Week's main events (September 5 – September 9)

Despite Monday being a bank holiday in the US and Canada, this economic week is very busy. First of all, investors' attention is focused on the situation in Europe around the Nord Stream pipeline. Secondly, the OPEC+ countries will hold an important meeting on Monday, where there could be surprises in the form of oil production cuts. The ECB will hold a monetary policy meeting on Wednesday, where an aggressive 0.75% rate hike is expected. The Central Banks of Australia and Canada also plan to raise rates. Fed Chairman Jerome Powell will speak at the Cato Institute conference on Thursday, and investors will be watching for any clues as to the Fed's future plans. A number of countries will also release second-quarter GDP data, which is important for recessionary estimates. Also, don't forget that Britain will announce the name of a new prime minister on Monday.

Monday, September 05
It’s a bank holiday in the United States and Canada on Monday. The main focus of investors will be the OPEC+ meeting, as well as the Index of Business Activity (PMI) in the service sector for European countries. Analysts believe that OPEC+ is likely to freeze output amid the Nord Stream's pipeline closure for an indefinite period.
Main events of the day:
  • – Japan Service PMI (m/m) at 03:30 (GMT+3);
  • – Australia Retail Sales (m/m) at 04:30 (GMT+3);
  • – China Caixin Services PMI (m/m) at 04:45 (GMT+3);
  • – Switzerland GDP (q/q) at 10:00 (GMT+3);
  • – Spanish Service PMI (m/m) at 10:15 (GMT+3);
  • – Italian Service PMI (m/m) at 10:45 (GMT+3);
  • – French Service PMI (m/m) at 10:50 (GMT+3);
  • – German Service PMI (m/m) at 10:55 (GMT+3);
  • – Eurozone Service PMI (m/m) at 11:00 (GMT+3);
  • – UK Service PMI (m/m) at 11:30 (GMT+3);
  • – Eurozone Retail Sales (m/m) at 12:00 (GMT+3);
  • – OPEC+ Meeting (m/m) at 13:00 (GMT+3).
Tuesday, September 06
The Australia RBA Interest Rate Decision will become the main event on Tuesday. Analysts believe the RBA will hold another 0.5% interest rate hike. Volatility on currency pairs with the Australian dollar will increase. Traders should also pay attention to the US ISM Service PMI.
Main events of the day:
  • – Australia RBA Interest Rate Decision (m/m) at 07:30 (GMT+3);
  • – Australia RBA Rate Statement (m/m) at 07:30 (GMT+3);
  • – UK Construction PMI (m/m) at 11:30 (GMT+3);
  • – US ISM Service PMI (m/m) at 17:00 (GMT+3).
Wednesday, September 07
The main event on Wednesday will be the Interest Rate Decision from the Bank of Canada. Experts believe Canada's Central Bank will raise interest rates by another 0.25%, although there is a possibility of a 0.5% increase. Investors will also focus on GDP data for the quarter in Australia, Germany, and the Eurozone. Also, several FOMC members will speak on Wednesday.
Main events of the day:
  • – Australia GDP (q/q) at 04:30 (GMT+3);
  • – German GDP (q/q) at 09:00 (GMT+3);
  • – German Industrial Production (m/m) at 09:00 (GMT+3);
  • – UK BoE Monetary Policy Report (m/m) at 12:00 (GMT+3);
  • – UK BoE Gov Bailey Speaks (m/m) at 12:00 (GMT+3);
  • – Eurozone GDP (q/q) at 12:00 (GMT+3);
  • – Canada BoC Interest Rate Decision (m/m) at 17:00 (GMT+3);
  • – Canada BoC Rate Statement (m/m) at 17:00 (GMT+3);
  • – Canada Ivey PMI (m/m) at 17:00 (GMT+3);
  • – US FOMC Member Mester Speaks (m/m) at 17:00 (GMT+3);
  • – US FOMC Member Brainard Speaks (m/m) at 19:35 (GMT+3).
Thursday, September 08
Various statistics for many countries are expected on Tuesday. The European Central Bank will update the Monetary Policy Statement and Interest Rate Decision. Analysts are inclined that the ECB will make an aggressive rate hike of 0.75%. Volatility on currency pairs with the euro will increase sharply. Fed Chairman Jerome Powell will speak at the Cato Institute conference on Thursday, and investors will be watching for any hints that the Fed is leaning toward another 75 basis point or 50 rate hike at the September 20-21 meeting.
Main events of the day:
  • – Japan GDP (q/q) at 02:50 (GMT+3);
  • – Australia RBA Governor Lowe Speaks at 06:05 (GMT+3);
  • – Switzerland Unemployment Rate (m/m) at 08:45 (GMT+3);
  • – Eurozone Marginal Lending Facility (m/m) at 15:15 (GMT+3);
  • – Eurozone ECB Monetary Policy Statement (m/m) at 15:15 (GMT+3);
  • – Eurozone ECB Interest Rate Decision (m/m) at 15:15 (GMT+3);
  • – Eurozone ECB Press Conference at 15:45 (GMT+3);
  • – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
  • – US Fed Chair Powell Speaks at 16:10 (GMT+3);
  • – US Natural Gas Storage (w/w) at 17:30 (GMT+3);
  • – US Crude Oil Reserves (w/w) at 18:00 (GMT+3).
Friday, September 09
The most important Friday’s release for investors will be the inflation data in China. Rising inflation could have a negative impact on Asian indices. Investors should also keep an eye on the unemployment rate in Canada.
Main events of the day:
  • – China Consumer Price Index (m/m) at 04:30 (GMT+3);
  • – China Producer Price Index (m/m) at 04:30 (GMT+3);
  • – Canada Unemployment Rate (m/m) at 15:30 (GMT+3);
  • – US FOMC Member George Speaks (m/m) at 19:00 (GMT+3).

by JustMarkets, 2022.09.05

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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