Week Ahead: Markets to Focus on US Retail Sales and Canada, UK CPI

July 17, 2023

This week’s economic calendar features US Retail Sales figures, as well as inflation data from both the UK and Canada — all of which have the capacity to move markets significantly. Therefore, it is crucial for traders to be prepared for any volatility that may arise from these key announcements and adjust their approaches as needed.

Keep an eye on the following economic releases:

Canada Consumer Price Index (18 July 2023)

Consumer prices in Canada rose by 0.4% in May 2023, slowing from the 0.7% increase in the previous month. 

Analysts anticipate a 0.4% increase in the figures for June, set to be released on 18 July.

US Retail Sales (18 July 2023) 

US retail sales rose 0.3% month-over-month in May 2023, following a 0.4% increase in April.

Analysts expect a similar 0.3% growth in the figures for June, scheduled for release on 18 July.

New Zealand Consumer Price Index (19 July 2023) 

The Consumer Price Index in New Zealand rose by 1.2% in the March quarter, representing the smallest quarterly price increase since Q1 2021.

Analysts predict a 1.1% uptick in figures for the upcoming quarter, set to be released on 19 July.

UK Consumer Price Index (19 July 2023) 

The UK’s consumer price inflation remained stable at 8.7% in May 2023, repeating the 13-month low recorded in the previous month. 

Anticipated for release on July 19, the upcoming CPI data is expected to show a further decline to 8.3%.

Employment in Australia (20 July 2023) 

Employment in Australia surged by 75,900 to 14.1 million in May 2023. This followed a revised drop of around 4,000 in the previous month. Meanwhile, the unemployment rate decreased to 3.6%, down from April’s figure of 3.7%. 

Analysts expect employment figures to increase by 25,100 in the data for June 2023, set to be released on 20 July. The unemployment rate is expected to remain steady at 3.6%. 

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