The Week Ahead: 6th – 10th September 2021

Overview for the Week Ahead

The U.S. economic calendar is light for what will be a holiday-shortened week. U.S. markets will be closed for the Labour Day holiday on Monday and activity could remain subdued as traders return after the long weekend. Figures on producer price inflation get top billing this week, while jobless claims numbers could command more attention than usual after the big miss in Friday’s jobs report. Comments by Federal Reserve officials will also be in focus after the disappointing August employment report. Stock markets are likely to remain supported after the jobs data undermined the argument for near-term tapering. Meanwhile, the European Central Bank is expected to debate whether to scale back stimulus at this week’s meeting and China is to release data on trade and inflation which is expected to underline that the recovery in the world’s number two economy is losing momentum.

The ECB meets on Thursday against a background of calls from several hawkish policymakers to begin slowing its pandemic-era asset-purchase stimulus program given a recent spike in inflation.

Inflation in the euro area has surged to a 10-year high of 3%. The ECB has indicated that any increase in inflation is likely to be temporary, but some hawkish officials have recently diverged from this view.

Markets are starting to react to the potential for more sustained eurozone inflation and reduced stimulus from the ECB.

For the UK, BRC Retail sales figures will be in focus early in the week. With the markets looking to see how the UK economy is faring, the numbers should have more influence than usual.

This Week’s High Impact Events

The times below are GMT +3.

Monday 6^th September

No High Impact Events

Tuesday 7^th September

07.30 – Australia – RBA Rate Statement

Potential instruments to Trade: AUD Crosses.

10.30 – UK – MPC Member Saunders Speaks

Potential instruments to Trade: GBP Crosses.

12.00 – Europe – ZEW Economic Sentiment & German ZEW Economic Sentiment

Potential instruments to Trade: EUR Crosses.

Wednesday 8^th September

17.00 – Canada – BOC Rate Statement, Ivey PMI, Overnight Rate, & BOC Press Conference

Potential instruments to Trade: CAD Crosses.

17.00 – US – JOLTS Job Openings

Potential instruments to Trade: USD Crosses.

18.00 – UK – Monetary Policy Report Hearings

Potential instruments to Trade: GBP Crosses. 

20.01 – US – 10-Year Bond Auction

Potential instruments to Trade: USD Crosses. 

20.10– US – FOMC Member Williams Speaks

Potential instruments to Trade: USD Crosses. 

Thursday 9^th September

14.45 – Europe – Monetary Policy Statement & Main Refinancing Rate

Potential instruments to Trade: EUR Crosses. 

15.30 – Europe – ECB Press Conference

Potential instruments to Trade: EUR Crosses. 

15.30 – US – Unemployment Claims

Potential instruments to Trade: USD Crosses. 

18.00 – US – Crude Oil Inventories

Potential instruments to Trade: USD & CAD Crosses. 

19.00 – Canada – BOC Gov. Macklem Daly Speaks

Potential instruments to Trade: USD Crosses. 

20.01 – US – 30-Year Bond Auction

Potential instruments to Trade: USD Crosses. 

Friday 10^th September

15.30 – Canada – Employment Change & Unemployment Rate

Potential instruments to Trade: CAD Crosses.

15.30 – US – PPI m/m & Core PPI m/m

Potential instruments to Trade: USD Crosses.

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