- RBA Governor Philip Lowe Speech (AUD, GMT 22:00) – Governor due to speak at the Australian Securities and Investments Commission’s National Financial Capability Strategy. Minutes of RBA Monetary Policy Meeting to come out on Tuesday 01:30 GMT. Today’s comments on keeping rates low and suggesting that a modest depreciation of the AUD would be helpful pushed the currency upwards.
- UK Public Sector Net Borrowing (GBP, GMT 08:30) – Net borrowing captures the amount of new debt held by the government. Negative borrowing suggests that accounts are in surplus. Less borrowing than predicted is usually good for the currency, but last month more borrowing supported a short upwards movement of the GBPUSD pair.
- New Zealand Retail Sales (NZD, GMT 22:45) – Usually considered an index of consumer confidence and overall consumption in the economy, higher retail sales point to higher consumption and hence higher economic growth which is expected to be good for the currency.
- Canadian Retail Sales (CAD, GMT 12:30) – Usually considered an index of consumer confidence and overall consumption in the economy, higher retail sales point to higher consumption and hence higher economic growth which is most often good for the currency. Higher than expected retail sales were combined with other announcements last month so no clear conclusions can be reached.
- FOMC Minutes (USD, GMT 18:00) – The Federal Open Market Committee meets 8 times a year and reviews economic and financial conditions. The detailed report offers in-depth insights to the conditions which have influenced the Federal Reserve’s members as to where the interest rates should be set. Currency response depends on the minutes’ content. Probably the most important event for the USD in the upcoming week.
- Jackson Hole Symposium (Full Day) – The annual Jackson Hole Symposium is hosted by the Federal Reserve Bank of Kansas City and is a forum for the top central bankers, policy experts and academics of the world who come together to discuss policy issues. Comments and speeches from central bankers and other influential officials can create significant market volatility. This year’s topic relates to changing market structure and implications for monetary policy. Last year, comments by Mario Draghi caused the Euro to rise to its highest level since January 2015, up 1% during the day.
- ECB Monetary Policy Meeting Accounts (EUR, GMT 11:30) – The accounts, similar to the FOMC minutes, aim to provide an overview of financial, economic and monetary developments aimed to provide the rationale behind policy decisions. Currency response depends on the accounts’ content.
- Jackson Hole Symposium (Full Day) – The event continues for a second day, with speakers hailing from various US and international universities, the ECB and the IMF among others.
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