The upcoming week promises a series of impactful economic announcements starting from Tuesday. Key highlights include the US CB Consumer Confidence Index, fluctuating crude oil stock changes, and GDP figures from both the US and UK. Additionally, the EU's inflationary pressures will be under scrutiny with the CPI release.
Each of these data points holds the potential to influence global market dynamics significantly.
🇺🇸 US CB Consumer Confidence Index
The week commences with the release of the US CB Consumer Confidence Index on Tuesday, 26th September at 17:00 GMT+3. This index is pivotal as it gauges the level of confidence US consumers harbor regarding their nation's economic outlook. A rising trend generally indicates optimistic consumer spending, which can be a positive signal for the equity markets and the US dollar. The forecast stands at 111.5, which marks a potential improvement from the previous 106.1.
🛢 EIA Crude Oil Stocks Change
Following on Wednesday, 27th September at 17:30 GMT+3, we'll observe the EIA Crude Oil Stocks Change. This data reveals the weekly shift in the number of barrels of commercial crude oil held by US firms. It's a key determinant for the global oil prices, and hence, can significantly impact energy stocks and the currencies of oil-exporting nations. The forecasted change is a reduction of 2.013 million barrels, almost mirroring the previous week's decline of 2.136 million barrels.
🇺🇸 US GDP q/q
Midweek, on Thursday, 28th September at 15:30 GMT+3, attention will shift to the US GDP q/q release. This is a primary indicator of economic health, with a positive growth rate signaling a flourishing economy. This, in turn, could strengthen the US dollar and boost equity markets. The forecasted growth rate is 2.1%, which is consistent with the previous quarter’s rate.
🇬🇧 UK GDP q/q
On Friday, 29th September at 9:00 GMT+3, a double-header begins with the UK GDP q/q. GDP growth is indicative of the UK's economic vibrancy. A positive number can uplift the British pound and support UK equities. The forecasted and previous growth rate both stand at 0.2%, suggesting steady economic movement. Given the significance of this decision, heightened volatility is expected, particularly for the GBP/USD currency pair and the FTSE100 index. Investors and traders should brace for potential market movements following the announcement.
🇪🇺 EU CPI y/y
Concluding the week's economic releases, the EU CPI y/y will be unveiled simultaneously with the UK GDP, at 9:00 GMT+3. This Consumer Price Index reflects the yearly inflation rate in the European Union. A rising CPI may lead to expectations of tighter monetary policy, which could bolster the euro. With a forecasted inflation rate of 5.5%, it exhibits a growth from the previous 5.2%, potentially putting inflationary pressures into the spotlight.
That's it for this week! 👋
