Economic calendar | September 20 – 24

Monday, September 20

Monday, as always, is accompanied by an empty economic calendar. However, this is not bad, since market participants will have a little more time to catch their breath after the rather stormy end of the previous week.

Tuesday, September 21

Tuesday will also not be able to please investors with some interesting macroeconomic data, since the calendar will again be empty. Only statistics on the number of construction permits issued in the United States can be of interest.

Wednesday, September 22

But on Wednesday, the main event will take place not only for the whole week, but also for the last two months. We are talking about a meeting of the Board of the Federal Committee on Open Market Operations, following which the timing and scale of the curtailment of the quantitative easing program can be announced. Market participants assume that this process will begin in November.

However, it is completely unclear how much time will pass before its complete cessation. And a lot depends on this: first of all, the state of stock indices, which will almost certainly begin to decline rapidly. Along with this, a rather impressive growth of the dollar can begin. However, if the Fed does not set a deadline for the completion of the program, the dollar may collapse significantly.

Thursday, September 23

On Thursday, preliminary data on business activity indices will be published, the forecasts for which are extremely disappointing, since absolutely everywhere all indices should show a decline.

The main event of the day will be the results of the meeting of the Board of the Bank of England. At the same time, it is worth noting that the decisions of the British regulator will be dictated by the results of the US Federal Reserve meeting. And if the US regulator really announces the beginning of the curtailment of the quantitative easing program, then the Bank of England will have to do the same. However, this is unlikely, which will lead to a further decline in the pound.

If the results of the Fed meeting turn out to be somewhat different, then the Bank of England's unwillingness to curtail the quantitative easing program will be perceived as a positive factor.

In addition, data on retail sales in Canada will be published on Thursday, which is likely to put pressure on the Canadian dollar. After all, their growth rates may slow down from 6.2% to 5.0%.

The US will present statistics on the number of applications for unemployment benefits: it may decrease again. Initial appeals by 22 thousand, and repeated ones by 115 thousand.

Friday, September 24

On Friday, we should pay attention to inflation in Japan, which may slightly improve the position of the yen. The rate of decline in consumer prices should slow down from -0.3% to -0.2%, and the slowdown in deflation is an extremely positive moment.

Germany will share data on the IFO business climate index, and the United States will present statistics on new home sales in the country in August.