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Key Takeaways
- A lightweight set of scheduled economic updates will narrate this week’s agenda
- Fed’s Jackson Hole symposium could offer insights into the central bank’s tapering plans
The week starting Monday, August 23, brings a relatively light set of events to the financial markets. Traders and investors will have an easier time sifting through scheduled economic updates as the weekly agenda will be primarily focused on PMI and GDP data.
On Monday, to kick off the economic updates, Germany will publish its preliminary Manufacturing PMI report for August at 03:30 am EST. The UK follows an hour later, at 04:30 am EST, with its own preliminary PMI data consisting of composite, manufacturing, and services PMI figures.
On Tuesday, at 02:00 am EST, Germany will announce its gross domestic product (GDP) data for the second quarter on a quarterly basis. The report will indicate whether the largest economy in the eurozone has expanded amid the reopening which largely took place during the quarter ended June.
Investors Wait for Fed’s Conference Insights
Wednesday’s reporting start with Germany’s Ifo Business Climate index for August at 04:00 am EST. The report, collecting data from manufacturers, builders, wholesalers, and retailers, aims to measure business mood and expectations over the next six months.
Later, at 08:30 am EST, the US will release its core durable goods orders for July, on a monthly basis.
On Thursday, at 08:30 am EST, the US reports its GDP data for the second quarter, on a quarterly basis. Preliminary data already showed the US economy expanded 6.5% in the period April through June. The figure was lower than the expected 8.5%.
Australia is scheduled to report its retail sales at 09:30 pm EST.
Besides scheduled monthly and weekly data, market participants will be monitoring the Jackson Hole symposium, the Fed’s most prominent annual conference. Set to take place on Aug. 26-28, the Wyoming-based event will gather Fed policymakers, including Fed Chairman Jerome Powell.
Traders and investors will be expecting to hear more insight into Fed’s plans to unwind its ultra-loose monetary policies.
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