Welcome to the easyMarkets weekly outlook starting this Monday, August 21. We’ll be looking at the week’s key economic events on the financial calendar covering Monday to Thursday. A slow start to the week sees a very heavy news release on Wednesday for the Eurozone, UK and New Zealand. On Thursday, the Jackson Hole Summit begins in the US and rolls into the weekend.

Event: Manufacturing PMI & Services PMI

Date: Wednesday 23 August 2017 at 08:00 GMT

Markets affected: EUR/USD, EUR/GBP

Trending hashtags: #eur, #pmi

The Eurozone will be releasing its preliminary figures for August’s Manufacturing Purchasing Managers Index (PMI) which came in at a healthy 56.6 for the previous month. The release by Markit Economics gives insight into the manufacturing sector for the region which has a large influence in the overall Gross Domestic Product. It’s a strong signifier for the health of the economy and anything over 50 is considered positive for the euro. The Services PMI is also due out at the same time and this gives a summary of sales and employment in the Eurozone. It’s not as important as manufacturing but again, a result over 50 is seen as bullish for the common currency. Last month’s result was 55.4. 

Event: UK Gross Domestic Product (Q2)

Date: Thursday 24 August 2017 at 08:30 GMT

Markets affected: GBP/USD, EUR/GBP

Trending hashtags: #gbp, #gdp

In the first quarter of this year, the United Kingdom’s economy grew 2% on an annualised basis – a 0.1% increase on the previous quarter – Q4 2016. However, with Brexit negotiations still weighing on the economy and leading to a reduced sterling, analysts are expecting a contraction in the GDP figure for the second quarter of this year to 1.9% or less. 

Event: EU Consumer Confidence

Date: Wednesday 23 August 2017 at 14:00 GMT

Markets affected: EUR/USD, EUR/GBP

Trending hashtags: #eur

CPI for Europe decreased last month to -1.7, falling further than June’s figure of -1.3. Economists were worried at the outcome which came in below their forecast of -1.1, and their outlook for the August preliminary figure is for -1.9. This is an important indicator for the European Central Bank and any decisions it makes in regards to its monetary policy.

Event: New Zealand Trade Balance

Date: Wednesday 23 August 2017 at 22:45 GMT

Markets affected: NZD/USD, AUD/NZD

Trending hashtags: #nzd, #trade

Trade surplus in NZ for June came in wider than expected at NZD 242 million according to Statistics New Zealand making it the 4th surplus in the last five months. On an annualised basis, the balance stood at -$3.66 billion, down from the previous month’s reading of -$3.8 billion. Exports increased 9.9% while imports increased 2.9%.

Event: US Jackson Hole Summit

Date: Thursday 24-26 August 2017

Markets affected: EUR/USD, USD/JPY

Trending hashtags: #usd

Every year at Jackson Hole in Wyoming, the Federal Reserve hosts an Economic Policy Symposium for central bankers and academics from around the world. Inflation is a likely hot topic as it seems to be the holy grail for monetary policy setters to get their economies back on track. And currently it’s a lot softer than most nation’s central banks feel comfortable with.