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• The Week Ahead: 14th – 18th August 2023

The Week Ahead: 14th – 18th August 2023

Overview for the Week Ahead

The calendar is a little light this week, but the Federal Reserve minutes could affect the USD currency pairs. Federal Reserve Policymakers stated this week that they haven’t even discussed any timeframe for rate cuts yet as there is still work to do. I expect this to be represented in the minutes with the Fed unlikely to show any significant signs of dovishness.

Retail sales data will give us further insight into the demand side in the US which has shown some moderation over the past few months. A further drop in retail sales could give an indication that a recession may materialise despite being positive from an inflation perspective as less demand should result in a drop in prices.

Across the pond, UK inflation data for July will be on the watchlists for many this week on Wednesday. Market consensus heading into the event shows consumer prices on a YoY basis may cool to 7.4%, down from 7.9% in June, while core inflation for the same period is expected to be more stubborn at 6.8%. MoM, for both headline and core, economists are expecting data to remain unchanged from June to July, increasing by 0.1% and 0.2%, respectively.

Have your trading charts ready for a very busy week!

This Week’s High Impact Events

The times below are GMT +3.

Monday 14^th August

• No High Impact Events

Tuesday 15^th August

• 04.30 – Australia – Monetary Policy Meeting Minutes, Wage Price Index q/q

Potential instruments to Trade: AUD Crosses. 

• 05.00 – China – Industrial Production y/y

Potential instruments to Trade: CNY Crosses. 

• 09.00 – UK – Claimant Count Change

Potential instruments to Trade: GBP Crosses. 

• 15.30 – Canada – CPI m/m

Potential instruments to Trade: CAD Crosses. 

• 15.30 – US – Core Retail Sales m/m, Empire State Manufacturing Index, Retail Sales m/m

Potential instruments to Trade: USD Crosses. 

Wednesday 16^th August

• 05.00 – New Zealand – Official Cash Rate, RBNZ Monetary Policy Statement, RBNZ Rate Statement

Potential instruments to Trade: NZD Crosses. 

• 06.00 – New Zealand – RBNZ Press Conference

Potential instruments to Trade: NZD Crosses. 

• 09.00 – UK – CPI y/y

Potential instruments to Trade: GBP Crosses. 

• 21.00 – US – FOMC Meeting Minutes

Potential instruments to Trade: USD Crosses. 

Thursday 17^th August

• 04.30 – Australia – Employment Change, Unemployment Rate

Potential instruments to Trade: AUD Crosses. 

• 15.30 – US – Unemployment Claims

Potential instruments to Trade: USD Crosses. 

Friday 18^th August

• No High Impact Events

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