Fed's Jerome Powell Speaks This Week! Awaiting UK CPI, Walmart, Home Depot And Cisco Earnings | A week full of important economic data | Conotoxia
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After a turbulent last week, the week that is now beginning may prove to be interesting from the perspective of macroeconomic publications. They may have an impact on individual currencies and on the stock market.
The earnings season on Wall Street will continue with reports from major retailers including Walmart and Home Depot, as well as Target, Cisco Systems, Lowe's and Deere
In the United States this week investors may closely follow the speeches of several Fed representatives, including the speech of Fed Chairman Jerome Powell. All this in order to dig for information regarding the interest rate hike cycle.
Retail sales data may show that consumer spending increased in April, while industrial production data, the NY Empire State Manufacturing index and the Philadelphia Fed Manufacturing index will likely indicate a slowdown in the manufacturing sector. Data on home construction starts, building permits, sales of existing homes and the NAHB Housing Market Index will likely show that the housing market is cooling. The earnings season on Wall Street will continue with reports from major retailers including Walmart and Home Depot, as well as Target, Cisco Systems, Lowe's and Deere.
Meanwhile, in the U.K., where the British pound appears to be under a lot of pressure, a lot of interesting data will be published. Consumer inflation likely rose to 9.1 percent last month, which would be the highest reading since at least 1991, and Gfk retail sales, labor productivity and consumer confidence data will also be reported. Investors will follow Monday's hearing of the Bank of England's monetary policy report before the Treasury Committee, which will be attended by Governor Andrew Bailey.
In Europe, Russia is expected to release Q1 GDP data, which will provide a preliminary diagnosis of the impact of the war with Ukraine and imposed sanctions on the Russian economy. Investors will also keep a close eye on the European Commission's fresh spring forecasts, while the ECB meeting minutes and President Christine Lagarde's speech in Darmstadt, Germany may provide further clues about the central bank's plans to fight inflation. Also in focus will be the second estimate of Eurozone GDP growth and final CPI data.
Daniel Kostecki, Director of the Polish branch of Conotoxia Ltd. (Forex service)
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