Here are some of the economic data that will be the focus of the market throughout this week.
TUESDAY (August 20, 2024)
Canadian Inflation Data (8.30 PM) – Inflation remains the focus of Canada's central bank which has cut interest rates for 2 consecutive meetings. The latest inflation reading is expected to record an increase for July.
THURSDAY (August 22, 2024)
FOMC Meeting Minutes (2.00am) – Investors will be looking for more details in the minutes to be released after witnessing key indicators at the recent FOMC meeting. The US dollar is expected to be affected following this latest minute.
European Manufacturing & Services PMI data (4.00 PM) – Preliminary readings for July PMI data will gauge the current health of economic activity. However, the latest figures are expected to be more gloomy after readings that showed a contraction last month in Europe, with a particular focus on Germany.
UK Manufacturing & Services PMI data (4.30pm) – Readings for both UK focus sectors are forecast to be unchanged from July by remaining above the 50 point expansion level.
US Manufacturing & Services PMI data (9.45 PM) – Markets will examine the latest data in America after a mixed reading last month. The manufacturing sector has contracted while services have been strong.
FRIDAY (August 23, 2024)
Canadian Retail Sales Data (8.30 PM) – The rate of retail sales in Canada in June is expected to recover slightly from the previous reading's decline. However, the latest figure is still predicted to be at a poor level.
New US Home Sales Data (10.00 PM) – Home sales figures in America are expected to be good at around 628,000 in July compared to a weak decline in the previous month of 617,000 and well below forecasts. At the same time the data is published, the market's focus will also be on Fed Chairman Jerome Powell's speech at the Jackson Hole symposium event.
