🔍 Top Macro Highlights This Week
Canada CPI – July (Aug 19)
Tuesday at 13:30 BST brings Canada’s headline and core inflation numbers. Core CPI is last at 2.7% YoY, while the headline sits at 1.9%. A stronger print could harden expectations that the Bank of Canada will hold rates higher for longer, giving CAD a potential lift against USD and JPY.
RBNZ Policy Decision & Press Conference (Aug 20)
Wednesday’s early Asia session is all about New Zealand. At 03:00 BST, the RBNZ announces its rate decision and publishes its Monetary Policy Review, followed by a press conference at 04:00 BST. With the Official Cash Rate currently at 3.25%, markets will be looking for guidance on whether stubborn inflation pressures justify further tightening. NZD traders should brace for volatility across the statement and Q&A.
UK CPI – July (Aug 20)
At 07:00 BST, the UK delivers its monthly and annual CPI readings, including the core measure. Inflation remains well above the BoE’s 2% target, and any upside surprise could strengthen the case for holding rates higher into the autumn. GBP could rally on a hotter print, especially against EUR.
FOMC Minutes – July Meeting (Aug 20)
Later Wednesday at 19:00 BST, the Fed releases minutes from its latest meeting. Traders will comb through the text for hints on the Fed’s tolerance for inflation and growth trade-offs heading into Q4.
Jackson Hole Symposium (Aug 21–23)
Kicking off Thursday and running through Saturday, the Jackson Hole Symposium will dominate macro headlines. While the agenda isn’t fully public, the Fed Chair’s keynote is often the highlight. In past years, it’s been a venue for major policy signalling, so USD, equities, and bonds could all be in play.
Eurozone & UK PMI – August Prelim (Aug 21)
Thursday morning is PMI-heavy. The Eurozone releases its preliminary August Composite, Manufacturing, and Services PMIs between 08:30–09:00 BST, followed by the UK at 09:30 BST. Both economies are teetering around the 50.0 expansion/contraction line, making these prints a key sentiment gauge for Q3 growth prospects.
US PMI – August Prelim (Aug 21)
At 14:45 BST, the US posts its S&P Global Manufacturing and Services PMIs. While less market-moving than ISM data, they still provide an early read on private-sector activity.
UK Retail Sales – July (Aug 22)
Friday at 07:00 BST, UK retail sales data will show how consumers are faring amid persistent inflation and high rates. A weak print could weigh on GBP heading into the weekend.
📊 Other Notable Releases
– EUR HCOB PMIs by sector (Aug 21)
– GBP S&P Global PMIs (Aug 21)
– USD S&P Global PMIs (Aug 21)
🧠 Big Picture
This week offers a mix of hard inflation data, forward-looking PMIs, and the policy theatre of Jackson Hole. The combination is fertile ground for cross-asset volatility: CPI surprises could shift central bank rate paths, PMI data will feed growth expectations, and any unexpected remarks from global policymakers could spark repricing in currencies, equities, and bonds. With markets in a late-summer lull, even small surprises could have outsized impact.