Economic calendar | 22 – 26 August

Monday, August 22

At the end of last week, the US dollar strengthened sharply, due to which it turned out to be clearly overbought. Therefore, the market definitely needs at least a local correction. And due to the again completely empty macroeconomic calendar, Monday is the best fit for this correction.

Tuesday, August 23

On Tuesday preliminary data on business activity indexes are published around the world, and the US dollar is likely to strengthen again. The thing is that in the United States, only the manufacturing index is expected to decline, while in other countries, indicators in both sectors will show a fall: both in manufacturing and in the service sector.

Wednesday, August 24

On Wednesday, the macroeconomic calendar is almost empty. The only thing worth paying attention to is orders for durable goods in the United States, the volume of which should grow by 0.8%. These data may once again support the dollar, as even this slight increase will indicate at least the preservation of the current level of consumer activity.

Thursday, August 25

Thursday will start with data on German GDP in the second quarter, as well as on the Ifo business climate index in August. Then the European Central Bank will present the publication of the minutes of the last meeting of the regulator on monetary policy. 

The US will publish the second estimate of GDP for the second quarter, but it will not affect the dynamics of the market in any way, since it will only confirm the first estimate already taken into account by the market. But the data on applications for unemployment benefits will clearly arouse interest. The fact is that the number of initial appeals may grow by 17 thousand, and repeated ones by 6 thousand. The increase in the number of applications will be regarded as a negative factor, and the US dollar will weaken somewhat.

Friday, August 26

The main event not only on Friday, but throughout the week will be the opening of the symposium in Jackson Hole, where Jerome Powell will speak. Market participants are waiting for specifics from the head of the Fed regarding the further actions of the American regulator. In particular, regarding the pace of interest rate increases. 

However, the market reaction to this speech will be visible only next week, as Jerome Powell's speech will take place after the closing of trading.