• Heavy data this week with both AUD/USD high-impact events.
• Headlining is US CPI & AU Employment data, which will drive the Aussie significantly.
• Expect the AUDUSD to consolidate this week until data release and range from 0.6559 to 0.6645.
• Huge week this week for AU & US high-impact data.
• Key headliners include US CPI & PPI, AU Employment & AU Wage Price Index.
• The Aussie is likely to consolidate this week until Wednesday/Thursday when the majority of the data is released. Based on the results, the Aussie will most likely drive higher or lower.
• US CPI is expected to drop to 3.4% from 3.5%, and Aussie employment is expected to be positive, with the unemployment rate ticked up to 3.9% from 3.8%.
• US CPI will be the main event to watch, as this will dictate the rate of inflation rising/falling, ultimately impacting market pricing for the next rate cut. This will obviously have a flow-on effect on the global markets.
• Expect high volatility this week.
| Economic Calendar: Mon 13th May 2024 – Fri 17th May 2024 (High Impact) (AU/US) | |||||
| Day | Time (AEDT) | Event | Country | Forecast | Previous |
| Tues | 10:30pm | PPI m/m | US | 0.3% | 0.2% |
| Wed | 12:00am | Fed Chair Powell Speaks | US | N/A | N/A |
| 11:30am | Wage Price Index q/q | AU | 1.0% | 0.9% | |
| 10:30pm | CPI m/m | US | 0.4% | 0.4% | |
| CPI y/y | US | 3.4% | 3.5% | ||
| Retail Sales m/m | US | 0.4% | 0.7% | ||
| Empire State Manufacturing Index | US | -10.8 | -14.3 | ||
| Thur | 11:30am | Employment Change | AU | 25.3K | -6.6K |
| Unemployment Rate | AU | 3.9% | 3.8% | ||
| 10:30pm | Unemployment Claims | US | N/A | 231K | |
Source: forexfactory.com