Economic preview: inflation, producer prices and consumer confidence
At the start of every trading week, we comb the upcoming economic calendar for the highest-impact items in the world. Find out what’s coming up next.
Economic calendar summary
Another US-centric news week brings USD pairs back into focus. Inflation data this week could push US dollar back towards last week's extremes on strong readings or further towards mean reversion with softer readings.
Producer prices release Wednesday along with meeting minutes from September's FOMC meeting. GBP/USD will be closely monitored Thursday morning as UK GDP comes in followed by US headline and core inflation rates. US consumer sentiment rounds out the week on Friday to provide a forward looking metric to accompany the September price reports.
PPI MoM - US
Time: 8:30am ET Wednesday, October 11th
Previous: 0.7%
Expected: 0.3%
US producer prices are expected to increase for the third straight month. August's 0.7% increase was a yearlong high led by surging energy costs.
FOMC Minutes - US
Time: 2:00pm ET Wednesday, October 11th
Previous: N/A
Expected: N/A
Traders will look to the minutes of September's FOMC meeting for specific language pertaining to next year's interest rate landscape. The main takeaway from the meeting itself was interest rates could remain higher for longer but just how much longer?
GDP MoM - UK
Time: 2:00am ET Thursday, October 12th
Previous: -0.5%
Expected: 0.2%
GDP in the UK is expected to rebound month-over-month after the biggest decline of the year last reading. Another negative reading could signal a sharper economic downturn than expected while a stronger reading could mean another interest rate hike from the BoE this year is possible.
Core Inflation Rate - US
Time: 8:30am ET Thursday, October 12th
Previous: 4.3%
Expected: 4.1%
Core inflation is expected to lower towards 4% this Thursday. A 4.1% reading as forecasted would be the lowest since 2021 and a sixth consecutive decrease.
Consumer Sentiment - US
Time: 10:00am ET Friday, October 13th
Previous: 68.1
Expected: 67.4
October's preliminary consumer sentiment report is expected to lower further from July's yearlong high. Traders can compare consumer expectations for the near and future term to this week's CPI data to monitor discrepancies between prices and expectations.
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Trading economic events with forex requires an account with a forex provider like IG. Many traders watch major forex pairs like EUR/USD and USD/JPY for potential opportunities based on economic events such as inflation releases or interest rate decisions. Economic events can produce more volatility for forex pairs, which can mean greater potential profits and losses as risks can increase at these times.
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