Tuesday – 15 October 2019
- Consumer Price Index (CNY, GMT 01:30) – September’s Chinese CPI is seen unchanged at 0.7% while the PPI figure is expected to decline further to -1.2%. The overall reading for CPI is estimated to post a gain up to 2.9% y/y.
- ILO & Average Earnings Index 3m/y (GBP, GMT 08:30) – UK Earnings with the bonus-excluded figure are expected to slip to 3.7% y/y in the three months to August, down from 3.8% y/y. UK ILO unemployment is expected steady at 3.8%, which was the lowest rate seen since December 1974.
- ZEW Economic Sentiment (EUR, GMT 09:00) – Economic Sentiment for October is projected at -27 from the -22.5 seen last month, as the current conditions indicator for Germany turned negative. The overall Eurozone reading though is expected to decline slightly further to -33.0 from -22.4. A lower than expected outcome, ties in with the stagnation in market sentiment at the start of the month.
- Consumer Price Index (NZD, GMT 21:45) – One of the most important figures for FX markets, the y/y CPI for Q3 is expected to come out at 1.4%, compared to 1.7% in the previous quarter.
Wednesday – 16 October 2019
- Consumer Price Index (GBP, GMT 08:30) – The UK CPI is expected to rebound to a 1.8% y/y rate in September after dipping to 1.7% in August from 2.1% in July. Weakness in sterling from year-ago levels should impact some offset to disinflationary forces.
- Consumer Price Index (EUR, GMT 09:00) – The Euro Area CPI is expected to be confirmed at just 0.9% y/y in the final release for September, although the deceleration in the headline rate over the month was largely due to base effects from energy prices, with core inflation actually moving up to 1.0% y/y from 0.9% y/y in August.
- Consumer Price Index (CAD, GMT 12:30) – The Canadian CPI index is expected to have increased to 2% y/y compared to 1.9% y/y in August. The core CPI measures remained near 2.0%.
- Retail Sales (USD, GMT 12:30) – Retail Sales are an important determinant of consumer spending thus making it a leading indicator for overall economic growth. Consensus expectations suggest that they should have increased by 0.2% in September, for both the retail sales headline and the ex-auto figure, following a 0.4% August headline rise with a flat ex-auto figure.
- Fedspeak: Fed Brainard (USD, GMT 19:00)
Thursday – 17 October 2019
- European Council Summit on Brexit
- Employment Data (AUD, GMT 00:30) – While the Unemployment Rate is projected to have flipped at 5.3% in September, Employment change is expected to have eased, increasing by 10K compared to 34.7K last month.
- Retail Sales ex Fuel (GBP, GMT 08:30) – Retail Sales in the UK are anticipated to increase in September, reaching 3.0% on an y/y basis, and 0.5% on a m/m basis, from 2.7% and -0.2% respectively
- Housing Data and Building Permits (USD, GMT 12:30) – Housing starts should drop back to a 1.282 mln pace in September, after a sharp rise to a 1.364 mln clip in August with the help of lower mortgage rates. Permits are similarly expected to slow to 1.370 mln in September, after popping to 1.425 mln in August. Permits have shown a solid growth path into Q3 despite a July starts set-back.
- Philadelphia Fed Manufacturing Survey (USD, GMT 12:30) – The Philly Fed Index is seen falling to 7.0 from 12.0 in September, versus a 1-year high of 21.8 in July and a 33-month low of -4.1 in February. The late-September producer sentiment surveys deteriorated significantly after firmness in the early-September reports, and the early-October data will be closely scrutinized to see if this pull-back continued. The “soft data” surveys are at risk of a possible impact from the UAW-GM strike, alongside the ongoing headwind from troubles abroad.
- Fedspeak: Fed Bowman and Fed Williams (USD, GMT 18:00 and 20:20)
Friday – 18 October 2019
- European Council Summit on Brexit
- China Gross Domestic Product (CNY, GMT 02:00) – Chinese GDP is projected to see additional moderation to a 6.1% y/y pace in Q3, from 6.2% in Q2.
- Industrial Production and Retail Sales (CNY, GMT 02:00) – The September industrial production is forecast at 4.5% y/y from 4.4% previously, while September retail sales likely improved to 7.7% y/y from 7.5%.
- Fedspeak: Fed Kaplan and Fed Clarida (USD, GMT 15:00 and 15:30)
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Andria Pichidi
Market Analyst
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