Economic Calendar: US CPI inflation in the spotlight 🔎📣

The most important event of today — and the entire week — is the release of U.S. CPI inflation data. In addition to this publication, a speech by Fed’s Barkin is also scheduled.

U.S. inflation data is particularly significant in the current environment of a weakening labor market and ongoing trade restrictions. Consensus points to a further slight increase in both the headline measure (from 2.7% y/y to 2.8% y/y) and the core measure (from 2.9% y/y to 3.0% y/y). The report will be worth examining for the impact of higher tariffs on price pressures. This will also be important information for the Fed, which has indicated that the full effects of the trade war may only become fully visible a few months after implementation.

Detailed daily calendar:

07:00 AM BST, United Kingdom - Employment Data for June:

• Average Earnings Index +Bonus: forecast 4.7%; previous 5.0%;
• Average Earnings ex Bonus: forecast 5.0%; previous 5.0%;
• Unemployment Rate: forecast 4.7%; previous 4.7%;
• Employment Change 3M/3M: previous 134K MoM;

10:00 AM BST, Euro Zone - ZEW Economic Sentiment for August:

• forecast 28.1; previous 36.1;

10:00 AM BST, Germany - German ZEW Economic Sentiment for August:

• forecast 39.5; previous 52.7;

10:00 AM BST, Germany - German ZEW Current Conditions for August:

• forecast -65.0; previous -59.5;

01:30 PM BST, United States - Inflation Data for July:

• CPI: forecast 2.8% YoY; previous 2.7% YoY;
• CPI: forecast 0.2% MoM; previous 0.3% MoM;
• Core CPI: forecast 3.0% YoY; previous 2.9% YoY;
• Core CPI: forecast 0.3% MoM; previous 0.2% MoM;
• Real Earnings: previous -0.4% MoM;

01:30 PM BST, Canada - Building Permits for June:

• forecast -3.9% MoM; previous 12.0% MoM;