Top Economic Events Happening This Week | May 22 – 26 – 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!👇

S&P Global European Composite PMI

📅 Tuesday, May 23rd at 11:00 (GMT+3).

📌 The S&P Manufacturing & Services PMI is a composite index that measures the performance of both the manufacturing and service sectors in the European Union based on data collected from purchasing managers in private sector companies.

📊 This release is important because it provides valuable insights into the overall health of the EU economy and the business environment. Traders should follow it as it can have significant implications for market sentiment, with strong PMI readings often leading to a bullish outlook for the $EUR and stocks. Conversely, weaker readings can create downward pressure on these assets, making the PMI a key indicator for trading strategies and decision-making.

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

United States New Home Sales

📅  Tuesday, May 23rd at 17:00 (GMT+3).

📌 United States New Home Sales refers to an economic indicator that records sales of newly constructed residences in the United States.

📊 This information is used by analysts and traders to gauge the health of the housing market and the overall economy. For instance, a steady increase in new home sales may suggest economic growth and is usually a signal that the economy is coming out of a recession. Conversely, a sustained drop in new home sales can indicate an economic slowdown.

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

United Kingdom Consumer Price Index (CPI) m/m

📅 Wednesday, May 24th at 09:00 (GMT+3).

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

📊 Traders should consider monitoring this release, as it can significantly impact the markets and assets like the $GBP and UK Stocks. Higher-than-expected CPI readings may signal rising inflation, which could prompt the Bank of England to increase interest rates, leading to a stronger $GBP. Conversely, lower readings may indicate subdued inflation, potentially weakening the $GBP against other currencies.

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

United States Gross Domestic Product (GDP) q/q

📅 Thursday, May 25th at 15:30 (GMT+3).

📌  United States Gross Domestic Product (GDP) q/q refers to a quarterly measurement of the total value of goods and services produced within the US economy and is an important indicator of the country's overall economic health and growth rate.

📊 This critical economic indicator provides valuable insights into the overall health of the US economy and can significantly impact financial markets. Whether you're a seasoned pro or just starting, tracking the US GDP q/q release is essential for making informed trading decisions.

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

United Kingdom Retail Sales m/m

📅 Friday, May 26th at 09:00 (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: $GBP and $UK Stocks 🇬🇧

United States Core Durable Goods Orders m/m

📅 Friday, May 26th at 15:30 (GMT+3).

📌 This gauge measures the cost of orders received by manufacturers for durable goods such as motor vehicles and appliances.

📊 As those durable products often involve large investments, they are sensitive to the economic situation. The final figure shows the state of US production activity; a higher-than-expected reading may point to a greater degree of economic resilience than anticipated, while a lower reading may suggest a weakening economy.

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

That's it for this week! 👋