The main event in the coming week is the Federal Reserve’s annual symposium, with investors hoping for indications on when the Fed will begin tapering the monetary stimulus that has powered stocks to record highs. The economic calendar also features a string of economic data, including updates on home sales, durable goods, and personal income and spending. Equity markets could be looking at a choppy week after last week’s Fed minutes rattled investors.
Jackson Hole Symposium
Over the weekend, the bank announced that the Jackson Hole Symposium would be held virtually, a move seen as acknowledging the severity of the current wave of the disease.
US coronavirus cases have hit a daily average of 149,000, ten times more than in early June. Hospitals in several southern states remain stressed. On the other hand, China said it has eliminated the spread of the Delta strain, allowing the lifting of lockdowns in the world’s second-largest economy.
The upbeat mood in markets has pushed the safe-haven dollar down with EURUSD recapturing 1.17. Markit’s preliminary Purchasing Managers’ Indexes for August are due out during the morning and are set to remain on high ground.
The Fed is expected to communicate its plans for slowing its $120 billion per month asset purchase program, the first step down the road to eventual interest rate hikes.
The Fed announced Friday that its annual symposium would be held online instead of at its usual location in Jackson Hole, Wyoming. The symposium will run from Thursday through Saturday, but the main event will be the keynote speech by Fed Chair Jerome Powell, scheduled for 10 AM ET (17.00 GMT+3) on Friday.
This Week’s High Impact Events
The times below are GMT+3.
Monday 23rd August
11.30– US – Flash Manufacturing & Flash Services PMI
Potential instruments to Trade: GBP Crosses.
16.45– US – Flash Manufacturing & Flash Services PMI
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