The economic calendar for next week includes several key macro readings from the world's major economies. Investors will receive CPI and retail sales data from the US, the monthly activity report from China, as well as CPI and employment data from the UK. Be sure to watch AUDUSD, CHN.cash and EURGBP next week.
AUDUSD
The U.S. CPI report for October scheduled for Tuesday, 1:30 pm GMT is the key macro publication of the week. The report is expected to show a further slowdown in CPI, from 3.7% y/y in September to 3.3% y/y in October. In addition to the CPI data, investors will also receive the U.S. retail sales report for October on Wednesday at 1:30 p.m GMT. AUDUSD could be one of the pairs trading with more volatility, given that the Australian employment report for October is due out Thursday at 00:30 a.m.GMT.
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Investors will get a new clue about the health of the Chinese economy on Wednesday, when the monthly data package for October is released at 02:00 a.m. GMT. Chinese stocks fell last week as concerns about the health of the world's second-largest economy continue to grow. Good economic activity data for October may provide some relief, at least for a while. The market is expecting an increase in retail sales compared to September, while growth in industrial production and urban investment is expected to be at about the same level as last month.
EURGBP
The UK GDP report for the third quarter of 2023, released on Friday, came as a positive surprise. Although it did not show an increase in UK GDP (0.0% q/q), the market expected a decline of 0.1% q/q. This triggered a jump in the GBP quotations, but the move proved to be short-lived. The GBP will have more chances for increased volatility this week with the release of UK employment data for September (Tuesday, 07:00 am GMT), as well as the UK CPI report for October (Wednesday, 07:00 am GMT).
