The Likely Prime Market Movers for the Coming Week
Ongoing developments concerning EU sovereign debt and the banking crisis as we discussed above.
Jackson H*** Economic Symposium - We don't expect a major announcement of a new stimulus plan at this time, though markets will still be watching closely. Suggestions of a third round of quantitative easing or lack thereof, could set the fate of the USD for months. After last year's announcement that further easing was still an option, the USD dropped hard and went on to constitute the world's worst performing major currency since last year's Jackson H*** gathering.
German/French/EU Flash PMIs (Purchasing Managers Index, July) on August 23 - Collectively significant if they all point in the same direction.
USD Durable Goods Orders (July) on August 24 - It appears that the recent slowdown in consumer spending worldwide has started to weigh on the manufacturing sector in the United States. If demand remains low, the US economy will suffer, as consumption represents approximately 70% of GDP.
UK Gross Domestic Product (Q2) on August 26
US Gross Domestic Product (Annualized) (Q2) on August 26