This week the focus mainly falls on price index releases in the US, with European economies to report industrial and manufacturing indices. The ECB Monetary Policy Meeting Accounts stands out as the event of the week.
Monday
- Unemployment Rate (CHF, GMT 05:45) – The unemployment rate is expected to stand at 2.5%, declining slightly from 2.6% last month, confirming the continuous expansion of the Swiss economy.
Tuesday
- Housing Starts (CAD, GMT 12:15) – Canadian housing starts, measuring the number of new houses that began construction in the previous month, are expected to continue holding up above 200k, with consensus forecasts pointing to 222k for September.
Wednesday
- Real Gross Domestic Product and Industrial and Manufacturing Production (GBP, GMT 08:30) – Important production data day for the UK, with industrial production expected to come out at 0.1% in August, similar to July, while manufacturing production is expected to have increased to 1.5%. Real GDP for August is expected to have grown by 0.2%, perhaps also due to a base effect as a result of higher than expected July results.
- Producer Price Index (USD, GMT 12:30) – The Producer Price Index measures the price of goods and services sold by producers and can be an important determinant of supply-side inflation. Consensus expectations suggest that the PPI could have increased to approximately 2.4% in September, compared to 2.3% in August.
Thursday
- ECB Monetary Policy Meeting Accounts (EUR, GMT 11:30) – Event of the Week – The ECB Monetary Policy Meeting Accounts, similar to the FOMC minutes, provide information with regards to the policymakers’ rationale behind their decisions. In the previous release, ECB Accounts noted that no rate increase is expected at least until the end of the summer of 2019 and EUR depreciated about 40 pips against the USD.
- Consumer Price Index ex Energy and Food (USD, GMT 12:30) – The Consumer Price Index is suggestive of how the economy is performing, with expectations standing at 2.3% for the September release. Last month, lower than expected results pushed EURUSD up by 60 pips.
Friday
- Home Loans (AUD, GMT 00:30) – Aussie home loans measure the number of new loans granted for owner-occupied homes. Australia has been flirting with housing problems as of this Summer and a further decrease in the number of new loans could indicate additional problems for the sector. Consensus forecasts suggest that lending increased by 0.1% in August, compared to 0.4% in July.
- Industrial Production (EUR, GMT 09:00) – Industrial production is expected to have increased in August, reaching 0.3% m/m, compared to -0.8% in July.
- Michigan Consumer Sentiment Index (USD, GMT 14:00) – The preliminary result of the Sentiment Index is expected to show a return to numbers below 100, and more specifically to 98.5, compared to 100.1 last month.
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Dr Nektarios Michail
Market Analyst
HotForex
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