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After US consumer prices moved higher again, following flat numbers the previous month, investors await another eventful week with a basket of economic reports due for release.
Which reports are scheduled for release?
The US economy is feeling the pressure amid rising inflation and a continuous increase in interest rates by the Federal Reserve. As a result, the country’s economy contracted 1.6% in the first quarter, with the economy technically entering a recession.
The GDP report for the second quarter will be released this Thursday, with analysts expecting the country’s GDP to have shrunk at an annualized 0.6% during the quarter. Data on initial jobless claims will also be released the same day. Weekly jobless claims fell by 5,000 to 213,000 in the week that ended September 10.
Data on durable goods orders, the house price index and new home sales will be released on Tuesday, while the goods trade balance, pending home sales and wholesale inventories numbers are scheduled for release on Wednesday.
So, how could these reports impact the financial markets?
The equity and forex markets have been reacting strongly to any comments or news related to interest rate decisions. Any hint of policy tightening has been exerting pressure on US stocks. Better-than-expected reports will give confidence to the US Fed that the economy is doing better, and they might go for another big rate hike in the coming meetings to bring down the inflation level.
Nasdaq 100 Prospects
The release of these big economic reports might impact the Nasdaq 100 index as well. The tech-laden index could receive some support, following its recent losses, if the numbers beat market expectations.
Get ready for an eventful week, which could provide some exciting opportunities for trading leading indices.
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