Early next week: a guide for forex traders

David Hobart

forex trading and graphNext week’s foreign exchange calendar is packed. From central banker speeches to data releases, there’s plenty to keep your eyes peeled for.

Monday morning will kick off with the Nationwide housing prices release for June in Britain, which is expected at 6am GMT. This was last recorded at 0.1%.

At 7am GMT, the preliminary Spanish consumer price index for July will be out. This is expected to show a month on month change from -0.1% to +0.2%.

Spanish retail sales for June will show a dip from 2.4% to 1.7% when they come out at 7am GMT.

British consumer credit figures for June will be out at 8.30am GMT. These are expected to show a firm rise, this time from £0.822 billion to £0.967 billion.

The day will be rounded off by a series of significant Japanese figures. The country’s unemployment rate will no doubt be watched closely by yen traders and is expected to show no change from 2.4%.

Preliminary industrial production figures for June will be out at 11.50pm GMT. Month on month, this is expected to show a drop from 2% to -2%.

On Tuesday, all attention will remain focused on Japan overnight as the country’s central bank, the Bank of Japan, starts a bumper week for monetary policy decisions by revealing its new interest rate. It is largely expected that this will hold firm at -0.1% when the announcement comes at 2am GMT. A press conference will follow at 6am GMT.

In terms of Tuesday’s other action, a preliminary French gross domestic product data release for the second quarter of 2019 will be out at 5.30am GMT. This is expected to hold firm at 0.3%.

European business climate data will be out at 9am GMT, covering the month of July. This metric is widely expected to show a change from 0.17 to -0.03.

The main lunchtime action on Tuesday will be a preliminary harmonised index of consumer prices for July, out of Germany. This is expected at 12pm GMT and is forecast to show a shift from 1.5% to 1.3%.

Personal spending figures for June are expected out of the US at 12.30pm GMT and are predicted to show a change from 0.4% to 0.3%.

Overall consumer confidence figures will follow at 2pm GMT. While pending home sales data will also be out then, covering June. This is forecast by analysts to show a month on month change from 1.1% to 1%.

On Wednesday, the Reserve Bank of Australia will reveal its trimmed mean consumer price index for the second quarter of 2019. Quarter on quarter, this is due to show a slight rise from 0.3% to 0.4%.

Japanese housing starts for June are due out at 5am GMT on that day and are expected to show a change from -8.7% to -4.3%.

German retail sales for figures for June are due at 6am GMT and are expected to show a year on year change from 4% to 2.7% when they are released.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.

David Hobart
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