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What’s Hot and What’s Not?
What’s hot?
All currencies are up vs the dollar except JPY (down) and CAD (about flat)
GOLD remains on fire extending its record high
NAS100 leading, SP500 up pivoting 6500
BITCOIN is up
What’s not?
JPY with losses more on its crosses than vs. the dollar
Crude oil up earlier but then reversing down
THIS WEEK’S MARKET-MOVING EVENTS (all days local) from Econoday
Next week’s economic calendar is packed with key data releases that will offer a clearer picture of the global economic landscape. In Europe, the European Central Bank (ECB) is widely expected to keep interest rates unchanged, with inflation well within its target range. While some industrial production data has been weak, particularly in Germany, a rebound is anticipated. Final consumer price index (CPI) reports from Germany and France are also on the docket, with no significant changes expected from preliminary readings.
Across the United States, attention will be on inflation as the Federal Open Market Committee (FOMC) weighs potential rate cuts. The August inflation reports, including the Producer Price Index (PPI) and the CPI, will be closely watched for any signs that price increases are accelerating, presenting a tricky scenario for policymakers alongside signs of a softening labor market. The consensus points to a month-on-month increase of 0.3% for both PPI and CPI, with year-over-year figures at 3.3% and 2.9%, respectively. Weekly jobless claims are also expected to provide context on the labor market.
In the Asia-Pacific region, the main focus is on inflation and trade data. China’s consumer prices are expected to remain in negative territory, while producer prices show ongoing deflation, though officials haven’t indicated a major policy shift. In Japan, a modest second-quarter GDP growth is anticipated to be confirmed, supported by a rebound in net exports. Australia will also release consumer and business confidence data, likely influenced by the recent rate cut by the Reserve Bank of Australia.
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