This week from US: inflation, consumer sentiment and more

Economic calendar summary

US inflation data and consumer sentiment headline a potentially eventful week for US dollar pairs. Two Fed presidents will also speak Thursday to give further guidance on the FOMC.

China will also release inflation data and the UK will report GDP growth. The possibility of a negative inflation number from China could cause movements in CNH and other neighboring territories' currencies - AUD, NZD and more.

Check out the entire economic calendar

Inflation Rate - China

Time: 9:30pm ET Tuesday, August 8th

Previous: 0.0%

Expected: -0.3%

After China's inflation came in lower than expected in June, a negative rate is expected this month. Inflation in China hasn't been negative since February 2021 - pairs such as USD/CNH could see movement as a result.

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Core Inflation Rate - US

Time: 8:30am ET Thursday, August 10th

Previous: 4.8%

Expected: 4.7%

In the continued fight against inflation, the US expects to drop another 0.1% this month. Core inflation has fallen the past three months - a rise could send strength into USD pairs while a bigger drop than expected could signal weakness in the dollar.

Fed Speeches - US

Time: 3:00pm ET Thursday, August 10th

Previous: N/A

Expected: N/A

Fed presidents Bostic and Harker will speak on the interest rate landscape Thursday afternoon. Their language could hint at the timing of future rate hikes if any; traders will look for any clues in anticipation of September's FOMC meeting.

GDP Growth Rate - UK

Time: 2:00am ET Friday, August 11th

Previous: 0.2%

Expected: 0.2%

GDP has slowed in the UK over the past few quarters and is expected to level out. Close to 0%, a negative reading could mean weakness in the British pound while a higher-than-expected rate could send GBP higher.

Consumer Sentiment - US

Time: 10:00am ET Friday, August 11th

Previous: 71.6

Expected: 71

June's consumer sentiment number was the first 2023 reading above 70, and strength is expected to continue for July. With mixed unemployement data last week, expectations for consumer sentiment could change with Thursday's inflation release.

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.