Top Economic Events Happening This Week | May 15 – 19 – 2023

Prepare for a whirlwind week in the financial world, as key events in the US, European, and British markets promise to make waves  🌊

Take a deep dive into our comprehensive review to uncover the top economic events of the week!👇

United Kingdom Claimant Count Change

📅 Tuesday, May 16th at 09:00 (GMT+3).

📌 The UK Claimant Count Change is a measure of the monthly change in the number of people in the UK claiming unemployment-related benefits. It serves as a key barometer of the country's job market health and can significantly impact its economic indicators.

📊 The Bank of England remains confident that inflation will return to target over the forecast horizon and yet the new staff projections highlighted how challenging it will be. Inflation and growth were both revised significantly higher for this year and labour market figures could help explain why that is. Unemployment is expected to remain at 3.8% and wage growth ex-bonuses at 6.8%.

Assets potentially to be affected: $GBP and $UK Stocks 🇬🇧

European Union Gross Domestic Product (GDP) q/q

📅 Tuesday, May 16th at 12:00 (GMT+3).

📌 This is a measure of the economic output of the European Union in a specific quarter compared with the previous one. This measure provides insights into the growth rate of the EU economy over a short-term period and can significantly influence monetary policy decisions.

📊 This release is vital as it could pave the way for the Euro to extend its rebound, especially if 1.0870 is confirmed as a support level. If the results align with or exceed expectations, we might see a bolstering of the Euro's strength. Therefore, staying updated with these changes is critical for anyone invested in $EUR or related assets, as it could impact their investment decisions and strategies.

Assets potentially to be affected: $EUR and $EU Stocks 🇪🇺

United States Retail Sales m/m

📅 Tuesday, May 16th at 15:30 (GMT+3).

📌 This report is a leading indicator that gives important information about consumer spending, which has a significant impact on the GDP.

📊 The expectations now pencil in an increase in sales from last month’s decline as the robust auto sales figures lift the total number. However, Retail Sales may surprise on the downside, as indicated by consumer sentiment decline; this would add to the expectations of a rate pause in June and rate cuts later in the year.

Assets potentially to be affected: $USD and $US Stocks 🇺🇸

European Consumer Price Index (CPI) m/m

📅 Wednesday, May 17th at 12:00 (GMT+3).

📌 This is a statistical estimate that measures the average change in the prices of consumer goods and services purchased by households over a month. It's a key way to track inflation trends within the Eurozone and significantly influences the European Central Bank's policy decisions.

📊 We're certainly intrigued to see how the European Consumer Price Index (CPI) m/m release will shape the landscape of our investments. Given the 0.7% increase witnessed last month, the forthcoming report could have substantial implications for assets such as $EUR/USD and $EU Stocks. If the CPI data indicates a continued upward trend, this could potentially strengthen the Euro and fuel a rally in European stocks. However, should the CPI data disappoint, it may exert downward pressure on these assets.

Assets potentially to be affected: $EUR and $EU Stocks 🇪🇺

United States Existing Home Sales

📅 Thursday, May 18th at 17:00 (GMT+3).

📌 This is a monthly report that measures the number of residential buildings that were sold during the previous month, excluding new construction. This data provides insights into the strength of the US housing market and consumer spending behavior.

📊 Interested in the trajectory of the US housing market? The imminent report could shed some light. With figures declining since 2020, it's intriguing to ponder whether this release could signal a reversal or maintain the downward trend.

Assets potentially to be affected: $USD and $US Stocks 🇺🇸

That's it for this week! 👋