On Tuesday, a large number of important macroeconomic releases are published in the United Kingdom, eurozone countries and the US. A block of UK statistics is due at 11:30 a.m. (GMT+3), the most important of which is Consumer Price Index (CPI) for August, a key indicator to measure inflation. From the start of the year, CPI has been ranging between -0.1%-0.1% which is far below the target level of 2.0%. In August, the indicator is expected to decline from 0.1% to 0.0% which will not add attractiveness to the GBP. On a monthly basis, CPI may rise from -0.2% to 0.2%, however, the indicator has been at this level since May and fails to grow higher. Moreover, the UK Core Consumer Price Index for August is worth noting.
The EU ZEW Economic Sentiment, due at 12:00 p.m. (GMT+3), reflects the difference between the share optimists and the share of pessimists among investors. The indicator is expected to continue declining in September, so the number of investors who are pessimistic about the prospects of the European economy will increase. Out of less significant releases, it is worth noting Trade Balance and Employment Change statistics on a monthly and a year-over-year basis for the second quarter of the year.
At 3:30 (GMT+3), the US releases Retail Sales statistics for August which are important for preliminary assessment of the national GDP. Retail Sales and Retail Sales ex Autos are expected to decline from 0.6% to 0.4% and from 0.4% to 0.3%, respectively. According to negative forecasts, the US Industrial Production, due at 4:15 p.m. (GMT+3), is to decline by 0.2% in August after a 0.6% gain in July. In general, if negative predictions pan out, the USD may be affected. Out of less important releases, it is worth noting the US Business Inventories and Capacity Utilization statistics for August.Publication source