Inflation data and retail sales coming from US and UK

Economic calendar summary
A busy week in data releases kicks off tomorrow with UK unemployment. Both the Fed and the Bank of England will be watching for any unexpected readings from CPI data and retail sales. In the US, sticky inflation and a strong retail sales reading could increase the probability of an additional rate hike in December while soft inflation and retail sales is not likely to signal any indication of a rate cut this year.
GBP/USD traders will have an engaging week with alternating data releases from the US and UK potentially sparking volatility in the pair. Major deviations from forecasted readings could send more widespread price action in USD and GBP pairs.
Unemployment Rate - UK
Previous: 4.3%
Expected: 4.4%
Unemployment in the UK is expected to rise for the fourth straight time after job vacancies hit a two-year low in August. 4.4% would be the highest reading since mid-2021.
Core Inflation Rate - US
Time: 8:30am ET Tuesday, November 14th
Previous: 4.1%
Expected: 4.1%
US inflation excluding food and energy prices is expected to stall at 4.1% year-over-year. The Fed may also look to month-over-month increases to determine whether an additional rate hike is necessary at their final meeting in December.
Inflation Rate - UK
Time: 2:00am ET Wednesday, November 15th
Previous: 6.7%
Expected: 4.8%
A big drop in UK inflation is expected this month after back-to-back readings of 6.7%. However, most of the decline may be due to volatile food and energy prices as core inflation is only expected to lower by 0.3% year-over-year.
Retail Sales - US
Time: 8:30am ET Wednesday, November 15th
Previous: 0.7%
Expected: -0.3%
US retail sales are predicted to be negative month-over-month for the first time since March. Traders will use this reading as a benchmark for whether a reversal in consumer spending is beginning, or if it will be a small correction before a strong holiday season.
Retail Sales - UK
Time: 2:00am ET Friday, November 17th
Previous: -0.9%
Expected: 0.3%
Unlike the US, retail sales in the UK have declined in the past three months, with expectations of a slight rebound. Following inflation and unemployment data, GBP traders will have a much clearer sense of the British economy by the end of the week.
How to trade economic events
- Open an account to get started, or practice on a demo account
- Choose your forex trading platform
- Open, monitor, and close positions on forex pairs
Trading forex requires an account with a forex provider like tastyfx. Many traders also watch major forex pairs like EUR/USD and USD/JPY for potential opportunities based on economic events such as inflation releases or interest rate decisions. Economic events can produce more volatility for forex pairs, which can mean greater potential profits and losses as risks can increase at these times.
You can help develop your forex trading strategies using resources like tastyfx’s YouTube channel. Once your strategy is developed, you can follow the above steps to opening an account and getting started trading forex.
Your profit or loss is calculated according to your full position size. Leverage will magnify both your profits and losses. It’s important to manage your risks carefully as losses can exceed your deposit. Ensure you understand the risks and benefits associated with trading leveraged products before you start trading with them. Trade using money you’re comfortable losing.
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