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 6th September  

  • No High Impact Events 

Tuesday 7th 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 8th 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 9th 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 10th 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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