Economic calendar: Data from the US and central bankers
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Swedish inflation expected to remain unchanged in August
Data from the US could spur additional volatility on USD tied FX pairs in the afternoon
Many central bankers’ speeches scheduled for today
Despite Big Thursday being already behind one cannot forget that the week on the markets is not over. On Friday investors will be served inflation data from Sweden in the morning. However, the true king of the day may be US dollar as plenty of readings from the World’s biggest economy are scheduled to be released in the afternoon. Apart from that, it is worth to note that the Bank of Russia will make its decision on rates today at 11:30 am BST but it is expected to leave key rate unchanged at 7.25%. Conference of the Governor Nabiullina will start at 1:00 pm BST.
8:30 am BST - Sweden, CPI inflation for August. The Swedish parliamentary elections turned out to be indecisive. Having said that, the Riksbank may wait until making any changes in the monetary policy settings until governing group surfaces. It is expected that we will have to wait for a rate hike until December this year or even beginning of 2019. Today’s inflation reading is expected to see headline CPI inflation to remain at 2.1% YoY and the CPIF gauge to stay at 2.2%. SEK traders will analyze this data carefully as the latest wage and price growth projections turned out to be lacklustre.
1:30 pm BST - US, Retail Sales for August. When we take a look at the previous retail sales readings from the US economy we can see that demand side is strong. When it comes to headline reading we have seen just 3 minor contractions on the MoM basis in the past year while the core gauge did not show negative value since June last year. Today’s reading is expected to confirm this trend with market consensus pointing for a 0.4% MoM advance in headline and 0.5% MoM increase in ex-auto retail sales. At 2:15 pm BST industrial production data for August will be released an it is expected to move from 0.1% MoM in previous month to 0.3% MoM.
3:00 pm BST - University of Michigan Sentiment for September. The latest CB and UoM readings diverged significantly with the former edging higher while the latter moved lower. Investors will follow today’s data to see if convergence will occur or not. Economists surveyed by the Bloomberg agency suggest that we will see an uptick to 96.6 pts in September from 96.2 pts in August.
Central bank speakers scheduled for today:
9:00 am BST - ECB’s Nowotny
11:00 am BST - BOE Governor Carney
11:30 am BST - Norges Bank Deputy Governor Nicolaisen
12:00 pm BST - ECB’s Razmusa
1:00 pm BST - Bank of Russia Governor Nabiullina
2:00 pm BST - Fed’s Evans
3:00 pm BST - Fed’s Rosengren
EURUSD edged higher yesterday after Mario Draghi struck upbeat tone during post-meeting press conference. The pair may be subject to more vivid price moves in the afternoon as data from the US will kick in. Source: xStation5
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