Weekly Outlook: 2016, August 07 - August 14

US Crude Oil Inventories, Rate decision in New Zealand, US Unemployment Claims, German GDP data, US Retail sales, Producer prices and Consumer sentiment. These are the major events on forex calendar.

1. US Crude Oil Inventories: Wednesday, 14:30. Oil prices edged up more than 3%, with U.S. crude futures returning to above $40 a barrel.
2. New Zealand rate decision: Wednesday, 21:00. The central bank is expected to cut rates to 2.00% this time.
3. US Unemployment Claims: Thursday, 12:30. The number of claims is expected to reach 272,000 this week.
4. Eurozone: German GDP data: Friday, 6:00. German GDP is expected to grow by 0.3% in the second quarter.
5. US Retail sales: Friday, 12:30. Economists expect retail sales to gain 0.4% in July while core sales are expected to rise 0.2%.
6. US PPI: Friday, 12:30. Producer prices are expected to gain 0.1% this time.
7. US Prelim UoM Consumer Sentiment: Friday, 14:00. Consumer sentiment is expected to rise to 1.5 in August.

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Any Gold Dips Ahead Of Jackson Hole A Buying Opportunity - UBS

"Strong US data has weighed on gold, putting pressure on recent longs. CFTC data as of August 2 showed that net longs increased by 2moz bringing net length to 35.64moz or 96% of the record. Interestingly, part of the gains was offset by shorts adding to positions for the first time in a month. Higher-than-expected US nonfarm payrolls last Friday likely attracted some additional shorts. The challenge for gold in the near-term is a stronger dollar and positive risk sentiment on the back of recent strong US data."

"A rise in front-end yields heading into Fed Chair Yellen's speech at Jackson Hole on 26 August could weigh on gold. We would regard any further weakness up ahead as a potential buying opportunity, given our view that the macro story remains intact."

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