Key Events to watch out for this week

Tuesday 

EUR
Gross Domestic Product (QoQ) (consensus -12.1%, previous -3.6%) – 10:00 AM BST
Gross Domestic Product (YoY) (consensus -15%, previous -3.1%) – 10:00 AM BST
The Worries around the health of the Eurozone have come into the spotlight amid a worrying set of trade data from Germany. Should the -12.1% contraction for the 2nd quarter be confirmed through this data release, the ECB will have another reason to roll out further stimulus and thus take a dovish stance.
GBP
Inflation Report Hearings – 14:30 BST

Wednesday 

CAD
BoC Interest Rate Decision (consensus 0.25%, previous 0.25%) – 15:00 PM BST
It is unlikely there will be any changes to interest rates, however should BOC rate statement focus on highlighting fragility in the economy . the loonie could consequently be prone for downside risk.

‘Latest data highlighted a strong upturn in the Canadian manufacturing industry, continuing the recovery from the severe second quarter downturn. Production and order book volumes both expanded at the fastest pace in two years, driven by the reopening of client businesses and improvements in customer demand’ – IHS Markit

Thursday 

EUR
ECB Interest Rate Decision (consensus 0%, previous 0 %) – 12:45 AM BST
It Cash interest rates are expected to remain unchanged, however the ECB are likely to acknowledge recent concerns with Germany, the Eurozone’s largest economy. German retail sales massively undershot , reported at -0.9% versus forecasts of +0.5%. Though there is German industrial production (July) data being released on Monday , a slip here could increase the expectations of a more dovish ECB whilst figures in line with expectations could see the probability of a more neutral tone.

‘The manufacturing sector continues to make up the ground lost during the lockdown, with the survey data for August showing output growth reaching the fastest since early-2018. There has been a sustained strong rebound in new orders, although it’s unclear where the true current level of demand is really at, with some firms still noting a catch-up effect due to orders having previously been delayed during the lockdown.’ – IHS Markit

USD
Initial Jobless Claims (previous 881K) – 13:30 BST 
Previous Jobless claims data came in at 881K versus estimates of 950K. Labor markets are showing early signs of healing, though layoffs remain high. A positive figure here could see more hopes on the basis of a more resilient work force and thus see the dollar index gain.

Friday 

GBP
GDP YoY (JUL) (consensus -11.2% , previous -16.8%) – 07:00 AM BST
GDP 3-Month Avg (JUL) (consensus -7.5% , previous -20.4%) – 07:00 AM BST
USD
Core Inflation Rate YoY (AUG) (consensus 1.6% , previous 1.6 %) – 13:30 PM BST
Inflation Rate YoY (AUG) (consensus 1.2% , previous 1.%) – 13:30 PM BST