Here are some of the important economic data that will be an important focus in the market throughout this week.
German Business Climate ifo Survey (Monday 4.00pm): Survey data on 9,000 businesses in Germany will give an indication of the current health of the economy in Europe. The latest reading is projected to be slightly lower than the previous figure which could put pressure on the movement of the Euro currency at the beginning of the week.
US Consumer Confidence Data (Tuesday 10.00 PM): The survey of 3,000 households in the United States will provide insight into consumer spending and an indication of future inflation rates. The latest reading is also predicted to shrink slightly with various factors continuing to weigh on the United States while the Federal Reserve is still expected to continue policy tightening.
Australian Inflation Data (Wednesday 9.30am): The second quarter reading of the inflation rate in Australia is predicted to record a declining figure. This is in line with the central bank's desire to raise interest rates to reduce soaring inflation.
FOMC Meeting (Thursday 2.00 AM): The main focus this week will be on the results of the Federal Rerserve policy meeting with an expected interest rate increase of 75 basis points for the second time in a row. The announcement of the rate will have a big impact on the movement of the currency king US dollar.
US Gross Domestic Product Data (Thursday 8.30 PM): The economic performance of the United States for the second quarter will be monitored through the preliminary reading of GDP with predicted numbers increasing again. A total of 3 readings will be issued, but this first reading is expected to have a greater impact.
European Inflation Data (Friday 5.00 PM): Preliminary readings for inflation rates in Europe that will be published at the end of the week will drive the movement of the Euro currency. Changes in European inflation readings after this will be expected after the European central bank (ECB) has already started raising interest rates.
US Consumer Personal Expenditure Index (Friday 8.30pm): Also one of the data that measures inflation, changes in consumer spending are important for early signals for the central bank.
