Here are some of the important economic data that will be the focus of the market throughout this week.
TUESDAY (August 27, 2024)
US CB Consumer Confidence Data (10.00 PM) – The US CB Consumer Confidence Index is a monthly economic indicator published by The Conference Board. It measures American consumers' confidence in the economy based on their perception of current economic conditions and their expectations for the future.
WEDNESDAY (August 28, 2024)
Australian Inflation Data (9.30am) – The inflation rate in Australia in July is expected to decrease again after the jump back to the level at the beginning of the year in last May's reading. A drop in inflation could prompt central banks to shift to easing their monetary policy.
US Crude Oil Inventories (10.30 PM) – This data is about the current amount of crude oil held in storage across the United States. This report helps measure supply and demand dynamics in the oil market and can influence oil prices and market sentiment.
THURSDAY (August 29, 2024)
German Inflation Data (EUR) – Listed as an 'All Day' event as the 'Latest' figures consist of data from the 6 German states that reported their CPI throughout the day. Early readings of inflation in Europe will be observed which may have an impact on the movement of the Euro currency. This data is also an important indicator for the European central bank in setting their monetary policy.
US GDP data (8.30pm) – Markets will be watching the US GDP figure as it relates to wider economic conditions, meaning if GDP is higher than expected, this will reduce the chance of a recession, which is likely to lead to strength in US stocks, the dollar and yields government bonds.
US Unemployment Data (8.30pm) – If the jobless figure rises, it is likely to fuel fears of a deeper economic slowdown, and confirm the narrative in the market that the Fed should have cut rates in the last meeting when they had a chance to save the US economy. If this happens US stocks and the dollar will weaken.
FRIDAY (August 30, 2024)
US PCE Price Index for July (8.30pm) – A higher than expected data in this report is likely to cause weakness in US stocks, and strength in the dollar and government bond yields, as it gives the impression that interest rates will be kept longer. This could lead to a slim chance of interest rate cuts at the next meeting.
Canadian GDP Data (8.30 PM) – This is the Canadian GDP report for Q2. Growth is seen to be similar to Q1 data (1.7% annual), and the market expects no drastic changes.
