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Weekly Outlook: 2017, July 16 - July 23

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by , 07-17-2017 at 03:48 AM (197 Views)
The US dollar was on the back foot on political and mostly monetary issues. Is this just a setback or can we expect further falls? The upcoming week features a mix of events from all over the world.

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  1. Chinese GDP: Monday, 2:00. China is the world’s No. 2 economy. and demand from the economic giant has a huge impact on the rest of the world. Note that China also releases industrial output, fixed asset investment, and retail sales at the same time. Nevertheless, GDP has the upper hand.
  2. UK inflation report: Tuesday, 8:30. The Bank of England has a lively debate about whether to raise rates or not. Headline CPI increased by 2.9% y/y and is expected to be seen again.
  3. US housing data: Wednesday, 12:30. Building permits are expected to rise to 1.20 million and housing starts to 1.16 million.
  4. Crude Oil inventories: Wednesday 14:30.
  5. Australian jobs report: Thursday, 1:30. A more modest gain of 15.3K is projected and the unemployment rate is predicted to tick up to 5.6%.
  6. Japanese rate decision: Thursday, during the Asian session, press conference at 6:30. While no change is expected in the policy driven by Kuroda, the updated assessment about the economy and especially inflation (remains very low), will be of interest.
  7. ECB rate decision: Thursday, the decision at 11:45, press conference at 12:30. Any optimism about inflation and growth would be euro-positive, while a damp mood by the President of the Frankfurt-based institution would hurt the euro.
  8. US Philly Fed Manufacturing Index: Thursday, 12:30. A slide to 23.8 is expected now. While the sector is small, it is still significant. Jobless claims are released at the same time but remain quite stable.

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