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FX.co ★ Traders economic calendar. Period: Next week

It is impossible to get a clear and balanced picture of the market situation and make a profitable deal without a special tool of fundamental analysis, the Economic Calendar. This is a schedule of significant releases of key economic indicators, events, and news. Every investor needs to keep track of important macroeconomic data, announcements from central banks’ officials, speeches of political leaders, and other events in the financial world. The Economic Calendar indicates the time of data release, its importance, and ability to affect the exchange rates.
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Monday, 17 May, 2021
02:00
Fixed Asset Investment (Apr)
-
-
25.6%

Fixed asset investment, or FAI, is a measure of capital spending. It refers to any investment within the measurement period in physical assets, such as real estate infrastructure, machinery, etc. that are held for more than one year. FAI can be a good indicator for how much investment is occurring in a country or region, but it is not a direct contributor to GDP.

02:00
Industrial production (Apr)
-
-
14.1% y/y;
24.5% y/y

Measures the volume change of output of the manufacturing and energy sector.

02:00
Retail Sales (Apr)
-
-
34.2% y/y;
33.9% y/y

Gauge for goods sold at retail outlets in the past month. Retail Sales is a leading indicator for the economy. Rising consumer spending fuels economic growth, confirms signals from consumer confidence, and may spark inflationary pressures.

The headline figure is expressed as the percentage change from the same month last year.

02:00
Unemployment Rate (Apr)
-
-
5.3%

The percentage of individuals in the labor force who are without a job but actively seeking one. A higher Unemployment Rate is generally a drain on the economy. Not only does it mean that resources are not being fully utilized, but it also results in lower consumer spending as there are fewer workers receiving paychecks.

Note: The unemployment rate generally moves slowly, so changes of only a few tenths of a percent are still considered significant. Also note that the unemployment rate does not account for discouraged workers. Therefore, in an economically depressed environment, such as that which occurred in Cold War era East Germany, the Unemployment Rate may not accurately reflect the extent of problems.

06:00
Prelim Machine Tool Orders (Apr)
-
-
65.1%

This is a report which measures the change in the total value of new orders placed with machine tool manufacturers.

06:30
Producer & Import Prices (Apr)
-
-
0.6% m/m;
-0.2% y/y

Tracks inflation in producer and import prices in Switzerland . The headline figure is the percentage change in the index from the previous period.

Changes in this index will generally precede changes in the consumer price index, as higher import costs and producer prices tend to eventually be passed to consumers. As with any indicator of inflation, increases in producer and import prices tend to act as an appreciating weight for the Swiss franc because inflationary pressures are almost always met with interest rate increases from the Swiss central bank.

The figure represents changes in the combined producer and import price index, calculated from changes in producer prices and import prices, giving appropriate weight to the proportion of domestic and imported goods.

12:15
Housing Starts (Apr)
-
-
335.200K

Reflects the rate of growth in housing construction. Housing Starts act as an indicator measuring the strength of Canada's construction sector and housing market. Economists also use the figure as a leading indicator for the economy as a whole due to Housing Starts' sensitivity to changes in the business cycle. Housing Starts slow at the onset of a recession and quickly grow at the beginning of an economic boom; consequently, a high Housing Starts figure forecasts strong economic growth.

The headline figure is the percentage change in new home starts.

12:30
Foreign Securities Purchases (Mar)
-
-
8.52bln

Summarizes the flow of stocks, bonds, and money market funds to and from Canada.

12:30
NY Fed Empire State manufacturing index (May)
-
-
26.3

  Survey assessing business conditions and expectations of manufacturing executives in New York . Though the survey is relatively new and New York has a considerably small number of manufacturers, the report has shown a promising correlation to the Philadelphia Fed Index and the market moving ISM Manufacturing Survey. Thus Empire serves as a useful earlier indicator of overall manufacturing in the US .

Results are calculated as the difference between percentage of positive and negative scores; zero acts as the breakeven point. A high figure is bullish for the dollar, indicating positive business sentiment conducive to growth in production. A low or negative number signals poor business conditions.

14:00
NAHB Housing Market Index (May)
-
-
83

A timely gauge of home sales and expectations for future home building. Based on a small sample of homebuilders, the Housing Market Index is a timely indicator of future US home sales. However, as the index is not as comprehensive as formal housing reports like new home sales or MBA mortgage applications, the index acts more like a supplemental indicator for predicting housing trends.

As such, the NAHB Housing Market Index is still able to provide general insight to where the housing market is heading. Given that new home sales reflect 'big ticket' items that require construction and investment, the housing market is often viewed as an indicator of the direction of the economy as a whole. Growth in the housing market will spur subsequent spending, generating demand for goods and services and the employees who provide them.

The report headline is expressed in percentage change from the previous month. The NAHB Housing Market Index divides the Single-Family Sales data into three categories: Present, Next 6 Months and Prospective Buyers Traffic.

20:00
TICS (Mar)
-
-
4.2bln

Measures Capital Flow into U.S. Denominated Assets. Summarizes the flow of stocks, bonds and money market funds to and from the United States. The headline figure is the difference in value between American purchases of foreign securities and foreign purchases of American securities, expressed in millions of dollars. The Treasury International Capital or TIC statement is a major component of the American capital account and gives valuable insight into foreign demand for American investments and dollar.

A positive figure indicates that more capital is entering the US than leaving as sales of American securities to foreigners exceed American purchases of foreign securities. Such positive figures suggest that American security markets are competitive with those of other countries. Foreign security purchases are especially important in the case of a trade deficit, as a positive figure can offset the depreciating effect of a trade shortfall. On the contrary, a negative or declining TICS figure reflects a declining capital flow picture. Outflows are indicative of weaker demand for US assets which puts downward pressure on the value of the dollar.

A key feature of the TIC data is its measurement of the types of investors the dollar has; governments and private investors. Usually, a strong government holding of dollar denominated assets signals growing dollar optimism as it shows that governments are confident in the stability of the US dollar. Most importantly seems to be the purchases of Asian central banks such as that of Japan and China. Waning demand by these two behemoth US Treasury holders could be bearish for the US dollar. As for absolute amount of foreign purchases, the market generally likes to see purchases be much stronger than the funding needs of that same month's trade deficit. If it is not, it signals that there is not enough dollars coming in to match dollar going out of the country.

23:50
Gross Domestic Product (1 quarter)
-
-
2.8% q/q;
11.7% q/q

A comprehensive measure of Japan's overall production and consumption of goods and services. GDP is a significant report in FX Market, serving as one of the primary indicators of a country\\\'s overall economic health.

Robust GDP growth signals a heightened level of economic activity and often a higher demand for the domestic currency. At the same time, economic expansion raises concerns about inflationary pressures which may prompt monetary authorities to increase interest rates. Thus positive GDP readings are generally bullish for the Yen, while negative readings are generally bearish.

Most production reports that lead to Japanese GDP are released before the official GDP number. Therefore, actual GDP figures usually confirm expectations. However, an unexpected release can move markets due to the significance of the figure.

Technically, Gross Domestic Product is calculated in the following way:

GDP = C + I + G + (EX - IM)

where
C = private consumption
I = private investment
G = government expenditure
EX = exports of goods and services
IM = imports of goods and services

The headline figures for GDP are the percentage growth rate from the previous quarter and the annualized percentage change in GDP. Prices used are benchmarked to 1997 prices.

23:50
GDP Deflator (1 quarter)
-
-
0.3%

Broad gauge of inflationary pressures. The GDP Deflator is different from the Consumer Price Index in that it does not take into account changes in the prices of imports and tends to underestimate price changes. The Gross Domestic Product Deflator is also untimely, released quarterly about two months after the reporting period. Nonetheless, it is highly correlated with the CPI and a key indicator of inflation. Consequently, the deflator provides insight into the future direction of monetary policy as the Bank of Japan is inclined to raise interest rates when faced with higher inflation.

Specifically the deflator measures the magnitude of changes in prices for all domestically produced final goods. It is the ratio of output in current prices (nominal GDP) to inflation-adjusted output (real GDP). The headline value is the percentage change in the GDP Deflator from the previous quarter.

Tuesday, 18 May, 2021
01:30
Monetary Policy Meeting Minutes
-
-
-

It's a detailed record of the RBA Reserve Bank Board's most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates.

04:30
Tertiary Industry Index (Mar)
-
-
0.3%

Evaluates the monthly change in output produced by Japan's service sector. Because this report excludes manufacturing and only measures service industries catering mainly to domestic needs, the Tertiary Industry Index is a key indicator of domestic activity. The index incorporates data from firms involved in wholesale and retail trade, financial services, health care, real estate, leisure and utilities. The report excludes industrial manufacturing sectors that tend to be influenced by foreign demand. The tertiary industry index is posted monthly as a percentage change from the previous month's figure.

06:00
Claimant Count Change (Apr)
-
-
10.1K

The UK claimant count provides data on those individuals who are out of work and who are claiming some sort of unemployment benefit.

06:00
Claimant Count Rate (Mar)
-
-
4.9%

The Claimant Count is the UK's most timely measure of unemployment. The report measures the number of people who claim unemployment benefits, but actively seeking work. The Claimant Count serves as a barometer for the health of the UK labor market. Higher job growth accompanies economic expansion and could spark inflationary pressures.

The headline number is a percentage change in the figure.

06:00
Average Earnings Index (Mar)
-
-
4.5% 3m/y;
4.4% 3m/y

It's a leading indicator of consumer inflation - when businesses pay more for labor the higher costs are usually passed on to the consumer.

Data represents the 3-month moving average compared to the same period a year earlier. A figure that excludes bonuses is also released, but not included for lack of significance. Source changed series calculation formula as of Jan 2010

08:00
Trade Balance (Mar)
-
-
4.75bln

A country's trade balance reflects the difference between exports and imports of goods and services. The trade balance is one of the biggest components of the Balance of Payment, giving valuable insight into pressures on country's currency.

Surpluses and Deficits
A positive Trade Balance (surplus) indicates that exports are greater than imports. When imports exceed exports, the country experiences a trade deficit. Because foreign goods are usually purchased using foreign currency, trade deficits usually reflect currency leaking out of the country. Such currency outflows may lead to a natural depreciation unless countered by comparable capital inflows (inflows in the form of investments, FDI - where foreigners investing in local equity, bond or real estates markets). At a bare minimum, deficits fundamentally weigh down the value of the currency.

Ramifications of Trade Balance on Markets
There are a number of factors that work to diminish the market impact of Trade Balance upon immediate release. The report is not very timely, coming some time after the reporting period. Developments in many of the figure's components are also typically anticipated well beforehand. Lastly, since the report reflects data for a specific reporting month or quarter, any significant changes in the Trade Balance should plausibly have already been felt during that period - and not during the release of data.

However, because of the overall significance of Trade Balance data in forecasting trends in the Forex Market, the release has historically been one of the most important reports out of the any country.

09:00
GDP revised (1 quarter)
-
-0.6% q/q;
-1.8% y/y
-0.6% q/q;
-1.8% y/y

An indicator for broad overall growth in the Eurozone. Robust GDP growth signals a heightened level of economic activity, and therefore a high demand for currency. Economic expansion also raises concerns about inflationary pressure, which generally prompts monetary authorities to increase interest rates. This means that positive GDP readings are generally bullish for a given currency, while negative readings are bearish.

Due to the untimeliness of this report and because data on GDP components are available beforehand, the actual GDP figure is usually well anticipated. But given its overall significance GDP has the tendency to move the market upon release, acting to confirm or upset economic expectations. Robust GDP growth signals a heightened level of activity that is generally associated with a healthy economy. However economic expansion also raises concerns about inflationary pressures which may lead to monetary policy tightening.

The headline figure for GDP is an annualized percentage growth rate.

Technically, Gross Domestic Product is calculated in the following way:

GDP = C + I + G + (EX - IM)
where
C = private consumption
I = private investment
G = government expenditure
EX = exports of goods and services
IM = imports of goods and services

Technical note : GDP is the total market value of goods and services produced in the Eurozone within a given period after deducting the cost of goods and services used up in the process of production. Therefore, GDP excludes intermediate goods and services and considers final aggregates only.

09:00
Employment Change (1 quarter)
-
-
0.3% q/q;
-1.9% y/y

Tracks the number of the employed in the country. A surge in new employment suggests higher spending potential and budding inflation pressures.

09:00
Current Account (sa) (Mar)
-
-
18.4bln;
17.7bln

  The Current Account summarizes the flow of goods, services, income and transfer payments into and out of the country. The report acts as a line-item record of how the domestic economy interacts with rest of the world. The Current Account is one of the three components that make up a country's Balance of Payments (Financial Account, Capital Account and Current Account), the detailed accounting of all international interactions. Where the other side of the Balance of Payments, Capital and Financial Accounts deal mainly with financial assets and investments, the Current Account gives a detailed breakdown of how the country intermingles with rest of the global economy on a non-investment basis - tracking good and services.

12:30
Building Permits (Apr)
-
-
1766K;
2.7%

The number of new building projects authorized for construction. The figure is widely used as an indicator for developments in the housing market, since receiving a permit to build is the first step in the construction process. Thus growth in Building Permits reflects growth in the construction sector. Also, due to the high outlays needed for construction projects, an increase in Building Permits suggests corporate and consumer optimism. Additionally, because leading indicators for the housing market respond quickly to changes in the business cycle, the Building Permit figure can act as a leading indicator for the economy as a whole.

The headline is the seasonally adjusted percentage change in Building Permits from the previous month.

12:30
Housing Starts (Apr)
-
-
1739K;
19.4%

Gauges the change in the number of new houses built in the United States. Housing Starts are one of the earliest indicators of the housing market, only trailing Building Permits in timeliness.

Because high outlays are needed to start construction projects, an increase in Housing Starts implies an increase in investment and business optimism. Finally, the Housing Starts figure gives insight into consumer activity, since new home purchases typically require a large investment for consumers. Given such connections to consumer and corporate sentiment, real estate generally leads economic developments. A sharp drop in new home construction is a warning signal of economic slowdown. Conversely, a rebound in the Housing Starts paves the way for economic recovery.

Housing Starts data is differentiated by building types (single family houses, 2 to 4 residence units and 5 or more residence units). The single family housing starts is a more reliable economic indicator than multi family housing starts, as single family house building is driven by demand and consumer confidence, whereas multi family house building is more often motivated by speculative real estate investors. The report headline is expressed in volume of houses built. The figures are in the thousands of units.

14:30
Leading Index (Conference Board) (Mar)
-
-
113.6;
0.5%

The Index includes account inventory ratios, machinery orders, stock prices and other leading economic indicators. As the aggregate of many leading indices the Leading Economic Index provides a forecast of the future state of the domestic economy and is thought to predict activity that will occur 6-9 months after the reporting period.

The index operates on a 1-100 scale, where a value lower than 50 means that most indictors are negative and a value higher than 50 means most indicators are positive. In both cases a greater distance from the midpoint (50) means that the indicators are more strongly positive or negative.

22:45
Producer Price Index (1 quarter)
-
-
0.0% q/q;
0.4% q/q

In New Zealand, the Producer Price Index measures the average change in price of goods and services sold by manufacturers and producers in the wholesale market during a given period.

Wednesday, 19 May, 2021
00:30
Westpac Consumer Sentiment (May)
-
-
118.8;
6.2%

Consumer Sentiment (or Consumer Confidence) measures the level of confidence households have in economic performance. Generally rising consumer confidence acts as a precursor to higher consumer expenditures which drive economic expansion.

00:30
MI Leading Index (Apr)
-
-
0.4%

A leading indicator for Australian economic activity calculated by Melbourne Institute.

01:30
Wage Cost Index (1 quarter)
-
-
0.6% q/q;
1.4% y/y

Measures quarterly changes in Australian wages. Two versions of the Labor Price Index exist: one which includes bonuses, and one which excludes them. The Labor Price Index is similar to the US Employment Cost Index, an early indicator of wages pressure on inflation. An increase in the index suggests rising inflation pressures because firms tend to eventually pass higher labor costs onto consumers in the form of higher prices.

The headline figure is the quarterly percentage change in the Labor Price Index.

Technical note: The index is constructed by combining 8 separate indexes. The 4 wage price indices are:
• ordinary time hourly rates of pay excluding bonuses index
• ordinary time hourly rates of pay including bonuses index
• total hourly rates of pay excluding bonuses index
• total hourly rates of pay including bonuses index

The 4 non-wage price indices are:
• annual and public holiday leave
• superannuation
• payroll tax
• workers' compensation

04:30
Industrial Production (Mar)
-
2.2% m/m;
4.0% y/y
2.2% m/m;
4.0% y/y

Measures the per volume change in output from mining, quarrying, manufacturing, energy and construction sectors in Japan. Industrial production is significant as a short-term indicator of the strength of Japanese industrial activity. High or rising Industrial Production figures suggest increased production and economic expansion. However, uncontrolled levels of production and consumption can spark inflation.

The report is only a preliminary estimate figure that does not move the markets much. The figure is released in headlines as a monthly percent change.

06:00
Consumer Price Index (Apr)
-
-
0.3% m/m;
0.7% y/y

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

06:00
Consumer Price Index-Core (Apr)
-
-
1.1%

CPI assesses changes in the cost of living by measuring changes consumer pay for a set of items. CPI serves as the headline figure for inflation. Simply put, inflation reflects a decline in the purchasing power of the dollar, where each dollar buys fewer goods and services. In terms of measuring inflation, CPI is the most obvious way to quantify changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical American household might purchase. An increase in the Consumer Price Index indicates that it takes more dollars to purchase the same set basket of basic consumer items.

Inflation is generally bad news for the economy, causing instability, uncertainty and hardship. To address inflation, the Fed may raise interest rates. However, the Fed relies on the PCE Deflator as its primary gauge of inflation because the CPI does not account for the ability of consumer to substitute out of CPI's set. Price changes tend to cause consumers to switch from buying one good to a less expensive-other, a tendency that the fixed-basket CPI figure does not yet account for. Given that the PCE Deflator is a more comprehensive calculation, based on changes in consumption; it is the figure the Fed prefers.

The figure is released monthly, as either a month over month annualized percentage change, or percentage change for the full year. The figure is seasonally adjusted to account seasonal consumption patterns.Inflation is generally bad news for the economy, causing instability, uncertainty and hardship. To address inflation, the Fed may raise interest rates. However, the Fed relies on the PCE Deflator as its primary gauge of inflation because the CPI does not account for the ability of consumer to substitute out of CPI's set. Price changes tend to cause consumers to switch from buying one good to a less expensive-other, a tendency that the fixed-basket CPI figure does not yet account for. Given that the PCE Deflator is a more comprehensive calculation, based on changes in consumption; it is the figure the Fed prefers.

The figure is released monthly, as either a month over month annualized percentage change, or percentage change for the full year. The figure is seasonally adjusted to account seasonal consumption patterns.

06:00
Retail price index (Apr)
-
-
0.3% m/m;
1.5% y/y

In the United Kingdom, the Retail Prices Index or Retail Price Index (RPI) is a measure of inflation published monthly by the Office for National Statistics.

06:00
PPI Input (Apr)
-
-
1.3% m/m;
5.9% y/y

A monthly survey that measures change in input prices as incurred by UK manufacturers. Input prices include the cost of materials used plus operation costs of running the business. The index can be used as a measure of inflation, given that higher input costs will likely be passed on from producers to consumers in the form of higher retail prices.

The headline is the percentage change in the Producer Price Index (Input) from the previous quarter and previous year.

06:00
PPI Output (Apr)
-
-
0.5% m/m;
1.9% y/y

A monthly survey that measures the price changes of goods produced by UK manufacturers. The figure is also known as "Factory Gate Price" because it usually matches the price of goods when they first leave the factory. Increased prices in manufacturing typically lead to higher retail prices for consumers. However, it is also likely that higher output prices are caused by manufacturers charging a higher premium due to higher demand for their goods. Consequently, market trends in consumption should be considered with Output PPI to avoid data misinterpretation.

08:30
House Price Index (Mar)
-
-
8.6%

A broad measure of the movement of single-family house prices. Apart from serving as an indicator of house price trends, the House Price Index (HPI) provides an analytical tool for estimating changes in the rates of mortgage defaults, prepayments and housing affordability. It is a weighted, repeat-sales index, which means that it measures average price changes in repeat sales or refinancings on the same properties.

09:00
Consumer Price Index (Apr)
-
1.6%
1.6%

CPI is the key gauge for inflation in the Eurozone. Inflation, simply put, is a decline in the purchasing power of the Euro, where each Euro buys fewer goods and services due to higher consumer prices. The index tracks changes in the price of a basket of goods and services that a typical household might purchase. When the CPI is high, it indicates that significant inflationary pressures exist in Eurozone economies. This puts pressure on the European Central Bank to raise interest rates. When CPI comes out lower than expected, the ECB is expected to lower interest rates, or keep them lower, to encourage economic growth. As a rule, the Bank adjusts rates in order to keep Europe consumer price inflation in the 0 to 2 percent range.

09:00
Consumer Price Index Core (Apr)
-
0.8%
0.8%

CPI is the key gauge for inflation in the Eurozone. Inflation, simply put, is a decline in the purchasing power of the Euro, where each Euro buys fewer goods and services due to higher consumer prices. The index tracks changes in the price of a basket of goods and services that a typical household might purchase. When the CPI is high, it indicates that significant inflationary pressures exist in Eurozone economies. This puts pressure on the European Central Bank to raise interest rates. When CPI comes out lower than expected, the ECB is expected to lower interest rates, or keep them lower, to encourage economic growth. As a rule, the Bank adjusts rates in order to keep Europe consumer price inflation in the 0 to 2 percent range.

09:30
10-y Bond Auction (May)
-
-
-0.25%;
1.7

10-y Bond Auction is a leading market demand and profitability indicator. Profit falls compared to the previous auctions generally have a favourable influence on the currency.

12:30
Consumer Price Index (Apr)
-
-
0.5% m/m;
2.2% y/y

The key gauge for inflation in Canada. Simply put, inflation reflects a decline in the purchasing power of the Canadian Dollar, meaning each Dollar buys fewer goods and services. CPI is the most obvious way to measure changes in purchasing power - the report tracks changes in the price of a basket of goods and services that a typical Canadian household might purchase. An increase in the index indicates that it takes more Dollars to purchase this same set of basic consumer items.

As the most important indicator of inflation in Canada , Consumer Price figures are closely followed by Canada 's central bank. The Bank of Canada has a target inflation band of 1 - 3 % and uses CPI and Core CPI as its principle gauge (the Bank of Canada posts inflation targets and CPI on their homepage). A rising CPI may prompt the central bank to raise interest rates in order to manage inflation and slow economic growth. Higher interest rates make holding the Dollar more attractive to foreign investors, and this higher level of demand will place upward pressure on the value of the Dollar.

12:30
Consumer Price Index Core (Apr)
-
-
0.3% m/m;
1.4% y/y

CPI Excluding Core Eight

The Consumer Price Index excluding eight items which the Bank of Canada has deemed to have the most volatility from month to month. The goods omitted tend to fluctuate idiosyncratically and may distort CPI data. The headline figure for CPI is the percentage change in the index on a month to month and year to year basis.

Note : These Eight items include: fruit, vegetables, gasoline, fuel oil, natural gas, mortgage interest, inter-city transportation and tobacco products. Changes in the CPI Excluding the Core 8 are recognized as a better indicator of inflation than the regular CPI. The headline figure is reported as a percent change on both the month to month and year to year basis.

12:30
Common Core CPI (Apr)
-
-
1.5%

The Common calculation helps expose the underlying inflation trend through filtering out price movements that might be caused by factors specific to certain components. Source first released in Dec 2016.

Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate.

12:30
Median Core CPI (Apr)
-
-
2.1%

The Median calculation helps expose the underlying inflation trend through exclusion of extreme price movements specific to certain components. Source first released in Dec 2016.

Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate.

12:30
Trimmed Core CPI (Apr)
-
-
2.2%

Change in the price of goods and services purchased by consumers, excluding 40% of components with extreme price movements.

The Trimmed Mean calculation helps expose the underlying inflation trend through component weighting and anomaly exclusion. Source first released in Dec 2016.

Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate.

14:30
Crude Oil Inventories (May)
-
-
-426K

The actual inventories of crude oil, gasoline, and distillate, such as jet fuel, as reported on a weekly basis. The numbers are watched closely by the energy markets, and if the results differ greatly from the expected inventory levels, the market can react strongly. The inventory data can be skewed by holidays and seasonal factors. Weekly data can be unreliable and should be viewed as a part of longer-term trends, so a four-week moving average may be more useful.

18:00
FOMC Meeting Minutes (Apr)
-
-
-

The Federal Open Market Committee (FOMC) Meeting Minutes are a verbatim record of the committee's meeting held about two weeks earlier.

23:50
Core Machinery Orders (Mar)
-
-
-8.5% m/m;
-7.1% y/y

Japan machinery orders received from the private sector excluding volatile orders.

23:50
Trade Balance (Apr)
-
-
297.8bln;
663.7bln

The difference between the total value of exports and the total value of imports. A positive figure indicates a trade surplus while a negative value represents a trade deficit. Because Japan 's economy is highly export-led, trade data can give critical insight into developments in Japan 's economy and changes into foreign exchange rates.

A surplus reflects capital flowing into Japan in exchange for Japanese exports, and a deficit means that capital is flowing out of Japan as imports are purchased in larger volumes by Japanese consumers. A trade surplus will act as an appreciating weight on the Yen, whereas a trade deficit will place downward pressure on the Yen's value.

Details in the Trade Balance report itself give useful insight into changing trends regarding Japanese trade. Such developments are especially important for the country, which is an export-oriented economy that has historically experienced large trade surpluses. Any affect on this could have dramatic affect on the domestic economy.

The headline figure for trade balance is expressed in millions of Yen and usually accompanied by a year-on-year percentage change figure.

Thursday, 20 May, 2021
01:00
Consumer Inflation Expectation (May)
-
3.6%
3.2%

The percent by which, according to consumers expectations, the prices for goods and services will change over the next 12 months.

01:30
Unemployment Rate (Apr)
-
-
5.6%

The percentage of individuals in the labor force who are without a job but actively seeking one. A higher Unemployment Rate is generally a drain on the economy. Not only does it mean that resources are not being fully utilized, but it also results in lower consumer spending as there are fewer workers receiving paychecks.

Note: The unemployment rate generally moves slowly, so changes of only a few tenths of a percent are still considered significant. Also note that the unemployment rate does not account for discouraged workers. Therefore, in an economically depressed environment, such as that which occurred in Cold War era East Germany, the Unemployment Rate may not accurately reflect the extent of problems.

01:30
Employment Change (Apr)
-
-
70.7K

Tracks the number of the employed in Australia . The figure appears in the monthly Labour Force Survey conducted by the Australian Bureau of Statistics. A surge in new employment suggests higher spending potential and budding inflation pressures, which the RBA often counters with rate increases.

The headline figure is the annualized percentage change in employed workers.

01:30
Part Time Employment Change (Apr)
-
-
-20.8K;
91.5K

Modern award usually defines a part-time employee as an employee who is engaged to work less than an average of 38 ordinary hours per week and whose hours of work are reasonably predictable, with a guaranteed minimum number of hours of work. Work is usually performed on regular days of the week. A part-time employee will usually be entitled to the same employment conditions as a full-time employee, but on a pro rata basis compared to the full-time hours (usually 38 per week) prescribed under the applicable industrial instrument.

01:30
Participation Rate (Apr)
-
-
66.3%

A measure of the active portion of an economy's labor force. The participation rate refers to the number of people who are either employed or are actively looking for work. The number of people who are no longer actively searching for work would not be included in the participation rate. During an economic recession, many workers often get discouraged and stop looking for employment, as a result, the participation rate decreases.

02:00
Annual Budget
-
-
-

Annual budgets can apply to either a fiscal or calendar year. These budgets help their creators to plan for the upcoming year and make the necessary adjustments in cash flow to cover expenses. Annual budgets help both individuals and organizations to accurately project their future cash flows and effectively manage their money.

06:00
PPI (Apr)
-
-
0.9% m/m;
3.7% y/y

Measures changes in the selling prices producers charge for goods and services, and well as tracks how prices feed through the production process. Because producers tend to pass on higher costs to consumers as higher retail prices, the PPI is valuable as an early indicator of inflation. Simply put, inflation reflects a decline in the purchasing power of the Dollar, where each dollar buys fewer goods and services. The report also gives insight into how higher prices from raw materials flow toward the final product.

A rise in PPI signals an increase in inflationary pressures. Given the economic instability associated with rising price levels, the Fed often will raise interest rates to check inflation. A low or falling PPI is indicative of declining prices, and may suggest an economic slowdown.

The headline figure is expressed in percentage change of producer price.

Notes: The PPI records prices at various stages of production: raw goods, intermediate goods and finished goods. Though intermediate and crude goods prices do provide insight for future inflationary pressure, it is the price of finished goods that generates most interest for market participants. The finished goods data is able to gauge price pressure before the goods reach the retail market.

08:00
Current Account (sa) (Mar)
-
-
25.9bln;
13.3bln

  The Current Account summarizes the flow of goods, services, income and transfer payments into and out of the country. The report acts as a line-item record of how the domestic economy interacts with rest of the world. The Current Account is one of the three components that make up a country's Balance of Payments (Financial Account, Capital Account and Current Account), the detailed accounting of all international interactions. Where the other side of the Balance of Payments, Capital and Financial Accounts deal mainly with financial assets and investments, the Current Account gives a detailed breakdown of how the country intermingles with rest of the global economy on a non-investment basis - tracking good and services.

12:30
ADP Non-Farm Employment Change (Apr)
-
-
634.8K

Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.

ADP analyzes payroll data from more than 2 million workers to derive employment growth estimations.

12:30
New Housing Price Index (Apr)
-
-
1.1% m/m;
7.9% y/y

A component of the Consumer Price Index (CPI) that measures changes in prices for new homes. Higher housing prices suggest stronger consumer demand and growth in the housing market. At the same time, higher housing prices that accompany economic expansion often lead to inflationary pressures. The headline number is the percentage change in the index.

Note: The New Housing Price Index takes into account the quality and features of the new homes sold. For example, if selling prices for new homes are unchanged, but the features and quality of housing have increased (e.g. added swimming pool and better construction materials), then the price for new homes is considered to have fallen.

12:30
Unemployment Claims (May)
-
-
473K

The indicator shows the number of unemployed people in the USA.

12:30
Continuing Claims (May)
-
-
3655K

Continuing claims refers to unemployed workers that qualify for benefits under unemployment insurance. In order to be included in continuing claims, the person must have been covered by unemployment insurance and be currently receiving benefits. Data on unemployment claims is published by the Department of Labor on a weekly basis, allowing for frequent updates on the levels of unemployment.

12:30
Philadelphia Fed Manufacturing Index (May)
-
-
50.2

It is a survey conducted by the Philadelphia Fed questioning manufacturers in the Third Federal Reserve District on general business conditions. Conducted since 1968, the "Philly Fed" survey is an established report, valued for its timeliness, scope of coverage and tendency to forecast developments in the market moving ISM Manufacturing figure.

Higher Philadelphia Fed Survey figures indicate a positive outlook from manufacturers suggesting increased production. Higher production contributes to economic growth, which is generally bullish for the dollar.

Results are calculated as the difference between percentage of positive and negative scores; zero acts as the centerline point.

14:00
Leading Index (Apr)
-
-
111.6;
1.3%

The Index includes account inventory ratios, machinery orders, stock prices and other leading economic indicators. As the aggregate of many leading indices the Leading Economic Index provides a forecast of the future state of the domestic economy and is thought to predict activity that will occur 6-9 months after the reporting period.

The index operates on a 1-100 scale, where a value lower than 50 means that most indictors are negative and a value higher than 50 means most indicators are positive. In both cases a greater distance from the midpoint (50) means that the indicators are more strongly positive or negative.

14:30
EIA Natural Gas Storage Change (May)
-
-
71bln

Weekly report about natural gas storage change in the USA.

15:00
BoC Governor Tief Maclem to deliver a speech
-
-
-

Typh Maclem has served as Governor (Governor) of the Bank of Canada since June 2020. Traders and investors listen very carefully to his speeches, as they may contain hints of a change in the course of monetary policy, or a change in the Bank's assessment of the economic outlook. A tougher stance on inflation and an increase in the forecast are favorable for the Canadian dollar. Concern about risks and ignoring inflation are negative for the exchange rate.

15:00
Financial System Review
-
-
-

It's an assessment of conditions in the financial system and potential risks to financial stability - the evidence on strains and imbalances can provide insight into the future of monetary policy.

23:00
PMI Manufacturing (CBA) (May)
-
-
59.7

A monthly gauge of manufacturing activity and future outlook. The CIPS PMI is comparable to the US ISM survey, similarly based on the opinions of executives in manufacturing companies. Purchasing managers are tasked with gauging future demand, and adjusting orders for materials accordingly. The PMI summarizes the opinions of these executives to give a picture of the future of the manufacturing sector. A higher PMI indicates that materials purchases are increasing and that the economic outlook is positive. Alternately, a lower PMI means orders for materials are down and the future outlook is less favorable. By nature, the figure is very sensitive to the business cycle and tends to match growth or decline in the economy as a whole.

The PMI is presented as an index with a value between 1-100.

23:00
PMI Manufacturing (CBA) (May)
-
-
58.8

A monthly gauge of manufacturing activity and future outlook. The CIPS PMI is comparable to the US ISM survey, similarly based on the opinions of executives in manufacturing companies. Purchasing managers are tasked with gauging future demand, and adjusting orders for materials accordingly. The PMI summarizes the opinions of these executives to give a picture of the future of the manufacturing sector. A higher PMI indicates that materials purchases are increasing and that the economic outlook is positive. Alternately, a lower PMI means orders for materials are down and the future outlook is less favorable. By nature, the figure is very sensitive to the business cycle and tends to match growth or decline in the economy as a whole.

The PMI is presented as an index with a value between 1-100.

23:00
PMI Manufacturing (CBA) (May)
-
-
58.9

A monthly gauge of manufacturing activity and future outlook. The CIPS PMI is comparable to the US ISM survey, similarly based on the opinions of executives in manufacturing companies. Purchasing managers are tasked with gauging future demand, and adjusting orders for materials accordingly. The PMI summarizes the opinions of these executives to give a picture of the future of the manufacturing sector. A higher PMI indicates that materials purchases are increasing and that the economic outlook is positive. Alternately, a lower PMI means orders for materials are down and the future outlook is less favorable. By nature, the figure is very sensitive to the business cycle and tends to match growth or decline in the economy as a whole.

The PMI is presented as an index with a value between 1-100.

23:01
GfK Consumer Confidence Survey (May)
-
-
-15

Consumer Confidence measures the level of confidence households have in economic performance. Generally rising consumer confidence acts as a precursor to higher consumer expenditures which drive economic expansion. The report also breaks down results into parts of the economy, giving a detailed picture of the consumer climate in Great Britain. GfK Consumer Confidence is one of the most closely watched surveys. The survey results are quantified into index where 0 represents long term Consumer Confidence averages. The headline figure is expressed in percentage change. On a global basis, the indicator is very important for the economy, as it reflects consumers sentiments which formed the major portion of Great Britain GDP. The survey is conducted monthly by GfK, a market research organization, on behalf of the EU commission.

23:30
National CPI (Apr)
-
-
-0.2%

National Consumer Price Index (CPI) is the key gauge for inflation in Japan. Simply put, inflation reflects a decline in the purchasing power of the Yen, where each Yen buys fewer goods and services. In terms of measuring inflation, CPI is the most obvious way to quantify changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical Japanese household might purchase. An increase in the index indicates that it takes more Yen to purchase this same set of basic consumer items.

Markets will typically pay more attention to "CPI excluding Fresh Food," because it excludes volatile food prices that can distort overall CPI. The headline figure for CPI is the percentage change in the index on a month to month or year to year basis.

As the most important indicator of inflation, CPI figures are closely followed by the Bank of Japan. Rising Consumer Prices may prompt the BoJ to raise interest rates in order to manage inflation and slow economic growth. Higher interest rates make holding the Yen more attractive to foreign investors, and this higher level of demand will place upward pressure on the value of the Yen.

23:30
National CPI ex Fresh Food (Apr)
-
-
-0.1%

National Consumer Price Index (CPI) is the key gauge for inflation in Japan. Simply put, inflation reflects a decline in the purchasing power of the Yen, where each Yen buys fewer goods and services. In terms of measuring inflation, CPI is the most obvious way to quantify changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical Japanese household might purchase. An increase in the index indicates that it takes more Yen to purchase this same set of basic consumer items.

Markets will typically pay more attention to "CPI excluding Fresh Food," because it excludes volatile food prices that can distort overall CPI. The headline figure for CPI is the percentage change in the index on a month to month or year to year basis.

As the most important indicator of inflation, CPI figures are closely followed by the Bank of Japan. Rising Consumer Prices may prompt the BoJ to raise interest rates in order to manage inflation and slow economic growth. Higher interest rates make holding the Yen more attractive to foreign investors, and this higher level of demand will place upward pressure on the value of the Yen.

23:30
National CPI ex fresh food & energy (Apr)
-
-
0.3%

National Consumer Price Index (CPI) is the key gauge for inflation in Japan. Simply put, inflation reflects a decline in the purchasing power of the Yen, where each Yen buys fewer goods and services. In terms of measuring inflation, CPI is the most obvious way to quantify changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical Japanese household might purchase. An increase in the index indicates that it takes more Yen to purchase this same set of basic consumer items.

Markets will typically pay more attention to "CPI excluding Fresh Food," because it excludes volatile food prices that can distort overall CPI. The headline figure for CPI is the percentage change in the index on a month to month or year to year basis.

As the most important indicator of inflation, CPI figures are closely followed by the Bank of Japan. Rising Consumer Prices may prompt the BoJ to raise interest rates in order to manage inflation and slow economic growth. Higher interest rates make holding the Yen more attractive to foreign investors, and this higher level of demand will place upward pressure on the value of the Yen.

Friday, 21 May, 2021
00:30
PMI Manufacturing (May)
-
-
53.6

A monthly gauge of manufacturing activity and future outlook. The CIPS PMI is comparable to the US ISM survey, similarly based on the opinions of executives in manufacturing companies. Purchasing managers are tasked with gauging future demand, and adjusting orders for materials accordingly. The PMI summarizes the opinions of these executives to give a picture of the future of the manufacturing sector. A higher PMI indicates that materials purchases are increasing and that the economic outlook is positive. Alternately, a lower PMI means orders for materials are down and the future outlook is less favorable. By nature, the figure is very sensitive to the business cycle and tends to match growth or decline in the economy as a whole.

The PMI is presented as an index with a value between 1-100.

00:30
Tertiary Industry Index (May)
-
-
49.5

Evaluates the monthly change in output produced by Japan's service sector. Because this report excludes manufacturing and only measures service industries catering mainly to domestic needs, the Tertiary Industry Index is a key indicator of domestic activity. The index incorporates data from firms involved in wholesale and retail trade, financial services, health care, real estate, leisure and utilities. The report excludes industrial manufacturing sectors that tend to be influenced by foreign demand. The tertiary industry index is posted monthly as a percentage change from the previous month's figure.

00:30
PMI Composite (May)
-
-
51.0

An index level of 50 denotes no change since the previous month, while a level above 50 signals an increase or improvement, and below 50 indicates a decrease or deterioration.

01:30
Retail Sales (Apr)
-
-
1.3%

Gauge for goods sold at retail outlets in the past month. Retail Sales is a leading indicator for the economy. Rising consumer spending fuels economic growth, confirms signals from consumer confidence, and may spark inflationary pressures.

The headline figure is expressed as the percentage change from the same month last year.

03:00
Credit Card Spending (Apr)
-
-
3.1% m/m;
2.2% y/y

Shows a change in the total expenditure made via credit cards.

06:00
Retail Sales With Auto Fuel (Apr)
-
-
5.4% m/m;
7.2% y/y

Change in the total value of inflation-adjusted sales at the retail level with auto fuel. It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity.

06:00
Retail Sales Ex Auto Fuel (Apr)
-
-
4.9% m/m;
7.9% y/y

A monthly measurement of all goods sold by retailers based on a sampling of retail stores of different types and sizes. The retail sales index is often taken as an indicator of consumer confidence.

07:15
PMI Manufacturing (May)
-
-
58.9

A monthly guage of manufacturing activity and future outlook. The CIPS PMI is comparable to the US ISM survey, similarly based on the opinions of executives in manufacturing companies. Purchasing managers are tasked with gauging future demand, and adjusting orders for materials accordingly. The PMI summarizes the opinions of these executives to give a picture of the future of the manufacturing sector. A higher PMI indicates that materials purchases are increasing and that the economic outlook is positive. Alternately, a lower PMI means orders for materials are down and the future outlook is less favorable. By nature, the figure is very sensitive to the business cycle and tends to match growth or decline in the economy as a whole.

The PMI is presented as an index with a value between 1-100.

07:15
PMI Services (May)
-
-
50.3

Gauge for the overall performance of the country's service sector. The Services PMI interviews executives on the status of sales, employment, and their outlook. Because the performance of the country's service sector is extremely consistent over time, services does not impact final GDP figures as much as the more volatile figure on the manufacturing sector. For this reason Services PMI usually causes little market movement. The survey results are quantified and presented as an index on a 1-100 scale. The headline figure is the percentage change in the index.

07:15
Composite PMI (May)
-
-
51.6

An index level of 50 denotes no change since the previous month, while a level above 50 signals an increase or improvement, and below 50 indicates a decrease or deterioration.

07:30
PMI Manufacturing (May)
-
-
66.2

Gauge for overall performance of the German manufacturing sector. Through asking executives about sales and employment outlook, the survey strives to provide useful information about the business climate that can lead to developments in employment, output and consumption. The PMI survey results are the result of interviews with business executives. Manufacturing is an important sector in Germany , which is why changes in Manufacturing PMI can provide a good indicator to the overall economic condition in Germany as well as Euro-zone. However, despite the timeliness of the report, Manufacturing PMI is not a big market mover.
The survey results are quantified into index where 0 represents long term manufacturing business conditions. The headline figure is expressed in percentage change.

07:30
PMI Services (May)
-
-
49.9

Gauge for the overall performance of the German service sector. The Services PMI interviews German executives on the status of sales, employment, and their outlook. Because the performance of the German service sector is extremely consistent over time, services does not impact final GDP figures as much as the more volatile figure on the manufacturing sector. For this reason Services PMI usually causes little market movement. The survey results are quantified and presented as an index on a 1-100 scale. The headline figure is the percentage change in the index.

07:30
Composite PMI (May)
-
-
55.8

An index level of 50 denotes no change since the previous month, while a level above 50 signals an increase or improvement, and below 50 indicates a decrease or deterioration.

08:00
PMI Manufacturing (May)
-
-
62.9

The Euro-zone Manufacturing Purchasing Managers Index (PMI) assesses business conditions in the manufacturing sector. Because the manufacturing sector represents nearly a quarter of total Euro-zone GDP, the Euro-zone Manufacturing PMI is both a significant and timely indicator of business conditions and the general health of the economy. Results are quantified in an index in which values above 50 indicate an expected increase of business conditions and values below 50 signal an expected deterioration.

08:00
PMI Services (May)
-
-
50.5

Gauge for the overall performance of the German service sector. The Services PMI interviews German executives on the status of sales, employment, and their outlook. Because the performance of the German service sector is extremely consistent over time, services does not impact final GDP figures as much as the more volatile figure on the manufacturing sector. For this reason Services PMI usually causes little market movement. The survey results are quantified and presented as an index on a 1-100 scale. The headline figure is the percentage change in the index.

08:00
Composite PMI (May)
-
-
53.8

The Eurozone Composite Purchasing Managers Index (PMI) assesses business conditions in manufacturing, construction and service sectors. The Eurozone PMI is both a significant and timely indicator of business conditions and the general health of the economy. Close correlation with the business cycle, assessed on the basis of long-term statistical data, allows to use the PMI indicator for prognosis of future GDP volumes. The PMI indices are based on  selected panels of executives in companies who report each month on real events. The subindex of intangibles sector - PMI services - is of more importance because in industrialized countries around 70% of GDP is generated in non-manufacturing sector.

08:30
PMI Manufacturing (May)
-
-
60.9

A monthly gauge of manufacturing activity and future outlook. It is comparable to the US ISM survey, similarly based on the opinions of executives in manufacturing companies. Purchasing managers are tasked with gauging future demand and adjusting orders for materials accordingly. The PMI summarizes the opinions of these executives to give a picture of the future of the manufacturing sector. A higher PMI indicates that materials purchases are increasing and that the economic outlook is positive. Alternately, a lower PMI means orders for materials are down and the future outlook is less favorable. By nature, the figure is very sensitive to the business cycle and tends to match growth or decline in the economy as a whole.

The PMI is presented as an index with a value between 1-100.

08:30
PMI Services (May)
-
-
61.0

A monthly gauge of the UK service sector that takes into account business outlook. The survey queries executives in transport and communications, financial intermediation, business services, personal services, computing and IT, hotels and restaurants.

Purchasing managers are tasked with gauging future demand, and adjusting orders for materials accordingly. The PMI summarizes the opinions of these executives to give a picture of the future of the service sector. A higher PMI indicates that materials purchases are increasing and that the economic outlook is positive. Alternately, a lower PMI means orders for materials are down and the future outlook is less favorable. By nature, the figure is very sensitive to the business cycle and tends to match growth or decline in the economy as a whole.

Because the contribution services makes to the economy tends to be very consistent and predictable, Services PMI figures typically do not move markets

The PMI is presented as an index with a value between 1-100.

08:30
Composite PMI (May)
-
-
60.7

An index level of 50 denotes no change since the previous month, while a level above 50 signals an increase or improvement, and below 50 indicates a decrease or deterioration.

10:00
Bundesbank Monthly Report
-
-
-

Market impact tends to be greater when the report reveals a viewpoint that clashes with the ECB's stance. It contains relevant articles, speeches, statistical tables, and provides detailed analysis of current and future economic conditions from the bank's viewpoint.

12:30
Retail Sales (Mar)
-
-
4.8% m/m;
4.8% m/m

Gauge for goods sold at retail outlets in the past month. Retail Sales is a leading indicator for the economy. Rising consumer spending fuels economic growth, confirms signals from consumer confidence, and may spark inflationary pressures.

The headline figure is expressed as the percentage change from the same month last year.

13:45
ISM Manufacturing (May)
-
-
60.5

A monthly index released by the Institute of Supply Management which tracks the amount of manufacturing activity that occurred in the previous month.ISM Manufacuring assesses the state of US industry by surveying executives on expectations for future production, new orders, inventories, employment and deliveries. This data is considered a very important and trusted economic measure. If the index has a value below 50, due to a decrease in activity, it tends to indicate an economic recession, especially if the trend continues over several months. A value substantially above 50 likely indicates a time of economic growth. The values for the index can be between 0 and 100.

Values over 50 generally indicate an expansion, while values below 50 indicate contraction.

13:45
Final Services PMI (May)
-
-
64.7

It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.

Above 50.0 indicates industry expansion, below indicates contraction. The 'Previous' listed is the 'Actual' from the Flash release and therefore the 'History' data will appear unconnected. There are 2 versions of this report released about a week apart – Flash and Final. The Flash release is the earliest and thus tends to have the most impact.

13:45
Composite PMI (May)
-
-
63.5

An index level of 50 denotes no change since the previous month, while a level above 50 signals an increase or improvement, and below 50 indicates a decrease or deterioration.

14:00
Existing Home Sales (Apr)
-
-
6.01M;
-3.7%

Records sales of previously owned homes in the United States . This report provides a fairly accurate assessment of housing market conditions, and because of the sensitivity of the housing market to business cycle twists, it can be an important indicator of overall conditions at times when housing is particularly important to the economy.

While used home sales are not counted in GDP, they do affect the United States economy. Sellers of used homes often use capital gains from property sales on consumption that stimulate the economy. Higher levels of consumer spending may also increase inflationary pressures, even as they help grow the economy.

The existing home sales report is not as timely as other housing indicators like New Home Sales or Building Permits. By the time the Existing Home Sales are recorded, market conditions may have changed.

The headline is the total value of properties sold.

14:00
Consumer Confidence (May)
-
-
-8.1

Consumer confidence is a measure of popular sentiment concerning the Eurozone economy. The figure is derived from a survey that asks thousands of consumers about personal expenditure patterns and inflationary expectations. In general, rising consumer confidence precedes increased consumer spending, which drives both economic growth and inflation. Even though t he Italian economy is heavily driven by its export sector, domestic consumer confidence is an important gauge of overall economic activity and future inflationary pressures.

A headline figure above 50 shows positive consumer sentiment, while a number below 50 shows negative consumer sentiment; the greater the distance, the stronger the sentiment.