Inflation data from Canada, Japan and UK coming

Economic calendar summary

Australia kicks off the week with the release of the RBA's meeting minutes on Monday. Canada, UK and Japan then all reveal inflation data - giving traders better insight into possible future interest rates across the globe. Finally, the British pound could see price action heading into the weekend as the UK rounds out the week with their latest retail sales data.

Check out the entire economic calendar

RBA Minutes - Australia

Time: 9:30pm ET Monday, July 17th

Previous: N/A

Expected: N/A

The Reserve Bank of Australia will release their July meeting minutes after electing to keep interest rates at 4.1%. The RBA hinted that future rate hikes could be coming, and the meeting minutes may reveal how soon such hikes could be implemented.

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Core Inflation Rate - Canada

Time: 8:30am ET Tuesday, July 18th

Previous: 3.7%

Expected: 3.6%

Inflation is expected to continue dropping in Canada this month. Traders will likely look to USD/CAD which saw a decline after weaker-than-expected inflation data out of the US last week.

Core Inflation Rate - UK

Time: 2:00am ET Wednesday, July 19th

Previous: 7.1%

Expected: 7.0%

The United Kingdom expects their core inflation rate to drop 0.1% this month after rising to a decades-long high of 7.1% last month. A deviation from this forecast could cause movement in GBP/USD - trading slightly lower after reaching a yearlong high last week.

Core Inflation Rate - Japan

Time: 7:30pm ET Thursday, July 20th

Previous: 3.2%

Expected: 3.2%

No change in Japanese core inflation is forecasted this month. Traders will likely look for any movement up or down to gain insight in anticipation of Japan's interest rate decision next week.

Retail Sales - UK

Time: 2:00am ET Friday, July 21st

Previous: 0.3%

Expected: 0.1%

Another data point out of the UK, retail sales are expected to level out with only a 0.1% increase month-over-month. Combined with inflation data earlier in the week, traders will have a clearer picture of GBP strength heading into the weekend.

How to trade economic events

1. Open an account to get started, or practice on a demo account
2. Choose your forex trading platform
3. Open, monitor, and close positions on forex pairs

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.

You can help develop your forex trading strategies using resources like IG’s Trading Academy. Once your strategy is developed, you can follow the above steps to opening an account and getting started trading forex.

Your profit or loss is calculated according to your full position size. Leverage will magnify both your profits and losses. It’s important to manage your risks carefully as losses can exceed your deposit. Ensure you understand the risks and benefits associated with trading leveraged products before you start trading with them. Trade using money you’re comfortable losing.