Yellen, Draghi, in Focus at 3-day Jackson Hole Summit starting on Thursday

What’s happening in the market this week?

THIS WEEK’S INDICATORS

This week’s focus will be the 3-day Jackson Hole summit starting on Thursday, as FOMC and ECB members ,Yellen and Draghi, are to speak and provide markets with potential policy signals.

Dollar and Euro are to be watched closely as releases on housing data and Euro zone PMIs are expected to provide some good opportunities.

On other currencies, U.K will report its Q2 GDP second estimate while worries over a slowing economy rise, and Japan will release its monthly Core CPI after BoJ extended its inflation target period last month.

Euro and Dollar are to be closely watched as EUR/USD investors are waiting for clues to decide whether a push towards the 21 or 15 is most probable.

MONDAY

A rather quiet session with Canada releasing data on Wholesale Sales. Statistics Canada will announce the latest numbers on the change in the total value of sales at the wholesale level at 12:30 GMT today.

Analysts expect a 0.6% figure, a number 0.3% lower than the previous reading of 0.9%.

A number better than expected will be good for Loonie, hence, opportunities could be generated on the Dollar-Cad pair.

TUESDAY

A busier session with UK’s public-sector borrowing, German ZEW and Canada’s Retail Sales.

On Tuesday volatility could be higher than Monday as market participants will eye UK’s Public-Sector Net Borrowing at 08:30 GMT, followed by the German ZEW Economic Sentiment release at 09:00.

The session will continue with Canada’s Core Retail Sales at 12:30 GMT, where a 0.3% figure is expected.

WEDNESDAY

Draghi’s to deliver a speech at Germany while Euro zone PMI reports will be released.

On Wednesday’s session volatility is expected to be high on Euro related pairs as ECB Draghi is to deliver opening remarks at the 6th Lindau Meeting on Economic Sciences, in Germany at 07:00 GMT. The Euro zone will release data on Manufacturing and Service sector activity while later, at 13:05 GMT, FOMC Kaplan will speak at the Permian Basin Petroleum Association Membership Luncheon, in Midland.

U.S based economic events will continue with the New Home Sales at 14:00 GMT and the weekly Crude Inventories report 30 minutes later.

THURSDAY

The annual Jackson Hole summit starts while UK and Japan also deliver crucial data. Investors will keep an eye on the annual meeting of top central bankers and economists hosted by Fed, and particularly Yellen’s and Draghi’s speeches.

U.K will publish its second estimate Q2 GDP at 08:30 GMT while U.S, it’s latest weekly Jobless Claims figure. Closer to the end of the session Japan’s Statistics Bureau will release July’s inflation data.

FRIDAY

A busy round-up for the week with Yellen and Draghi being on the spotlight.

The roundup of the week will be probably volatile as Fed’s Yellen is to speak about financial stability at 14:00 GMT. Remarks of president Draghi will weigh in as he’s also to speak about monetary policy at 19:00 GMT.

The session earlier will include the release of Core Durable Goods Orders and the German Ifo Business Climate release for U.S and Europe respectively.