Top Economic Events Happening This Week | May 8 – 12 – 2023

Following an eventful week with numerous corporate earnings, job reports, and the recent FOMC meeting, the upcoming week may be comparatively quieter.

Inflation data for April will be revealed through the Consumer Price Index (CPI), and Producer Price Index (PPI) releases. Furthermore, the Bank of England (BoE) will conduct an important meeting regarding interest rates on Thursday, while the UK is set to release its latest Gross Domestic Product (GDP) figures on Friday.

👇 Let's take a look at this week's economic events in more detail!

United States Core Consumer Price Index (CPI) m/m

📅 Wednesday, May 10th at 15:30 (GMT+3).

📌 The US Consumer Price Index (CPI) is a vital economic indicator that measures the monthly change in the average prices of a basket of consumer goods and services.

📊 The CPI is projected to have climbed 0.4% last month after rising 0.1% in March. Year-over-year, prices were likely up 4.9%, at the slowest pace in two years, decelerating slightly from 5% in March. Core prices, excluding volatile food and energy costs, likely rose 0.3% last month and were up 5.6% annually.

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

Bank of England (BoE) Interest Rate Decision

📅 Thursday, May 11th at 14:00 (GMT+3).

📌 The Bank of England (BoE) Interest Rate Decision represents the UK's central bank's declaration concerning its monetary policy position on the official bank rate. This verdict holds considerable sway in molding borrowing costs, influencing an array of financial instruments, and acting as a vital tool for regulating inflation.

📊 Bank of England (BoE) policymakers will hold their latest meeting on interest rates, one week after the US Federal Reserve and European Central Bank (ECB) raised interest rates. BoE policymakers are expected to raise the key bank rate by 25 basis points to 4.5%, marking the 12th consecutive rate hike since early last year.

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

United States Producer Price Index (PPI) m/m

📅 Thursday, May 11th at 15:30 (GMT+3).

📌 The US PPI m/m is a monthly economic indicator that measures the average change in selling prices received by domestic producers for their output over time. The PPI tracks price fluctuations at the wholesale level before they reach the consumer, making it an important gauge of inflationary pressures in the economy.

📊 Producer prices are projected to have risen 0.3% last month, rebounding off an unexpected 0.5% decline in March. Year-over-year, they were likely up 2.4% at the slowest pace since January 2021, decelerating from 2.7% in March.

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

United Kingdom Gross Domestic Product (GDP) q/q

📅 Friday, May 12th at 09:00 (GMT+3).

📌 United Kingdom Gross Domestic Product (GDP) q/q refers to a quarterly measurement of the total value of goods and services produced within the UK economy, and is a key indicator of the country's economic performance and growth rate.

📊 GDP data is expected to show the UK economy growing marginally again, which is probably the best we can hope for over the coming quarters. Also, $GBP/USD seesaws around one-year high after posting a third weekly gain. And upbeat UK data teases a strong BoE rate hike and allows Cable buyers to remain hopeful.

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

That's it for this week! 👋