Good Morning Traders! To top off the week for Europe we get UK Retail Sales and Eurozone CPI data.
Here is what to be aware of.
Sentiment
Through its daily reference rate, China responded to a weaker yuan in the strongest way it has ever done in an effort to restore market confidence that had been shaken by disappointing data and elevated credit concerns.
According to the central bank's assessment that upward pressure on prices is reducing, Japan's core consumer inflation decreased in July. However, pockets of sticky price increases will keep monetary authorities on the lookout for potential upside threats.
The Kansas City Fed's Jackson Hole Economic Policy Symposium will feature a speech by Federal Reserve Chair Jerome Powell on Friday of the following week, the US central bank announced.
Former President Donald Trump declared that if elected again, he would not re-appoint Jay Powell as Chairman of the Federal Reserve when his term ends in 2026.
Concerns over China's economic slowdown and the possibility of even tighter monetary policy in the US combined to overshadow evidence of a tighter physical market, sending oil towards its first weekly drop since June.
Docket
02:00 AM ET
UK Retail Sales MoM
Median Forecast -0.6% | Prior 0.7% | Range 0.3%/-1.5%
UK Retail Sales YoY
Median Forecast -2.1% | Prior -1.0% | Range -1.8%/-3.0%
UK Core Retail Sales MoM
Median Forecast -0.7% | Prior 0.8% | Range -0.3%/-1.3%
05:00 AM ET
Eurozone CPI YoY Final
Median Forecast 5.3%| Prior 5.3% | Range 5.5%/5.3%
Eurozone CPI MoM Final
Median Forecast -0.1%| Prior 0.3% | Range -0.1%/-0.1%
Speakers
04:00 AM ET
ECB's Lane Speaks
Good Luck Today Traders!
