Hi Forex traders, Welcome to the TPwithUS Forex Signal and Analysis Site! Here we share this week’s Economy News of September 16th, 2024. Stay with us, take profit with us.
Global Economic Calendar for September 16, 2024:
Americas
In the US, the Federal Reserve is set to reduce interest rates for the first time since March 2020, with most traders expecting a 25bps cut as the most likely outcome. The central bank will also provide updated economic projections, with traders expecting a full percentage point of easing this year. On the data front, retail sales are set to rise at a slower 0.2%, following an unexpected 1% surge in July. Industrial production probably stalled, after a 0.6% drop in July. Other important releases include the NY Empire State Manufacturing Index, the Philadelphia Fed Manufacturing Index, current account and housing indicators like the NAHB Housing Market Index, building permits, housing starts, and existing home sales.
In Canada, the monthly inflation rate likely slowed to 0.1% from 0.4%, while retail sales probably rebounded from a 0.3% drop in July[1]. The central bank of Brazil is expected to raise the interest rate by 25bps, the first hike in about two years.
Europe
In the UK, attention will focus on the upcoming inflation data and the Bank of England’s policy meeting. The BoE is widely expected to maintain its current interest rates, following a 25 basis-point rate cut last month. The annual inflation rate is projected to hold steady at 2.2% in August, remaining above the BoE’s 2.0% target. Later in the week, markets will also closely watch retail sales figures and public sector net borrowing data.
In Germany, the ZEW Indicator of Economic Sentiment is expected to decline further, reaching an eight-month low as the economic outlook continues to deteriorate. The Euro Area will release flash consumer confidence data, alongside final inflation figures for the Euro Area and Italy. Foreign trade data will be published for the Euro Area, Italy, Spain, and Switzerland, while Eurozone car registration numbers and German producer prices are also due. Turkey and Norway are expected to keep their interest rates unchanged.
Asia
The Bank of Japan is expected to keep borrowing costs unchanged, with most investors seeing another hike in December or January only. Inflation and trade figures, alongside machinery orders for Japan, are also due. In China, markets will be closed on Monday and Tuesday for the Mid-Autumn Festival, and the People’s Bank of China is set to publish the monthly fix for the key lending rates on Friday. In India, wholesale price inflation probably slowed to a four-month low of 1.8% in August from 2.04% in July. It will also be interesting to follow inflation figures for Hong Kong, trade data for Malaysia, Singapore, and Indonesia, and the monetary policy decision from the central bank of Indonesia.
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