Monday
Start your week by keeping an eye on some important updates. Look out for the German WPI and Trade Balance figures, which could sway the EUR. Also, speeches by ECB’s De Guindos and Lane might offer some hints about the ECB’s current thinking. In the U.S., the NY Empire State Manufacturing Index could shed light on manufacturing activity, while the Rightmove House Price Index provides a snapshot of the UK housing market.
Tuesday
On Tuesday, several key reports will be released. The German ZEW Economic Sentiment figures will give you a sense of investor expectations in the Eurozone. Over in the U.S., Retail Sales and Core Retail Sales will be crucial for understanding consumer spending trends. The Capacity Utilization Rate and Industrial Production will offer insights into industrial activity. Canadian traders should pay attention to Housing Starts and various CPI metrics.
Wednesday
Midweek brings a host of updates. Watch for the RBA Assistant Governor Jones speech and various economic indicators from Japan, such as the Adjusted Trade Balance and Core Machinery Orders. In the UK, CPI and PPI data will give you a sense of inflationary pressures. Over in the Eurozone, keep an eye on the German Bund Auction and Eurozone CPI for August. The U.S. will release several reports including Building Permits, Housing Starts, and the FOMC Interest Rate Decision. Additionally, the Fed Interest Rate Decision and FOMC Press Conference will be crucial for market direction, along with updates on Crude Oil Inventories. The NZD GDP (QoQ) figures will also be released later in the day.
Thursday
On Thursday, pay attention to significant Australian labor market data, including the Employment Change and Unemployment Rate. In Europe, watch the NOK Interest Rate Decision and car registration figures from Germany and the UK. The speeches by German Buba Balz and ECB's Schnabel are also noteworthy. In the U.S., focus on Initial Jobless Claims, Continuing Jobless Claims, and the Philly Fed Manufacturing Index. Additional data include Existing Home Sales and Natural Gas Storage. The Fed's Balance Sheet and Reserve Balances with Federal Reserve Banks will be released as well.
Friday
End the week with some crucial updates. Watch Japan's CPI figures, the BoJ Press Conference, and Foreign Investments data. In China, updates on the Loan Prime Rates are key. In the UK, keep an eye on Retail Sales and Public Sector Net Borrowing, along with speeches by BoE MPC Member Mann. Canada will release Retail Sales and IPPI data, with BoC Gov Macklem also speaking. The Eurozone’s Consumer Confidence and ECB President Lagarde’s speech will be important. In the U.S., check the Baker Hughes Oil Rig Count, FOMC Member Harker’s speech, and CFTC speculative net positions across various commodities and currencies.
DXY
The DXY is trading within a range of 101.92 to 100.51, with current resistance adjusted to 101.83 and recent support at 100.60. The DXY is currently testing this support level and may be forming a triangular consolidation pattern. There is a possibility of a breakdown, especially as it is at the lower end of the trading range. Additionally, a Bullish Crab pattern is projected at 99.98, above the previous support from July 2023. Monitor critical support and resistance levels to assess potential future movements.