Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
FX Week Ahead - Top 5 Events: August RBNZ Meeting; UK Inflation, Canada Inflation, and Eurozone Inflation; July FOMC Minutes

FX Week Ahead - Top 5 Events: August RBNZ Meeting; UK Inflation, Canada Inflation, and Eurozone Inflation; July FOMC Minutes

Christopher Vecchio, CFA, Senior Strategist

FX Week Ahead Overview:

  • The turn through the middle of August brings forth a bevy of data related to inflation data, with figures due from Canada, the Eurozone, the UK, and Japan.
  • Central banks’ stimulus withdrawal efforts will be in focus as the August Reserve Bank of New Zealand is expected to produce a rate hike, while the July FOMC meeting minutes will outline various conditions for winding down the Fed’s QE program.
  • Overall, recent changes in retail trader positioning suggest that the US Dollar has a mixed bias.
Starts in:
Live now:
Oct 03
( 13:10 GMT )
Join me on Monday, August 23 for the next FX Week Ahead session
Markets Week Ahead: Event Risk Trading Strategy
Register for webinar
Join now
Webinar has ended

For the full week ahead, please visit the DailyFX Economic Calendar.


The weeks since the July RBNZ policy continued to produce several strong economic data reports, and it now appears the New Zealand economy has progressed far enough to warrant discussions around a rate hike. In fact, according to overnight index swaps for New Zealand, there is a 25-bps rate hike fully discounted by markets, with an 18% chance of a 50-bps rate hike. The OIS curve is very hawkish, insofar as there is a 77% chance of another 25-bps rate hike when the RBNZ meets next in October.The New Zealand Dollar retains the mantle of having the most hawkish central bank among the major currencies; ongoing hawkish forward guidance is needed to fulfill this promise, however.

08/18 WEDNESDAY | 06:00 GMT | GBP Inflation Rate (JUL)

The second inflation report in the post-Haldane era is due out this week. According to a Bloomberg News survey, the headline July UK inflation rate (CPI) is due in at +0.3% from +0.5% (m/m) and +2.3% from +2.5% (y/y), while the core inflation rate (ex-energy and food) due in at +2.2% from +2.3% (y/y). Barring another upside surprise, any retracement in inflation pressures is likely to prove unsupportive to the British Pound.

08/18 WEDNESDAY | 09:00 GMT | EUR Core Inflation Rate FINAL (JUL)

According to a Bloomberg News survey, the July Eurozone core inflation rate (final CPI) is forecasted to show a slight moderation in July from +0.7% to +0.9% (y/y). Restrictions on economic activity in parts of Europe thanks to the rapid spread of the delta variant have weighed on the Euro in recent weeks. It was just in July that President Christine Lagarde remarked that policy will be “permanently accommodative,” sapping economic data releases of their potency in the near-term. As has been the case for a few weeks, especially now in less liquid markets, only a significant deviation from the estimate would likely provoke a significant move in EUR-crosses.


According to a Bloomberg News survey, the July Canada inflation rate (CPI) is forecasted to show an increase of +3.4% from +3.1% (y/y), while the core reading is due in at +2.6% from +2.7% (y/y). Still elevated beyond the BOC’s medium-term target of +2%, they will unlikely have a significant impact on policy outcomes given that the Bank of Canada is already on course to slow down its asset purchase program. For now, it seems unlikely that higher rates of inflation will translate into greater speculative fervor for a more hawkish BOC in the very near-term.


In the wake of the July FOMC meeting, and in light of the surge in the delta variant caseload in the US, traders began reducing their expectations for a more hawkish Federal Reserve. However, the combined impact of the strong July US nonfarm payrolls report – the second in a row – plus the July US inflation rate report (CPI) has sparked a shift in both market expectations and language used by FOMC policymakers thus far in August. The July FOMC minutes are likely to reflect a less hawkish point of view than what has been said by various FOMC officials in August.

Trading Forex News: The Strategy
Trading Forex News: The Strategy
Recommended by Christopher Vecchio, CFA
Trading Forex News: The Strategy
Get My Guide

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.