Forecasting the upcoming week: FOMC Minutes take center stage next week
The US Dollar Index (DXY) extended its slide on Friday, holding below 100.00 at fresh lows after a fourth straight soft US data print.
In the upcoming week, the focus shifts to the Federal Open Market Committee (FOMC) Minutes from the July meeting, as the U.S. Dollar experiences a decline to new lows. The preliminary Michigan Consumer Sentiment survey fell to 51 in August, well short of forecasts. Cooler inflation and a weak Retail Sales report further dampened bets on a September Federal Reserve (Fed) rate hike.
Other notable economic events include UK labor market data, inflation figures, and Retail Sales on Tuesday, Wednesday, and Friday respectively. Meanwhile, Japan will release second-quarter GDP on Sunday and its National inflation figures later in the week. In Europe, the Eurozone's ZEW survey is scheduled for Tuesday, with flash PMIs serving as the main domestic test on Friday.
Meanwhile, the U.K. and China are set to release their respective economic data, which will impact the respective currencies of the Pound and the Yuan. The week's gold price also fluctuates, closing near $4,400 after a strong run driven by sliding Dollar and fading Fed hike bets.
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