Monday, August 29 The week will start again with a completely empty macroeconomic calendar. However, this is not bad, since the market will be able to digest Friday's speech by the head of the US Federal Reserve Jerome Powell. It turned out to be a kind of shock for market participants and contributed to the strengthening of the US dollar. Tuesday, August 30 Tuesday will start with data on the Japanese labor market, which, however, will not affect anything, since the unemployment rate in the country itself should remain unchanged. But in the UK, a decline in all indicators of the lending market is expected, which will have a negative impact on the pound. After the opening of the US trading session, the US dollar will already begin to fall in price, as a slowdown in real estate prices is predicted. Analysts note that this indicates a high potential for further reduction in inflation. And although this indicator is clearly indirect and does not affect inflation, the US dollar is already so overbought that the market needs at least some reason for a local correction. Wednesday, August 31 Wednesday will begin with the publication of data on retail sales in Japan, it is expected that their growth rate will slow down from 1.5% to 1.3%. Which will lead to a decline in the Japanese yen. However, during the European session, the yen will be able to win back losses, as all currencies will grow, with the exception of the US dollar. The fact is that preliminary data on inflation in Europe should show its acceleration from 8.9% to 9.1%. This means that the European Central Bank will actively raise interest rates, which will cause the strengthening of the single European currency, which will pull other currencies along with it. The US will present employment data on Wednesday: it is expected that the number of people employed in the non-agricultural sector will grow by 180 thousand. Canada will publish final GDP data, but they will have little impact, as they will only confirm preliminary estimates. Thursday, September 1 On Thursday, the final data on business activity indices in the manufacturing sector are published everywhere. However, they will not affect the dynamics of currencies, since the market has already put them in quotes at the time of publication of preliminary estimates. But the data on unemployment in Europe, which should rise from 6.6% to 6.7%, will certainly weaken the single European currency. The Swiss franc will also be under pressure due to the slowdown in retail sales growth from 1.2% to 0.3%. Switzerland will also present statistics on inflation, but it will not affect anything, since the growth rate of consumer prices should remain unchanged. Similarly, data on applications for unemployment benefits in the United States will remain without attention. It is expected that the changes will be extremely insignificant. Friday, September 2 The main event of the week will be the publication of the report of the United States Department of Labor Non-Farm Payrolls. Its content is likely to severely undermine the position of the US dollar due to a sharp slowdown in the pace of job creation from 528 thousand to 310 thousand. At the same time, the unemployment rate should remain unchanged. However, before that, it is worth paying attention to the data on producer prices in Europe. Their growth rates may accelerate from 35.8% to 36.2%, which will contribute to the growth of the single European currency at the end of the week.
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