Economic calendar: US retail sales and Canada CPI report 📄

Today’s macroeconomic calendar is quite interesting. Among the most important releases of the day are the U.S. retail sales report, U.S. industrial production, and Canada’s CPI report.

Retail sales may prove to be the most important release of the day. In the context of a weakening labor market, a weakening consumer would be another signal of slowdown. Expectations point to a month-over-month increase.

During these releases, elevated volatility should be expected in pairs linked to the U.S. dollar and the Canadian dollar. However, the reaction will likely be short-lived, as markets await tomorrow’s Fed decision and press conference.

Detailed calendar of the day:

10:00 AM BST, Euro Zone - Employment Data:

• Wages in euro zone (Q2): forecast 3.70% YoY; previous 3.40% YoY;

10:00 AM BST, Euro Zone - Industrial Production for July:

• Industrial Production: forecast 1.7% YoY; previous 0.2% YoY;
• Industrial Production: forecast 0.4% MoM; previous -1.3% MoM;

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

• ZEW Economic Sentiment: forecast 20.3; previous 25.1;
• ZEW Current Conditions: forecast -75.0; previous -68.6;

01:00 PM BST, Germany - German Buba Vice President Buch Speaks

01:30 PM BST, Canada - Inflation Data for August:

• CPI: forecast 0.0% MoM; previous 0.3% MoM;
• CPI: forecast 2.0% YoY; previous 1.7% YoY;
• Core CPI: previous 0.1% MoM;
• Core CPI: previous 2.6% YoY;
• Median CPI: forecast 3.1% YoY; previous 3.1% YoY;
• Trimmed CPI: forecast 3.0% YoY; previous 3.0% YoY;

01:30 PM BST, United States - Retail Sales Data for August:

• Retail Sales: forecast 0.2% MoM; previous 0.5% MoM;
• Retail Control: forecast 0.4% MoM; previous 0.5% MoM;
• Retail Sales Ex Gas/Autos: previous 0.2% MoM;
• Core Retail Sales: forecast 0.4% MoM; previous 0.3% MoM;
• Export Price Index: previous 2.2% YoY;
• Import Price Index: forecast -0.2% MoM; previous 0.4% MoM;

02:15 PM BST, United States - Industrial Production for August:

• Industrial Production: previous 1.43% YoY;
• Industrial Production: forecast 0.0% MoM; previous -0.1% MoM;
• Capacity Utilization Rate: forecast 77.4%; previous 77.5%;

02:15 PM BST, United States - Manufacturing Production for August:

• forecast 0.0% MoM; previous 0.0% MoM;