philippines: Interest Rate Decision
South Africa: Interest Rate Decision
Sweden: Riksbank Interest Rate Decision
Switzerland: Swiss Nation Bank (SNB) Interest Rate Decision
U.K.: Bank of England (BoE) Interest Rate Decision, BoE MPC Vote Cut, BoE MPC Vote Hike, BoE MPC Vote Unchanged, MPC Meeting Minutes, Gfk Consumer Confidence – September, Retail Sales (YoY) – August, Retail Sales excluding Fuel (YoY) - August
U.S: Continuing Jobless Claims – September 9, Initial Jobless Claims – September 16, Philadelphia Federal Reserve Manufacturing Index – September, Conference Board Leading (Economic) Index (MoM) – August, Existing Home Sales (MoM) – August
A busy week for central banks around the globe continues with the Bank of England, Sweden’s Riksbank, and the Swiss National Bank all announcing their monetary-policy decisions. With European inflation proving more stubborn than most developed economies, those central banks are expected to raise their key interest rates by a quarter of a percentage point. In contrast, the Bank of Japan, which announces its decision on Friday, is seen keeping its target rate unchanged at negative 0.1%.
September 22
Canada: Retail Sales (MoM) - July
Euro-Zone: HCOB Manufacturing Purchasing Managers Index (PMI) Flash – September, HCOB Services PMI Flash – September, Spain: GDP Growth Rate (QoQ) Final – 2nd Qtr., GDP Growth Rate (YoY) Final – 2nd Qtr., France: HCOB Manufacturing Purchasing Managers Index (PMI) Flash – September, HCOB Services PMI Flash – September, Germany: HCOB Manufacturing Purchasing Managers Index (PMI) Flash – September, HCOB Services PMI Flash – September
Mexico: Economic Activity (YoY) – July, Mid-month Inflation Rate (MoM) – September, Mid-month Inflation Rate (YoY) – September
Poland: Unemployment Rate - August
Switzerland: Current Account – 2nd Qtr.
U.K.: S&P Global/CIPS Manufacturing PMI Flash – September, S&P Global/CIPS Services PMI Flash – September
U.S.: S&P Global Composite Purchasing Managers Index (PMI) Flash – September, S&P Global Purchasing Managers Index (PMI) Flash – September, S&P Global Services Purchasing Managers Index (PMI) Flash – September, Baker Hughes U.S. Rig Count – September 22nd.
S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for September. Consensus estimates are for a 47.8 reading for the Manufacturing PMI and a 50.3 reading for the Services PMI. Both figures are roughly even with the August data, reinforcing the fact that the services sector continues to hold up better than the manufacturing sector.
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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