This Week’s Economic Calendar – OPEC Meeting and Central Banks in Focus

Central banks continue to set the tone as BoJ overhauls its stimulus program and Federal Reserve has left interest rates unchanged but prepares the markets for a rate hike in December.

In the weak ahead, markets will absorb central banks decisions and will focus this week central banks speeches with Draghi, Kuroda and Janet Yellen are all due to speak. Traders will also be looking to the informal meeting of OPEC that will take place in Algeria from 26-28 of September. On Friday, crude Oil dropped 3 Percent as Investors Reduce Chances of Output Agreement.

Here are the main events for the upcoming week:

1. German IFO Business Climate for September will be published on Monday at 8:00 GMT. Figure is expected to rise to 106.8 from 106.2.
2. US New Home Sales will be published on Monday at 14:00 GMT and expected to fall to 597K from 654K in the previous month.
3. On Monday at 15:05 GMT, ECB presidnet Mario Draghi will testify before the European parliaments committee on economic and monetary affairs. Later on this week, on Wednesday, Draghi is set to speak about current developments in the Euro area.
4. On Tuesday at 00:50 GMT the BoJ meeting minutes will be published and can shed light on Japan’s easing policy program.
5. US Consumer Confidence will be release on Tuesday at 14:00 GMT. The dada measures level of consumer confidence in economic activity. Forecast to fall to 99.8 from 101.1.
6. On Wednesday at 6:00 GMT German Consumer Confidence data will be released and expected to fall slightly to 10.1 from 10.2.
7. US Durable Goods Orders will be published on Wednesday at 12:30 GMT. It is forecast to fall by -1.5% after a gain of 4.4% in the previous month.
8. On Wednesday at 14:00 GMT Federal Reserve chair Janet Yellen will testify before the house financial services committee. Markets will be watching to see support for a December rate hike.
9. BoJ governor Haruhiko Kuroda will speak at the National Securities Industry Convention on Thursday at 6:35 GMT. Kuroda’s speech will attract markets attention after last week Bank of Japan’s announcement to target Japanese bonds interest rates.
10. German Unemployment Data & Inflation Rate – On Thursday at 7:55 GMT unemployment change is expected to fall by 5000 compare to a drop of 7000 in August. Unemployment rate is expected to remain unchanged at 6.1%. German Inflation Rate will be published at 12:00 GMT and expected to rise to 0.6% from 0.4% in the previous month.
11. Eurozone Business confidence will be released on Thursday at 9:00 GMT and expected to rise by 0.1 from 0.0 the previous month.
12. US GDP Growth for second quarter will be published on Thursday at 12:30 GMT. Expected to rise to 1.3% from 0.8% the previous quarter.
13. On Thursday at 20:00 GMT Federal reserve chair Janet Yellen will speak at the minority bankers forum in Kansas city. Yellen’s speech will be closely monitored as investors expect a rate hike in December after last week’s Federal Reserve decision to leave interest rate unchanged.
14. Japan Unemployment Rate & Inflation Rate will be published on Thursday at 11:30 GMT. Unemployment rate is expected to hold steady at 3.0%. Inflation rate for August is also expected to remain unchanged at -0.4%.
15. China Caixin Manufacturing PMI will be released on Friday at 1:45 GMT and expected to fall to 49.3 from 50.0.
16. UK GDP Growth Rate will be published on Friday at 8:30 GMT. QoQ is expected to rise by 0.6% compare to 0.4% while YoY expected to rise by 2.2% from 2%.
17. Eurozone Unemployment Rate for August will be published on Friday at 9:00 GMT and expected to fall to 10.0% from 10.1% in the previous month.

Check out our real-time Economic Calendar