Monday – UK Construction
The weekly economic calendar will start with a slew of low impacted data releases from the UK.
UK Construction PMI will be published with a forecast of 46.10 slightly higher from previous 45.00.
However, in the early morning, Bank of Japan Gov Ueda Speaks may give some volatility to the market. As, in the last BoJ meeting, the board of governors made a first step towards tightening or normalizing policy, when it relaxed its cap on 10-year Japanese Government Bond (JGB) yields, essentially a form of quantitative easing.
The reason the Yen still sold-off after the meeting, however, was because Bank of Japan Governor Kazuo Ueda remarked that most inflation was still coming from higher commodity prices rather than increased demand, suggesting the BoJ would need to keep interest rates lower for longer.
Tuesday – Reserve Bank of Australia Policy
Reserve Bank of Australia (RBA) due to deliver its latest rate decision on Tuesday. Market is forecasting the Aussie central bank to deliver a 25-basis point hike by 4.35% from previous 4.10%, as inflation continues to simmer at the edges of the Australian economy.
FOMC Member Waller Speaks in the evening session is due.
Wednesday – BOE, FED chair speech
Wednesday lacks any relevant data releases. However, BOE Gov Bailey and Fed Chair Powell Speaks may lead some volatility during the speech as per latest commodity market news.
Thursday – China CPI
Thursday may be proven important this week. As the focus will be on China Consumer Price Index numbers and Producer Price Index (PPI) inflation data, which could drive the market sentiment.
China CPI expected to be negative by 2% from previous 0.0%, while PPI expected to be contracted by 2.8% from previous contraction of 2.5%. A negative inflation will be a concern for the Chinese Yuan and base metals prices a per latest commodity market news.
Further, the US Jobless Claims data set to release. Forecast is to come at 218k from the previous 217k, that could have a neutral impact on the dollar.
On the same day, ECB President Lagarde Speaks and Fed Chair Powell Speaks will have to closely watch.
Friday – UK GDP
According to the commodity market news coming a focus is required to be put on the weekend as market focus will shift to the preliminary third-quarter Gross Domestic Product from the UK alongside the monthly GDP, Manufacturing and Industrial Production data.
GDP numbers foreseen to be lower by 0.0% from previous 0.2%, Prelim GDP q/q foreseen by 0.1% from previous 0.2%.
From the US side, the preliminary University of Michigan (UoM) Consumer Sentiment and Inflation Expectations data will be reported. The numbers are foreseen at 63.4 from previous 63.80. that could have a negative impact on the dollar.
Apart from the scheduled economic data publication, jitters of Middle East geopolitical conflict will be also closely followed by the market sentiment.
Commodity Samachar
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