Today’s calendar is focused on U.S. data: the highlight of the session will be the U.S. CPI inflation data for August. The consensus forecast calls for a 3.4% y/y increase (similar to July) and a nearly 0.4% m/m jump, compared to 0.1% in July. A higher CPI reading could strengthen the dollar and bond yields and put pressure on precious metals, stock indices, and Bitcoin.
Economic Calendar
1:30 PM GMT, U.S., August CPI inflation – 3.4% y/y forecast vs. 3.4% in July (0.4% m/m vs. 0.1% in July)
- Core CPI inflation, expected at 2.4% y/y vs. 2.4% in July (0.2% m/m vs. 0.2% in July)
3 PM GMT, U.S., preliminary University of Michigan consumer sentiment for September; 51 vs. 5.17 previously
- Expectations Index: 51 vs. 51.5 previously
- Current Conditions Index: 51.3 vs. 51.9 previously
- Inflation Expectations (annual): 3.3% forecast vs. 3.3% previously
- Inflation Expectations (5-year): 4.2% forecast vs. 4% previously
5 PM GMT, U.S., WASDE change in agricultural commodity stocks (wheat: unchanged at 717 million metric tons; cotton: 3.9 million bales vs. 4.0 million previously; soybeans: 298.5 million metric tons vs. 320.0 million previously; corn: 1,521 million metric tons vs. 1,653 million previously)
7 PM GMT p.m., U.S., federal budget, expected balance: -$211 billion vs. -$432 billion previously
Source: WSJ, Nick Timiraos
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