Speeches, data and more all on the cards in this forex week

Chris Lee

A new foreign exchange trading week is now here, and it brings with it a range of events to keep your eye out for.

North American markets will take a break today for the Labor Day holiday, which is celebrated in the US and Canada.

There will be some activity in Japan though.

Capital spending figures for the second quarter of 2019 will be out at 11.50pm GMT.

There will also be monetary base data for August, with the figure released being a year on year assessment, which is due out at the same time.

On Tuesday, the main event will be the interest rate decision of the Reserve Bank of Australia, which is due out at 4.30am GMT.

Most markets have priced in no change from the current rate level, which is 1%.

At 7am GMT, there will be a speech from Christine Lagarde.

She has recently been nominated as the President of the European Central Bank, and this speech may well give some indication as to the direction of monetary policy setting at the bank in the future.

European producer price index data for July will be out at 9am GMT. Month on month, this is expected to show a change from -0.6% to +0.2%. Year on year, however, it is forecast that this will go from 0.7% to 0.2%.

Later in the day there will be a speech from Eric Rosengren, who is President and CEO of the Federal Reserve Bank of Boston over in the US.

This is expected to occur at 9pm GMT. Looking ahead to Wednesday, there will be a speech from Goushi Kataoka.

He is a member of the Policy Board of the Bank of Japan, and he is due to speak at 1.30am GMT.

Australian gross domestic product data for the second quarter of 2019 will be out at 1.30am GMT.

This is forecast to show a quarter on quarter change from 0.4% to 0.5%.

European retail sales data for July will make its way out at 9am GMT.

Year on year, this is expected to show a change from 2.6% to 1.3%.

A speech from Philip Lane, who sits on the Executive Board of the European Central Bank, will occur at 11am GMT.

The Bank of Canada will thrust North America back into the spotlight at 2pm GMT when its interest rate decision comes out at 2pm GMT.

This is expected to show no change from its previous position of 1.75%.

Lots of US Federal Reserve members will make speeches later in the day on Wednesday – and with a Federal Reserve interest rate decision on the way later in September, they may well all be worth listening to.

James Bullard, President of the Federal Reserve Bank of St. Louis, and Michelle W. Bowman, a Governor on the Federal Reserve’s board, will go first at 4.30pm GMT.

Neel Kashkari of the Fed in Minneapolis, who sits on the Federal Open Market Committee, will be up next and will speak at 5pm GMT.

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Chris Lee
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