This week is going to be important for US economists as well, as crucial price-setting statistics are going to be released to the public, encompassing the most recent changes in the inflationary trends in the country for both consumers and retailers.
Firstly, the Bureau of Labor Statistics is scheduled to release the monthly adjusted Consumer Price Index (CPI) data on Thursday. In the previous economic release, the BLS reported the all items index had risen with 0.2 points to 1.8 per cent over the last 12 months before seasonal adjustment. This was considered good news for the FED as the overall inflation rate was nearing the FOMC’s 2 per cent symmetric target. This time the market forecasts project an appreciation of the index with 0.1 per cent.
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Secondly, the United States Census Bureau is scheduled to release the monthly adjusted Retail Sales data on Friday, and the overall market forecasts project a nominal appreciation of the index with only 0.2 per cent as opposed to the recorded 0.7 hike from the previous release. The observed jump in the US retail sales in July, with the aforementioned 0.7 per cent, was the most sizable monthly appreciation from the previous four times, which gave investors reason to relax a bit. However, due to the new spats between Trump and Jinping’s administrations, the retail sales are expected to once again underperform owing to the newly created trade tensions.
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At the current rate, inflationary statistics provide the strongest indications for the US economy's welfare and performance, which is why this week's CPI and Retail Sales data releases are so highly anticipated by investors and economists alike and could have important ramifications for the US stocks market as a whole.
The S&P 500 has managed to break above the consolidation range, which was outlined in our market update from the 14th of August, and is currently trading above the 23.6 Fibonacci Retracement Level at 2978. In case that the two economic reports present findings of robust inflationary performances this week, the index might be boosted to test the fundamentally critical level of 3000.
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