August 7, 2023
Several key market events are expected to influence the financial markets this week. Specifically, the highly awaited US Consumer Price Index and Producer Price Index will be released. In light of these crucial announcements, we advise traders to approach their trading preparations with caution, considering the potential for heightened market volatility.
Here are some key economic highlights to keep an eye on during the week:
New Zealand Inflation Expectations (9 August 2023)
Inflation expectations in New Zealand declined to 2.79% in Q2 2023 from 3.3% in Q1 2023.
The figures for Q3 2023 will be released on 9 August, with analysts expecting another decrease to 2.5%.
US Consumer Price Index (10 August 2023)
Consumer prices in the US rose 0.2% month-over-month in June 2023 after a 0.1% increase in the previous month.
Analysts anticipate a 0.2% rise in the figures for July, scheduled for release on 10 August.
UK Gross Domestic Product (11 August 2023)
The British economy shrank by 0.1% month-over-month in May 2023, following a 0.2% growth rate in April.
The figures for June are set to be released on 11 August, with analysts expecting the country’s GDP to grow by 0.1%.
US Producer Price Index (11 August 2023)
Producer prices for final demand in the US edged up 0.1% month-over-month in June 2023, following a 0.4% fall seen in May.
The data for July 2023 will be released on 11 August, with analysts expecting a 0.2% increase.
University of Michigan Consumer Sentiment Index (11 August 2023)
The University of Michigan consumer sentiment for the US was revised lower to 71.6 in July 2023 from a preliminary reading of 72.6. It was the highest reading since October 2021 due to the continued slowdown in inflation along with the stabilisation of labour markets.
Analysts expect a reading of 70.9 in the upcoming set of data, due for release on 11 August.
