Economic calendar for the next week is less busy than this week but still includes some reports that can be considered top-tier. US CPI report for July on Thursday is a key event of the week but UK GDP data for Q2 2023 on Friday will also be on watch. Be sure to watch GOLD, GBPUSD and US500 in the week ahead!
GOLD
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Create account Try a demo Download mobile app Download mobile appUS jobs market data for July is already behind us and now the time has come for another top-tier data - US CPI inflation report for July (Thursday, 1:30 pm BST). Those two reports for July along with data for August will be a key to Fed's decision in September. Report for July is expected to show acceleration in headline price growth from 3.0 to 3.3% YoY while core gauge is seen staying unchanged at 4.8% YoY. A higher reading than that would boost odds for a September hike and may put pressure on precious metals.
GBPUSD
In spite of a 25 basis point rate hike delivered by the Bank of England on Thursday, GBP continued to move lower. Drop came after BoE Governor Bailey said that rates are already restrictive and are already having an impact on the economy, suggesting that BoE may not need to be as hawkish as previously expected. UK GDP report for Q2 2023 as well as production data for June will be released this week on Friday, 7:00 am BST and could move GBP. BoE said that it no longer expects recession this year but will hard data confirm this view?
US500
Reports from US mega-tech companies had been already released but it does not mean that Wall Street earnings season for Q2 2023 is over! While the earnings stream, especially the stream of earnings from top US companies, will ease week after week, there are still a number of noteworthy companies left to report. Among this week's highlights one can find Palantir Technologies (Monday), Lyft (Tuesday), Rivian (Tuesday), Take-Two Interactive (Tuesday) and Walt Disney (Wednesday).
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