Starting a new trading week as usual every week, the markets wait for important economic data to assess the performance of the economies and then determine the trends of their currencies. This week, which does not include many important economic data, but the markets are monitoring some data we are exposed to them through the following:
Preliminary readings of Eurozone PMI
In the euro area, the manufacturing and service PMI is out for August with expectations of some slowdown. The same data will also be released in France and Germany. The euro zone has shown some slowdown in growth momentum and these data have a significant impact on market sentiment.
US housing market data
In the US, an important housing data is released, with new home sales expected to rise by 613,000 units in July, after rising by 610,000 units in June. Existing home sales data will also be released, and are expected to rise by 5.57 million in July after rising to 5.52 million units in June.
British Growth Data
The most important data released this week are the preliminary estimates for the second quarter of 2017, and the UK economy is expected to grow by 0.3% quarterly and by 1.7% on yearly basis. Some voices call for interest rates hike, amid rising inflation over the past months, largely caused by a significant decline in the value of sterling.
Jackson Hole Summit
This summit held annually in Kansas City FED, where central bankers, finance ministers and academics meet each other from around the world. The summit will start on Thursday, and there will be speeches for policy makers who will be watched closely of the markets.