Below is the list of economic forecast which seems significant for the day. Existing Home Sales and Crude oil inventory may create volatility in the market.
GBP: CPI y/y at 11:30 AM
Measures: Change in the price of goods and services purchased by consumers
Released monthly, about 16 days after the month ends
Next Release Aug 17, 2022
This is considered the UK’s most important inflation data because it’s used as the central bank’s inflation target
Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate
Forecast- [9.3%]
Previous- [9.1%]
Actual- ?
Impact- The forecast figure seems to be neutral for base metals and the dollar while positive for bullions. The actual figure is to release at 11:30 AM.
USD: Existing Home Sales at 7:30 PM
Measures: Annualized number of residential buildings that were sold during the previous month, excluding new construction
Released monthly, about 20 days after the month ends
Next Release Date Aug 18, 2022
While this is monthly data, it’s reported in an annualized format (monthly figure x12)
It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction
Forecast- [5.37M]
Previous- [5.41M]
Actual- ?
Impact- The forecast figure seems to be neutral for base metals and the dollar while positive for bullions. The actual figure to release at 7:30 PM.
Crude Oil Inventories at 8:00 PM
Measures: Change in the number of barrels of crude oil held in inventory by commercial firms during the past week
Released weekly, 4 days after the week ends
Next Release Date Jul 27, 2022
While this is a US indicator, it most affects the loonie due to Canada’s sizable energy sector
It’s the primary gauge of supply and demand imbalances in the market, which can lead to changes in production levels and price volatility
Forecast- [-1.5M]
Previous- [3.3M]
Actual- ?
Impact- The forecast figure seems to be supportive for Crude Oil The actual figure to release at 8:00 PM
Source: Forex Factory
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