The scope and scale of the UK’s recent economic troubles will be revealed with the release of the August UK GDP report on Wednesday. The state of the US economy is in focus this week, with the September CPI and retail sales. Chinese data this week too.
The Chinese government continues to pursue its zero-COVID strategy, which has weighed on growth in a significant manner in recent months. Nevertheless, after monetary easing by the People’s Bank of China and an increase in fiscal support, it appears that the Chinese economy may have regained some steam towards the end of the summer. The headline September Chinese inflation rate is due in at +0.4% m/m from -0.1% m/m and +2.8% y/y from +2.5% y/y.
US consumer confidence has rebounded further thanks to US stocks moving off their lows and a further drop in gas prices, a potentially good sign for consumption trends. Nevertheless, US consumers seem to accumulating debt in order to sustain their spending habits. According to a Bloomberg News survey, US retail sales were up by +0.2% m/m in September from +0.3% m/m in August, but the retail sales ex-autos figure is due in at -0.1% m/m from -0.3% m/m.
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Dollar climbs as case for U.S. rate hikes firmsThe dollar started the week firmly on Monday, with a strong U.S. labour market reinforcing bets on higher interest rates as traders braced for data expected to show stubbornly high inflation.
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Bitcoin Price Outlook for October — Strong Dollar and Fed Rate Hike Gives Bears the Advantage – Market Updates Bitcoin NewsTen days into October, and ahead of this Wednesday’s U.S. inflation report, bitcoin prices fell to a one week low.
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