Economic Calendar | July 17 – 21

Monday, July 17

The beginning of the trading week is again accompanied by an absolutely empty macroeconomic calendar. So investors will continue to reassess their expectations, which have changed after the publication of the latest US inflation data. 

Tuesday, July 18

The first thing to pay attention to on Tuesday is inflation in Canada, which may decrease from 3.4% to 3.1%. As a result, the Canadian dollar will be under pressure and will lose its positions. However, this process will be quite short-lived, and the loonie will be able to return to its previous values – due to the weakening of the US dollar.

The fact is that data will be released in the States, the forecasts for which are extremely disappointing. The growth rate of retail sales may slow down from 1.6% to 1.1%, and the growth of industrial production by 0.2% will be replaced by a decline of 0.5%. Which will indicate a gradual slide of the American economy into recession.

Wednesday, July 19

The main event on Wednesday will be the publication of inflation data in the UK, where the growth rate of consumer prices may slow down from 8.7% to 8.3%. This will force investors to somewhat reassess their positions on the pound in the direction of their reduction. Therefore, the British currency will noticeably lose its positions in the middle of the week.

But similar data for the eurozone will not affect anything, since the final data are published, which should only confirm the preliminary assessment.

Thursday, July 20

On Thursday, data on the labor market in Australia will be released, but they will have little effect, since the unemployment rate should remain unchanged. 

Data on applications for unemployment benefits in the United States will also be ignored, since although their number should increase, the growth is so insignificant that it is rather symbolic.

Friday, July 21

Friday starts with inflation data in Japan. And although the growth rate of consumer prices should slow down from 3.2% to 3.1%, this will not affect the policy of the Bank of Japan, which has not changed since 2007. So this data will not affect the yen in any way. 

But retail sales in the UK may well help the pound, as the pace of their decline should slow down from -2.1% to -1.7%. 

Similar data for Canada, on the contrary, will lead to a slight weakening of the Canadian dollar, as their growth rate of 2.9% is likely to be replaced by a decline of 0.3%.