The forex week ahead: Tuesday’s round-up

While yesterday was something of a quieter day on the forex calendar, today (Tuesday) looks set to be more active.

The Confederation of British Industry will reveal its industrial trends survey for August at 10am GMT, covering orders. Month on month, this was last recorded at -34.

The US Redbook index will be out at 12.55pm GMT, covering the dates around 16^th August Year on year, this measure of store growth was last recorded at 4.4%.

There will be a speech from the Prime Minister of Italy, Giuseppe Conte, at some point over the course of the day. Italy has experienced political instability recently, and he is expected to use the speech to address whether or not he will resign.

There will be a speech later in the day from Randal Keith Quarles, who is the Vice Chair for Supervision of the US Federal Reserve’s Board of Governors.

Looking ahead to Wednesday, credit card lending information for July is due to come out of New Zealand at 3am GMT. Year on year, this was last recorded at 6.6%.

US mortgage applications for the dates around 16^th August will be out at 11am GMT. This change was last recorded at 21.7%.

The Bank of Canada’s consumer price index for the month of July will be out at 12.30pm GMT. Year on year, this was last recorded at 2%.

US existing home sales for the month of July will be out at 2pm GMT. Month on month, this is expected to change from 5,270,000 to 5,400,000.

The minutes of the Federal Open Market Committee’s most recent meeting are expected to be out at 6pm GMT.

The preliminary bank services purchasing managers’ index for August will be out of Australia at 10pm GMT.

On Thursday, economies across Europe will release their preliminary purchasing managers’ indices for August.

Germany’s manufacturing PMI, for example, is expected to show a slight drop from 43.2 to 43.1 – reflecting wider worries about the state of the country’s economy.

Both initial and continuing jobless claims from the US for the dates around 9^th August will follow at 12.30pm GMT.

Preliminary European consumer confidence data for August will be out at 2pm GMT. This is expected to show a change from -6.6 to -7.

New Zealand’s retail sales data for the second quarter of 2019 will be out at 10.45pm GMT. This is expected to show no quarter on quarter change from 0.7%.

On Friday, Canadian retail sales data for June will be released, which is expected to show a month on month change from -0.1% to -0.2%.

The US Federal Reserve’s Chair, Jerome Powell, is due to make a speech at 2pm GMT.

The weekend is expected to remain unusually busy, with the Jackson Hole Symposium meeting of central bankers and others in the US continuing into Saturday.

Trade is likely to be on the agenda at the G7 meeting of world leaders on Saturday too. This is just one of many such meetings which take place throughout the year.