A very volatile week left the US Dollar slightly on the defensive, while calm appears to have returned to the markets and volatility is en route to its comfort zone following a few chaotic days.
In the meantime, recession concerns and Fed rate cut bets will remain at the centre of the debate next week with the releases of US CPI and Retail Sales. The US Dollar Index recouped most of Monday’s decline to seven-month lows near 102.00, although it could prevent the third consecutive weekly drop. Producer Prices and the NFIB Business Optimism Index are due on August 13.
The UK labour market report is due on August 13, seconded by the Inflation Rate on August 14. The UK GDP readings, Goods Trade Balance, Industrial Production, Manufacturing Production and the NIESR Monthly GDP Tracker are all expected on August 15. Retail Sales will close the weekly calendar on August 16. USD/JPY set aside five consecutive weekly declines, regaining some upside traction after bottoming out in multi-month lows near 141.70 at the beginning of the week.
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