HIGH-IMPACT

NEWS
EVENTS
EXPLAINED

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 COT-Reports.com
TABLE OF CONTENTS

USD: United States Dollar..................................................................................................3

EUR: Euro...............................................................................................................................36

GBP: British Pound Sterling.............................................................................................50

AUD: Australian Dollar.......................................................................................................65

JPY: Japanese Yen................................................................................................................77

CHF: Swiss Franc.................................................................................................................84

CAD: Canadian Dollar.........................................................................................................89

NZD: New Zealand Dollar................................................................................................101

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 USD

(USD) UNITED STATES DOLLAR

HIGH-IMPACT NEWS EVENTS

You'll find the following USD HIGH-IMPACT news events listed in the
Economic Calendar: COT-Reports.com

1. OPEC Meetings**...................................................................................................................................4
2. OPEC-JMMC Meetings**.....................................................................................................................5
3. Jackson Hole Symposium***..............................................................................................................6
4. Treasury Currency Report...................................................................................................................7
5. Fed Chair Powell's Speeches.............................................................................................................8
6. Fed Chair Powell's Testimonies.........................................................................................................9
7. Unemployment Claims.......................................................................................................................10
8. Average Hourly Earnings month-on-month...............................................................................11
9. Non-Farm Employment Change.....................................................................................................12
10. Unemployment Rate...........................................................................................................................13
11. Core Consumer Price Index month-on-month...........................................................................14
12. Consumer Price Index month-on-month.....................................................................................15
13. Consumer Price Index year-on-year.............................................................................................16
14. Core Producer Price Index month-on-month.............................................................................17
15. Producer Price Index month-on-month.......................................................................................18
16. Empire State Manufacturing Index................................................................................................19
17. Core Retail Sales month-on-month...............................................................................................20
18. Retail Sales month-on-month.........................................................................................................21
19. Core Personal Consumption Expenditures Price Index month-on-month........................22
20. Employment Cost Index quarter-on-quarter..............................................................................23
21. Durable Goods Orders month-on-month....................................................................................24
22. Preliminary Gross Domestic Product quarter-on-quarter......................................................25
23. ADP Non-Farm Employment Change...........................................................................................26
24. Flash Manufacturing Purchasing Managers' Index...................................................................27
25. Flash Services Purchasing Managers' Index...............................................................................28
26. Institute for Supply Management Manufacturing Purchasing Managers' Index.............29
27. Job Openings and Labor Turnover Survey Job Openings.......................................................30
28. Institute for Supply Management Services Purchasing Managers' Index.........................31
29. Preliminary University of Michigan Consumer Sentiment......................................................32
30. Conference Board Consumer Confidence...................................................................................33
31. Revised University of Michigan Consumer Sentiment.............................................................34
32. Federal Reserve Announcement....................................................................................................35
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**Indirect impact for this currency / This event has an impact on global oil prices and the
economies of oil-exporting countries, which in turn affects this currency indirectly.
***Direct impact for this currency / This event directly influences market sentiment and
monetary policy expectations for the US Dollar, shaping global economic outlooks and financial
market dynamics.

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1. OPEC (ORGANIZATION OF THE

PETROLEUM EXPORTING COUNTRIES)
ECONOMIC CALENDAR
OPEC Meetings

FREQUENCY
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Held periodically, as needed.

RELEASE DAY
Timing can vary; typically scheduled by OPEC.

RELEASE HOURS
Not specified; depends on the announcement.

SIGNIFICANCE
OPEC (Organization of the Petroleum Exporting Countries) meetings are significant
events in the energy markets for several reasons:

Oil Supply Management: OPEC meetings often focus on determining production

levels among member countries. OPEC member nations collectively produce a
significant portion of the world's oil supply, so decisions made at these meetings
can have a substantial impact on global oil prices and supply dynamics.
Price Stability: OPEC aims to stabilize oil prices by adjusting production levels in
response to changes in global supply and demand. Decisions made at OPEC
meetings can influence oil prices, affecting energy costs for consumers and
businesses worldwide.
Market Expectations: Participants in the energy markets closely monitor OPEC
meetings for clues about future oil production levels and policy direction. Any
surprises or unexpected decisions made at these meetings can lead to significant
movements in oil prices and related financial instruments.
Non-OPEC Cooperation: OPEC meetings may also involve discussions with non-
OPEC oil-producing countries, such as Russia, regarding coordinated efforts to
manage oil supply and stabilize prices. Cooperation between OPEC and non-
OPEC nations can amplify the impact of production decisions on global oil
markets.
Geopolitical Considerations: OPEC meetings often occur against the backdrop of
geopolitical tensions and regional conflicts that can disrupt oil production or
supply routes. Discussions at these meetings may include considerations of
geopolitical risks and their potential impact on oil markets.
Impact on Economies: Changes in oil prices resulting from OPEC meetings can
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have significant implications for oil-exporting and oil-importing countries alike. For
oil-exporting nations, revenues from oil exports are a major source of government
revenue and economic growth. For oil-importing countries, changes in oil prices
can affect inflation, trade balances, and overall economic performance.

In summary, OPEC meetings play a crucial role in shaping global oil markets,
influencing oil prices, supply dynamics, market expectations, and economic outcomes
for oil-producing and oil-consuming countries around the world.

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2. OPEC-JMMC (JOINT MINISTERIAL

MONITORING COMMITTEE)

ECONOMIC CALENDAR
OPEC-JMMC Meetings

FREQUENCY COT-Reports.com
Held periodically, as needed.

RELEASE DAY
Timing can vary; typically scheduled by OPEC.

RELEASE HOURS
Not specified; depends on the announcement.

SIGNIFICANCE
OPEC-JMMC (Joint Ministerial Monitoring Committee) meetings are significant
events in the energy markets for several reasons:

Monitoring Production Cuts: The primary purpose of OPEC-JMMC meetings is to monitor

compliance with production quotas agreed upon by OPEC and non-OPEC oil-producing
countries.
Assessing Market Conditions: OPEC-JMMC meetings involve discussions on current
market conditions, including supply and demand dynamics, inventory levels, and
geopolitical factors affecting oil markets. Participants analyze these factors to determine
the effectiveness of existing production agreements and whether adjustments are
necessary.
Decision-Making Recommendations: Based on their assessment of market conditions, the
OPEC-JMMC may recommend changes to production levels or policy adjustments to OPEC
and non-OPEC members. These recommendations can have significant implications for oil
prices and global oil market stability.
Cooperation with Non-OPEC Members: OPEC-JMMC meetings often include discussions
with non-OPEC oil-producing countries, such as Russia, regarding coordinated efforts to
manage oil supply and stabilize prices. Cooperation between OPEC and non-OPEC nations
is essential for effectively managing global oil markets.
Market Reaction: Participants in the energy markets closely monitor OPEC-JMMC
meetings for insights into future oil production levels and policy direction. Any decisions or
announcements made at these meetings can lead to significant movements in oil prices
and related financial instruments.
Impact on Economies: Changes in oil prices resulting from OPEC-JMMC meetings can have
significant implications for oil-exporting and oil-importing countries alike. For oil-exporting
nations, revenues from oil exports are a major source of government revenue and economic
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growth. For oil-importing countries, changes in oil prices can affect inflation, trade
balances, and overall economic performance.

In summary, OPEC-JMMC meetings play a crucial role in monitoring oil production

levels, assessing market conditions, making policy recommendations, and coordinating
efforts among OPEC and non-OPEC members to stabilize global oil markets and
ensure energy market stability.

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3. JACKSON HOLE SYMPOSIUM

ECONOMIC CALENDAR
Jackson Hole Symposium

FREQUENCY
Held Annually.
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RELEASE DAY
Typically scheduled in August.

RELEASE HOURS
Not specified; depends on the event.

SIGNIFICANCE
The Jackson Hole Symposium is a significant annual economic conference hosted by
the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming. This event is
important for several reasons:

Keynote Speeches: The Jackson Hole Symposium typically features speeches and
presentations by central bank officials, policymakers, economists, and financial
market participants. These keynote speeches often provide insights into current
economic conditions, monetary policy outlook, and potential future policy actions.
Policy Discussions: The symposium serves as a forum for policymakers and
economists to discuss pressing economic issues, monetary policy challenges, and
potential policy responses. These discussions can influence market expectations
and provide insights into future policy directions.
Networking Opportunities: The Jackson Hole Symposium brings together central
bankers, policymakers, economists, and market participants from around the
world, providing valuable networking opportunities and facilitating discussions on
global economic developments and policy challenges.
Market Impact: Financial markets closely monitor the Jackson Hole Symposium for
any hints or signals about future monetary policy actions or changes in policy
outlook. Remarks made by central bank officials or policymakers during the
symposium can impact market sentiment and lead to movements in asset prices.
Research Presentations: In addition to keynote speeches, the Jackson Hole
Symposium often includes research presentations on various economic topics.
These presentations contribute to the exchange of ideas and the advancement of
economic research and policy discussions.
Global Economic Outlook: The symposium offers insights into the global
economic outlook, including trends in growth, inflation, employment, and financial
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stability. Discussions at the symposium can provide valuable perspectives on the
state of the global economy and potential risks and challenges.

Overall, the Jackson Hole Symposium serves as an important platform for central
bankers, policymakers, economists, and market participants to exchange ideas,
discuss economic developments, and shape policy responses, making it a significant
event in the global economic calendar.

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4. TREASURY CURRENCY REPORT

ECONOMIC CALENDAR
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Treasury Currency Report

FREQUENCY
Periodically, as scheduled by the U.S. Department of the Treasury.

RELEASE DAY
Periodically, as scheduled by the Federal Reserve Chair.

RELEASE HOURS
Varies depending on the event.

SIGNIFICANCE
The Treasury Currency Report is a significant document issued by the United States
Department of the Treasury. Here's why it matters:

Currency Policy Assessment: The report evaluates the currency practices of major
trading partners, determining if any are engaging in currency manipulation or
other unfair practices to gain trade advantages. This assessment is crucial for
understanding the global economic landscape and ensuring fair trade practices.
Policy Implications: The findings of the report can have significant policy
implications, influencing diplomatic relations, trade negotiations, and economic
sanctions. It serves as a tool for shaping U.S. policy responses to currency-related
issues.
Market Impact: Financial markets closely monitor the report's findings as it can
affect currency valuations, trade strategies, and investor sentiment. Any
identification of currency manipulation or misalignment can lead to market
volatility and impact global trade dynamics.
Trade Relations: The conclusions of the report can impact bilateral and multilateral
trade relations, with countries identified as currency manipulators potentially
facing increased scrutiny and pressure in trade negotiations. This can lead to
tariffs, quotas, or other trade restrictions.
Global Economic Landscape: By providing insights into currency policies and
practices worldwide, the report contributes to a better understanding of the
broader global economic landscape. It highlights areas of tension or cooperation
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and helps address concerns related to economic imbalances.

In summary, the Treasury Currency Report is significant as it assesses currency

practices, influences policy decisions and market reactions, shapes trade relations, and
provides insights into the global economic landscape, thereby playing a crucial role in
maintaining fair and stable international trade.

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5. FED CHAIR POWELL SPEAKS

ECONOMIC CALENDAR
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Fed Chair Powell Speaks

FREQUENCY
Periodically, as scheduled by the Federal Reserve Chair.

RELEASE DAY
Timing can vary based on Powell's speaking engagements.

RELEASE HOURS
Varies depending on the event.

SIGNIFICANCE
Federal Reserve Chair Jerome Powell's speeches carry substantial significance due to
their potential impact on various aspects of the economy:

Monetary Policy Guidance: Powell's remarks often provide insights into the
Federal Reserve's current monetary policy stance and future outlook. Markets
closely analyze his statements for clues regarding interest rate decisions, asset
purchase programs, and overall monetary policy direction.
Market Response: Financial markets react swiftly to Powell's speeches, with
changes in interest rate expectations, bond yields, and stock market indices often
occurring in response to his comments. Traders adjust their positions based on
perceived shifts in Fed policy, leading to volatility in asset prices.
Economic Sentiment: Powell's assessments of economic conditions and risks
influence investor and consumer sentiment. Positive or negative remarks
regarding economic growth, inflation, employment, or financial stability can shape
market expectations and consumer behavior.
Global Impact: As the head of the world's most influential central bank, Powell's
speeches have reverberations beyond U.S. borders. His comments on global
economic trends, trade dynamics, or financial stability can affect international
markets and policy decisions.
Policy Signals: Powell's speeches may signal potential changes in Fed policy or
communication strategies. Clear communication from the Fed chair can help guide
market expectations and support economic stability.
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In summary, Fed Chair Jerome Powell's speeches are significant due to their role in
shaping monetary policy expectations, driving market movements, influencing
economic sentiment, impacting global markets, and providing policy signals crucial for
financial stability.

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6. FED CHAIR POWELL TESTIFIES

ECONOMIC CALENDAR
Fed Chair Powell Testifies

FREQUENCY
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Periodically, as scheduled by the Federal Reserve Chair.

RELEASE DAY
Timing can vary based on Powell's testimony schedule.

RELEASE HOURS
Varies depending on the event.

SIGNIFICANCE
Federal Reserve Chair Jerome Powell's testimonies before Congress hold immense
significance due to their potential impact on various aspects of the economy:

Monetary Policy Insights: Powell's testimonies offer valuable insights into the
Federal Reserve's monetary policy stance, providing updates on interest rate
decisions, asset purchase programs, and the overall economic outlook. Investors
closely scrutinize his remarks for clues about future policy actions.
Market Reaction: Financial markets react sharply to Powell's testimony, with
movements in interest rates, stock prices, and bond yields reflecting changes in
market expectations regarding Fed policy. Traders adjust their positions based on
perceived shifts in monetary policy direction, leading to volatility in asset prices.
Economic Guidance: Powell's assessments of economic conditions, including
inflation, employment, and GDP growth, influence market sentiment and investor
confidence. His testimony can provide guidance on the Fed's views of the current
state of the economy and potential future developments.
Congressional Oversight: As part of the Fed's accountability framework, Powell's
testimony allows Congress to scrutinize the central bank's actions and policies.
Lawmakers may use the opportunity to question Powell on a wide range of topics,
including monetary policy decisions, regulatory matters, and financial stability
concerns.
Policy Implications: Powell's responses to congressional inquiries can provide
insights into the Fed's thinking on key policy issues, potentially shaping market
expectations and influencing future policy decisions. Clear communication from
the Fed chair during testimony helps maintain transparency and credibility with

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market participants.

In summary, Federal Reserve Chair Jerome Powell's testimonies before Congress are
significant events that provide valuable insights into monetary policy, drive market
movements, influence economic sentiment, facilitate congressional oversight, and
offer policy guidance crucial for financial stability.

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7. UNEMPLOYMENT CLAIMS

ECONOMIC CALENDAR
Unemployment Claims

FREQUENCY
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Released Weekly.

RELEASE DAY
Typically released every Thursday.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
Unemployment claims data holds significant importance due to its implications for the
labor market and broader economic conditions:

Labor Market Health: Unemployment claims serve as a timely indicator of the

health of the labor market, reflecting the number of individuals filing for
unemployment benefits due to job loss or reduced working hours. Elevated or
rising claims may indicate labor market weakness, while declining claims suggest
improving conditions.
Economic Performance: Trends in unemployment claims provide insights into
broader economic performance. High or increasing claims may signal economic
downturns or recessionary conditions, while declining claims may indicate
economic expansion and improved consumer confidence.
Policy Response: Unemployment claims data can influence policymakers'
decisions regarding monetary and fiscal policies. Central banks and government
agencies may adjust interest rates, stimulus measures, or unemployment benefits
based on the severity of labor market conditions revealed by the data.
Market Reaction: Financial markets closely monitor unemployment claims
releases, as they can impact investor sentiment and market expectations.
Significant deviations from consensus forecasts may lead to volatility in stock
prices, bond yields, and currency exchange rates.
Consumer Behavior: Unemployment claims data can affect consumer sentiment
and spending patterns. High levels of unemployment may lead to reduced
consumer spending and dampened economic activity, while declining

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unemployment claims may boost consumer confidence and support consumption-
driven growth.

In summary, unemployment claims data is a key economic indicator that provides

valuable insights into labor market dynamics, economic performance, policy
responses, market movements, and consumer behavior, thereby shaping perceptions
of overall economic health and guiding policy decisions.

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8. AVERAGE HOURLY EARNINGS

MONTH-ON-MONTH

ECONOMIC CALENDAR
Average Hourly Earnings m/m
COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released on the first Friday of each month along with the NFP report.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Average Hourly Earnings month-over-month (m/m) data is significant due to its
implications for wage growth and consumer spending:

Wage Growth Indicator: Average Hourly Earnings m/m reflects changes in the
average hourly wages paid to non-farm workers in the United States. Positive
growth indicates increasing wages, which can stimulate consumer spending,
contribute to inflationary pressures, and signal a tightening labor market.
Inflationary Pressure: Rising average hourly earnings can contribute to
inflationary pressures as businesses may pass on increased labor costs to
consumers through higher prices for goods and services. Central banks, such as
the Federal Reserve, monitor wage growth closely as part of their inflation
assessments and monetary policy decisions.
Consumer Spending Power: Wage growth impacts consumers' purchasing
power and discretionary spending. Higher wages can lead to increased consumer
confidence and spending, driving economic growth. Conversely, stagnant or
declining wages may constrain consumer spending and economic activity.
Market Reaction: Financial markets react to changes in Average Hourly Earnings
data as it provides insights into inflationary pressures and potential shifts in
monetary policy. Higher-than-expected wage growth may lead to expectations of
tighter monetary policy to curb inflation, affecting bond yields, stock prices, and
currency exchange rates.
Labor Market Dynamics: Average Hourly Earnings data reflects trends in labor
market dynamics, including demand for workers and bargaining power of
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employees. Strong wage growth may indicate a competitive labor market with
employers offering higher wages to attract and retain talent.

In summary, Average Hourly Earnings m/m data is a key economic indicator that
provides insights into wage growth, inflationary pressures, consumer spending,
market reactions, and labor market dynamics, influencing monetary policy decisions
and overall economic sentiment.

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9. NON-FARM EMPLOYMENT CHANGE

ECONOMIC CALENDAR
Non-Farm Employment Change

FREQUENCY
Released Monthly. COT-Reports.com
RELEASE DAY
Typically released on the first Friday of each month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Non-Farm Employment Change data holds substantial significance due to its
broad implications for the labor market and the overall economy:

Labor Market Health: Non-Farm Employment Change reflects the net change in
employment across all industries except for farming, providing a comprehensive
measure of job creation or loss in the economy. Positive changes indicate
expansion and job growth, while negative changes suggest contraction and
potential economic downturn.
Economic Growth Indicator: Changes in non-farm employment are closely
correlated with overall economic growth. Increasing employment levels typically
coincide with economic expansion, higher consumer spending, and improved
business sentiment, contributing to GDP growth.
Consumer Confidence: Non-Farm Employment Change influences consumer
confidence and sentiment regarding economic prospects. Rising employment
levels signal job market strength and may encourage consumer spending, while
job losses or stagnant employment growth can dampen confidence and lead to
reduced spending.
Monetary Policy Considerations: Central banks, such as the Federal Reserve,
closely monitor non-farm employment data as part of their monetary policy
decision-making process. Strong job growth may prompt central banks to
consider tightening monetary policy to prevent overheating and inflation, while
weak employment figures may lead to accommodative policy measures to
stimulate economic activity.
Market Reaction: Financial markets react swiftly to changes in non-farm
employment figures, as they provide crucial insights into the health of the
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economy. Positive employment data often leads to bullish market sentiment,
resulting in higher stock prices and bond yields, while negative data can trigger
market volatility and risk aversion.

In summary, Non-Farm Employment Change data is a key economic indicator that

provides insights into labor market dynamics, economic growth prospects, consumer
confidence, monetary policy considerations, and market reactions, influencing investor
sentiment and shaping overall economic outlook.

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10. UNEMPLOYMENT RATE

ECONOMIC CALENDAR
Unemployment Rate

FREQUENCY
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Released Monthly.

RELEASE DAY
Typically released on the first Friday of each month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Unemployment Rate is a crucial economic indicator with significant implications
for the labor market and overall economic health:

Labor Market Conditions: The Unemployment Rate measures the percentage of

the labor force that is unemployed and actively seeking employment. It provides a
snapshot of labor market conditions, reflecting the availability of jobs and the
extent of unemployment within the economy. Lower unemployment rates
generally signify a healthier job market, while higher rates suggest economic
challenges such as slack labor demand or structural issues.
Economic Performance: Changes in the Unemployment Rate are closely
correlated with broader economic performance. Declining unemployment rates
often accompany economic expansion, as businesses increase hiring to meet
growing demand. Conversely, rising unemployment rates may indicate economic
contraction or slowdown, with businesses cutting jobs due to reduced demand or
other economic challenges.
Consumer Confidence and Spending: Influences consumer sentiment and
spending patterns, with lower unemployment rates typically leading to increased
consumer confidence and spending.
Inflationary Pressures: The Unemployment Rate is also important for assessing
inflationary pressures in the economy. Tight labor markets with low
unemployment rates may lead to upward pressure on wages as businesses
compete for workers. This can contribute to higher inflation if businesses pass on
increased labor costs to consumers through higher prices.

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Monetary Policy Considerations: Guides central bank decisions on interest rates
and stimulus measures based on the level of unemployment.

In summary, the Unemployment Rate provides insights into labor market dynamics,
economic performance, consumer behavior, inflationary pressures, and monetary
policy considerations, shaping perceptions of overall economic health and guiding
policy decisions.

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11. CORE CONSUMER PRICE INDEX

MONTH-ON-MONTH

ECONOMIC CALENDAR
Core CPI m/m
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FREQUENCY
Released Monthly.

RELEASE DAY
Typically released mid-month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Core Consumer Price Index (CPI) month-over-month (m/m) data is significant
due to its implications for inflation and monetary policy:

Inflation Measure: Core CPI excludes volatile food and energy prices, providing a
more stable measure of underlying inflationary pressures. Changes in Core CPI
reflect movements in prices for goods and services, offering insights into inflation
trends.
Monetary Policy Indicator: Central banks, such as the Federal Reserve, use CPI
data to assess inflationary pressures and guide monetary policy decisions. Higher-
than-expected Core CPI may prompt central banks to consider tightening
monetary policy to curb inflation, while lower-than-expected CPI may lead to
accommodative policy measures to stimulate economic activity.
Market Reaction: Financial markets closely monitor Core CPI releases, as they
impact expectations regarding future monetary policy actions. Higher-than-
expected inflation may lead to expectations of tighter monetary policy, affecting
bond yields, stock prices, and currency exchange rates.
Consumer Purchasing Power: Changes in Core CPI influence consumers'
purchasing power and spending behavior. Rising prices may reduce consumers'
ability to buy goods and services, leading to changes in consumption patterns and
overall economic activity.
Cost of Living: Core CPI data is used to calculate cost-of-living adjustments for
various financial instruments, including pensions, social security benefits, and
inflation-linked bonds. Accurate measurement of inflation is essential for
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maintaining the purchasing power of these instruments.

In summary, Core CPI m/m data is a key economic indicator that provides insights into
inflationary pressures, monetary policy expectations, market reactions, consumer
behavior, and cost-of-living adjustments, influencing policy decisions and shaping
overall economic outlook.

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12. CONSUMER PRICE INDEX

MONTH-ON-MONTH

ECONOMIC CALENDAR
CPI m/m
COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released mid-month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Consumer Price Index (CPI) month-over-month (m/m) data is significant due to
its broad implications for inflation and economic stability:

Inflation Measure: CPI measures the average change over time in the prices paid
by urban consumers for a basket of goods and services, providing a
comprehensive gauge of inflationary pressures in the economy. Changes in CPI
reflect shifts in the cost of living and purchasing power.
Monetary Policy Indicator: Central banks, such as the Federal Reserve, closely
monitor CPI data to assess inflation trends and guide monetary policy decisions.
Higher-than-expected CPI may prompt central banks to consider tightening
monetary policy to curb inflation, while lower-than-expected CPI may lead to
accommodative policy measures to stimulate economic activity.
Market Reaction: Financial markets react swiftly to CPI releases, as they influence
expectations regarding future monetary policy actions. Higher-than-expected
inflation may lead to expectations of tighter monetary policy, affecting bond yields,
stock prices, and currency exchange rates.
Consumer Spending Power: Changes in CPI directly impact consumers'
purchasing power and spending behavior. Rising prices erode consumers' ability
to buy goods and services, potentially leading to changes in consumption patterns
and overall economic activity.
Cost-of-Living Adjustments: CPI data is used to calculate cost-of-living
adjustments for various financial instruments, including pensions, social security
benefits, and inflation-linked bonds. Accurate measurement of inflation is crucial
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for maintaining the purchasing power of these instruments.

In summary, CPI m/m data is a key economic indicator that provides insights into
inflationary pressures, monetary policy expectations, market reactions, consumer
behavior, and cost-of-living adjustments, influencing policy decisions and shaping
overall economic outlook.

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13. CONSUMER PRICE INDEX

YEAR-ON-YEAR

ECONOMIC CALENDAR
CPI y/y
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FREQUENCY
Released Monthly.

RELEASE DAY
Typically released mid-month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Consumer Price Index (CPI) year-over-year (y/y) data is significant due to its
broad implications for inflation and economic stability:

Long-Term Inflation Trends: CPI y/y compares the average price level of goods
and services over a 12-month period, providing insight into long-term inflation
trends. It helps policymakers, businesses, and consumers gauge the pace of price
changes and assess inflationary pressures over time.
Monetary Policy Indicator: Central banks, such as the Federal Reserve, closely
monitor CPI y/y data to assess inflation trends and guide monetary policy
decisions. Consistent increases in CPI y/y may prompt central banks to consider
tightening monetary policy to curb inflation, while declines or stagnant CPI y/y
figures may lead to accommodative policy measures to stimulate economic
activity.
Market Reaction: Financial markets react to CPI y/y releases, as they influence
expectations regarding future monetary policy actions. Persistent increases in CPI
y/y may lead to expectations of tighter monetary policy, affecting bond yields,
stock prices, and currency exchange rates.
Consumer Purchasing Power: CPI y/y data directly impacts consumers'
purchasing power and spending behavior over the long term. Rising prices erode
consumers' ability to buy goods and services, potentially leading to changes in
consumption patterns and overall economic activity.
Cost-of-Living Adjustments: CPI y/y data is used to calculate cost-of-living
adjustments for various financial instruments, including pensions, social security
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benefits, and inflation-linked bonds. Accurate measurement of long-term inflation
trends is crucial for maintaining the purchasing power of these instruments.

In summary, CPI y/y data is a key economic indicator that provides insights into long-
term inflation trends, monetary policy expectations, market reactions, consumer
behavior, and cost-of-living adjustments, influencing policy decisions and shaping
overall economic outlook.

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14. CORE PRODUCER PRICE INDEX

MONTH-ON-MONTH

ECONOMIC CALENDAR
Core PPI m/m
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FREQUENCY
Released Monthly.

RELEASE DAY
Typically released mid-month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Core Producer Price Index (PPI) month-over-month (m/m) data is significant
due to its implications for inflationary pressures and economic conditions:

Inflation Measure: Core PPI excludes volatile food and energy prices, providing a
more stable measure of underlying inflationary pressures in the production
process. Changes in Core PPI reflect movements in prices for goods at the
wholesale level, offering insights into inflation trends before they reach
consumers.
Input Costs: Changes in Core PPI can signal shifts in input costs for businesses,
which may impact production decisions, pricing strategies, and profit margins.
Rising core producer prices may lead to higher costs for businesses, potentially
affecting consumer prices and inflation down the line.
Monetary Policy Considerations: Central banks, such as the Federal Reserve, use
Core PPI data to assess inflation trends and guide monetary policy decisions.
Higher-than-expected Core PPI may prompt central banks to consider tightening
monetary policy to curb inflationary pressures, while lower-than-expected PPI
may lead to accommodative policy measures to stimulate economic activity.
Market Reaction: Financial markets react to Core PPI releases, as they influence
expectations regarding future inflation and monetary policy actions. Higher-than-
expected producer prices may lead to expectations of tighter monetary policy,
affecting bond yields, stock prices, and currency exchange rates.
Business Investment: Changes in Core PPI can impact business investment
decisions, as businesses may adjust their investment plans in response to shifts in
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input costs. This can have broader implications for economic growth and
employment.

In summary, Core PPI m/m data is a key economic indicator that provides insights into
inflationary pressures, input costs, monetary policy expectations, market reactions,
and business investment, influencing policy decisions and shaping overall economic
outlook.

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 USD

15. PRODUCER PRICE INDEX MONTH-ON-MONTH

ECONOMIC CALENDAR
PPI m/m
COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released mid-month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Producer Price Index (PPI) month-over-month (m/m) data is significant due to
its implications for inflationary pressures and economic conditions:

Inflation Measure: PPI measures the average change over time in the prices
received by domestic producers for their goods and services, providing insight into
inflationary pressures in the production process. Changes in PPI reflect
movements in prices for goods at the wholesale level, which can eventually impact
consumer prices.
Input Costs: Changes in PPI can signal shifts in input costs for businesses,
including raw materials, labor, and energy. Rising producer prices may lead to
higher costs for businesses, potentially affecting production decisions, pricing
strategies, and profit margins.
Supply Chain Dynamics: PPI data provides insights into supply chain dynamics
and production costs across various industries. Changes in PPI may reflect
disruptions in the supply chain, shifts in demand, or changes in production
technologies, which can impact overall economic activity.
Monetary Policy Considerations: Central banks, such as the Federal Reserve, use
PPI data to assess inflation trends and guide monetary policy decisions. Higher-
than-expected PPI may prompt central banks to consider tightening monetary
policy to curb inflationary pressures, while lower-than-expected PPI may lead to
accommodative policy measures to stimulate economic activity.
Market Reaction: Financial markets react to PPI releases, as they influence
expectations regarding future inflation and monetary policy actions. Higher-than-
COT-Reports.com
expected producer prices may lead to expectations of tighter monetary policy,
affecting bond yields, stock prices, and currency exchange rates.

In summary, PPI m/m data is a key economic indicator that provides insights into
inflationary pressures, input costs, supply chain dynamics, monetary policy
expectations, and market reactions, influencing policy decisions and shaping overall
economic outlook.

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 USD

16. EMPIRE STATE MANUFACTURING INDEX

ECONOMIC CALENDAR
Empire State Manufacturing Index

FREQUENCY COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released mid-month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Empire State Manufacturing Index is significant due to its role as an early
indicator of manufacturing sector activity and overall economic health:

Manufacturing Activity: The index measures the general business conditions of

manufacturing firms in New York State. It provides insights into trends in
manufacturing activity, including new orders, production levels, employment,
inventories, and delivery times.
Regional Economic Health: The Empire State Manufacturing Index offers a
snapshot of economic conditions specific to the New York region, reflecting factors
such as business sentiment, consumer demand, and global trade dynamics.
Changes in the index can indicate shifts in regional economic health and growth
prospects.
Forward-Looking Indicator: As a leading indicator, the Empire State
Manufacturing Index provides early signals of changes in economic activity, often
preceding broader economic data releases. Positive index readings suggest
expansionary conditions, while negative readings may signal contractionary
pressures.
Market Reaction: Financial markets closely monitor the Empire State
Manufacturing Index, as it can impact investor sentiment and expectations
regarding future economic growth. Higher-than-expected index readings may
lead to bullish market sentiment, while lower-than-expected readings may lead to
risk aversion.
Policy Implications: Policymakers, including central banks and government
officials, use the Empire State Manufacturing Index to assess economic conditions
COT-Reports.com
and guide policy decisions. Weaknesses in the manufacturing sector, as indicated
by the index, may prompt policymakers to consider stimulus measures or
adjustments to monetary policy.

In summary, the Empire State Manufacturing Index is a key economic indicator that
provides insights into regional manufacturing activity, economic health, forward-
looking trends, market reactions, and policy implications, influencing perceptions of
overall economic performance and guiding policy decisions.

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 USD

17. CORE RETAIL SALES MONTH-ON-MONTH

ECONOMIC CALENDAR
Core Retail Sales m/m

FREQUENCY COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released mid-month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Core Retail Sales month-over-month (m/m) data is significant due to its
implications for consumer spending and overall economic activity:

Consumer Spending Indicator: Core Retail Sales exclude volatile items such as
automobiles and gasoline, providing a more stable measure of consumer spending
on goods. Changes in Core Retail Sales reflect shifts in consumer demand and
purchasing behavior, offering insights into economic trends.
Economic Growth Driver: Consumer spending accounts for a significant portion of
economic activity, and Core Retail Sales serve as a key driver of economic growth.
Increasing retail sales signal rising consumer confidence and support economic
expansion, while declining sales may indicate weakening consumer sentiment and
potential economic challenges.
Market Reaction: Financial markets closely monitor Core Retail Sales releases, as
they impact investor sentiment and expectations regarding future economic
growth. Higher-than-expected retail sales may lead to bullish market sentiment,
while lower-than-expected sales may lead to risk aversion.
Inflationary Pressures: Core Retail Sales data can provide insights into inflationary
pressures in the economy. Strong retail sales may lead to increased demand for
goods, potentially putting upward pressure on prices and contributing to inflation.
Monetary Policy Considerations: Central banks, such as the Federal Reserve, use
Core Retail Sales data to assess consumer spending trends and guide monetary
policy decisions. Robust retail sales may prompt central banks to consider
tightening monetary policy to prevent overheating, while weak sales may lead to
accommodative policy measures to stimulate economic activity.
COT-Reports.com
In summary, Core Retail Sales m/m data is a key economic indicator that provides
insights into consumer spending patterns, economic growth prospects, market
reactions, inflationary pressures, and monetary policy considerations, influencing
perceptions of overall economic health and guiding policy decisions.

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18. RETAIL SALES MONTH-OVER-MONTH

ECONOMIC CALENDAR
Retail Sales m/m COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released mid-month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Retail Sales month-over-month (m/m) data is significant due to its implications
for consumer spending and overall economic activity:

Consumer Spending Indicator: Retail Sales measure the total receipts of retail
stores, capturing consumer spending on a wide range of goods and services.
Changes in Retail Sales reflect shifts in consumer demand and purchasing
behavior, offering insights into economic trends.
Economic Growth Driver: Consumer spending accounts for a significant portion of
economic activity, and Retail Sales serve as a key driver of economic growth.
Increasing retail sales signal rising consumer confidence and support economic
expansion, while declining sales may indicate weakening consumer sentiment and
potential economic challenges.
Market Reaction: Financial markets closely monitor Retail Sales releases, as they
impact investor sentiment and expectations regarding future economic growth.
Higher-than-expected retail sales may lead to bullish market sentiment, while
lower-than-expected sales may lead to risk aversion.
Inflationary Pressures: Retail Sales data can provide insights into inflationary
pressures in the economy. Strong retail sales may lead to increased demand for
goods, potentially putting upward pressure on prices and contributing to inflation.
Consumer Confidence: Retail Sales data can influence consumer sentiment and
confidence in the economy. Strong retail sales figures may boost consumer
confidence, leading to increased spending and supporting economic growth.
COT-Reports.com
In summary, Retail Sales m/m data is a key economic indicator that provides insights
into consumer spending patterns, economic growth prospects, market reactions,
inflationary pressures, and consumer confidence, influencing perceptions of overall
economic health and guiding policy decisions.

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 USD

19. CORE PERSONAL CONSUMPTION EXPENDITURES

PRICE INDEX MONTH-ON-MONTH

ECONOMIC CALENDAR
Core PCE Price Index m/m

FREQUENCY COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released towards the end of each month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Core Personal Consumption Expenditures (PCE) Price Index month-over-
month (m/m) data is significant due to its role as a key inflation measure and its
implications for monetary policy:

Inflation Measure: Core PCE Price Index excludes volatile food and energy prices,
providing a more stable measure of underlying inflationary pressures in personal
consumption expenditures. Changes in Core PCE reflect shifts in the cost of goods
and services consumed by individuals, offering insights into inflation trends.
Monetary Policy Indicator: The Federal Reserve closely monitors Core PCE Price
Index data to assess inflation trends and guide monetary policy decisions. The Fed
targets an inflation rate of around 2%, and Core PCE is one of the preferred
inflation measures used by policymakers. Higher-than-expected Core PCE may
prompt the Fed to consider tightening monetary policy to curb inflation, while
lower-than-expected PCE may lead to accommodative policy measures to
stimulate economic activity.
Market Reaction: Financial markets closely monitor Core PCE releases, as they
influence expectations regarding future inflation and monetary policy actions.
Higher-than-expected inflation may lead to expectations of tighter monetary
policy, affecting bond yields, stock prices, and currency exchange rates.
Consumer Behavior: Changes in Core PCE can impact consumer behavior and
purchasing power. Rising prices may erode consumers' ability to buy goods and
services, potentially leading to changes in consumption patterns and overall
economic activity.
Cost-of-Living Adjustments: Core PCE data is used to calculate cost-of-living
COT-Reports.com
adjustments for various financial instruments, including pensions, social security
benefits, and inflation-linked bonds. Accurate measurement of inflation is crucial
for maintaining the purchasing power of these instruments.

In summary, Core PCE Price Index m/m data is a key economic indicator that provides
insights into inflationary pressures, monetary policy expectations, market reactions,
consumer behavior, and cost-of-living adjustments, influencing policy decisions and
shaping overall economic outlook.

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 USD

20. EMPLOYMENT COST INDEX (ECI)

QUARTER-OVER-QUARTER (Q/Q)

ECONOMIC CALENDAR
COT-Reports.com
Employment Cost Index q/q

FREQUENCY
Released Quarterly.

RELEASE DAY
Typically released near the end of each quarter.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Employment Cost Index (ECI) quarter-over-quarter (q/q) is a significant
economic indicator for several reasons:

Labor Costs: The ECI measures changes in the costs incurred by employers for
wages, salaries, and benefits per employee. It provides insight into trends in labor
costs, which are a significant component of overall production costs for
businesses.
Inflationary Pressure: Changes in the ECI can indicate inflationary pressures in the
economy. Rising employment costs may lead to higher consumer prices as
businesses pass on increased labor costs to consumers, contributing to overall
inflationary pressures.
Wage Growth: The ECI reflects changes in wages and benefits received by
workers, offering insights into trends in compensation levels. Increasing ECI values
may indicate wage growth and improved purchasing power for workers, while
decreasing values may suggest stagnation or decline in compensation.
Business Investment: Changes in the ECI can influence business investment
decisions. Rising employment costs may lead to adjustments in hiring practices or
investment in labor-saving technologies, impacting productivity and overall
economic growth.
Monetary Policy Considerations: Central banks, such as the Federal Reserve,
monitor the ECI as part of their assessment of inflationary pressures and labor
market conditions. Higher-than-expected ECI values may prompt central banks to
COT-Reports.com
consider tightening monetary policy to curb inflation, while lower-than-expected
values may lead to accommodative policy measures to stimulate economic activity.

In summary, the Employment Cost Index quarter-over-quarter data is a key economic

indicator that provides insights into labor costs, inflationary pressures, wage growth,
business investment, and monetary policy considerations, influencing policy decisions
and shaping overall economic outlook.

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 USD

21. DURABLE GOODS ORDERS

MONTH-OVER-MONTH (M/M)

ECONOMIC CALENDAR
Durable Goods Orders m/m

FREQUENCY
COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released towards the end of each month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
Durable Goods Orders month-over-month (m/m) is a significant economic indicator
due to the following reasons:

Manufacturing Activity: Durable Goods Orders reflect the demand for long-lasting
manufactured goods, such as machinery, equipment, and vehicles. Changes in
these orders provide insights into trends in manufacturing activity, which is a
crucial sector of the economy.
Business Investment: Durable Goods Orders are often considered a proxy for
business investment. Increases in orders suggest businesses are investing in
capital goods, indicating confidence in future economic prospects and potential
expansion.
Consumer Confidence: Large purchases of durable goods, such as automobiles
and appliances, are often considered discretionary spending. Therefore, changes
in Durable Goods Orders can reflect shifts in consumer confidence and purchasing
power.
Supply Chain Dynamics: Durable Goods Orders can provide insights into supply
chain dynamics and production expectations. Changes in orders may indicate
shifts in demand, inventory management practices, or changes in production
technologies.
Market Reaction: Financial markets closely monitor Durable Goods Orders
releases, as they can impact investor sentiment and expectations regarding future
economic growth. Higher-than-expected orders may lead to bullish market
sentiment, while lower-than-expected orders may lead to risk aversion.
COT-Reports.com
Economic Growth Indicator: Durable Goods Orders are a leading indicator of
economic activity. Increasing orders often precede broader economic expansion,
while declining orders may signal economic contraction or slowdown.

In summary, Durable Goods Orders m/m data is a key economic indicator that
provides insights into manufacturing activity, business investment, consumer
confidence, supply chain dynamics, market reactions, and overall economic growth
prospects, influencing policy decisions and shaping economic outlook.

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 USD

22. PRELIMINARY GROSS DOMESTIC PRODUCT (GDP)

QUARTER-OVER-QUARTER (Q/Q)

ECONOMIC CALENDAR
Prelim GDP q/q
COT-Reports.com
FREQUENCY
Released Quarterly.

RELEASE DAY
Typically released near the end of each quarter.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The Preliminary Gross Domestic Product (GDP) quarter-over-quarter (q/q) data is a
critical economic indicator for several reasons:

Economic Growth Measurement: GDP measures the total value of goods and
services produced within a country's borders. Changes in GDP reflect shifts in
economic activity and serve as a primary measure of economic growth. Positive
GDP growth indicates economic expansion, while negative growth suggests
contraction.
Timeliness: Preliminary GDP data provides an early estimate of economic growth
for the most recent quarter, offering timely insights into the health of the economy.
It allows policymakers, businesses, and investors to assess economic trends and
make informed decisions in real time.
Policy Implications: GDP data plays a crucial role in informing monetary and fiscal
policy decisions. Central banks, such as the Federal Reserve, use GDP data to
assess the state of the economy and guide monetary policy actions, such as
adjusting interest rates. Governments use GDP data to formulate fiscal policies
aimed at stimulating economic growth or addressing economic challenges.
Market Reaction: Financial markets closely monitor Preliminary GDP releases, as
they can impact investor sentiment and expectations regarding future economic
performance. Higher-than-expected GDP growth may lead to bullish market
sentiment, while lower-than-expected growth may lead to risk aversion.
Consumer and Business Confidence: GDP growth influences consumer and
business confidence. Strong economic growth can boost consumer sentiment,
COT-Reports.com
leading to increased spending and investment. Conversely, weak economic
growth may dampen confidence and lead to reduced spending and investment.

In summary, Preliminary GDP q/q data is a key economic indicator that provides
insights into economic growth, informs policy decisions, influences market reactions,
and shapes consumer and business confidence, thereby playing a crucial role in
assessing overall economic health and guiding future actions.

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 USD

23. ADP NON-FARM EMPLOYMENT CHANGE

ECONOMIC CALENDAR
ADP Non-Farm Employment Change

FREQUENCY
Released Monthly. COT-Reports.com
RELEASE DAY
Typically on the Wednesday before the Non-Farm Payrolls report.

RELEASE HOURS
Usually around 8:15 AM ET

SIGNIFICANCE
The ADP Non-Farm Employment Change report is a significant economic indicator
for several reasons:

Labor Market Preview: The report provides an early estimate of changes in non-
farm private employment in the United States, offering insights into the health of
the labor market before the official government employment reports are released.
Private Sector Employment: ADP Non-Farm Employment Change focuses
specifically on the private sector, excluding government employment. Private
sector employment is a critical component of overall employment trends and
economic activity.
Business Hiring Trends: Changes in ADP Non-Farm Employment reflect business
hiring trends, offering indications of employers' willingness and ability to hire new
workers. Positive changes suggest expansion and job creation, while negative
changes may indicate contraction or slowdown in hiring.
Market Reaction: Financial markets closely monitor ADP Non-Farm Employment
Change releases, as they can impact investor sentiment and expectations
regarding future economic performance. Higher-than-expected employment gains
may lead to bullish market sentiment, while lower-than-expected gains may lead
to risk aversion.
Policy Implications: ADP Non-Farm Employment Change data can influence
monetary policy decisions. Central banks, such as the Federal Reserve, use
employment data as part of their assessment of the labor market and overall
economic conditions, guiding decisions on interest rates and other policy
measures.
Consumer Confidence: Changes in employment levels impact consumer
COT-Reports.com
confidence and spending patterns. Increasing employment may boost consumer
sentiment, leading to higher spending and economic growth, while decreasing
employment may lead to reduced confidence and spending.

In summary, ADP Non-Farm Employment Change data is a key economic indicator

that provides insights into private sector employment trends, labor market health,
market reactions, policy implications, and consumer confidence, thereby playing a
crucial role in assessing overall economic conditions and guiding future actions.

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 USD

24. FLASH MANUFACTURING PURCHASING

MANAGERS' INDEX (PMI)
ECONOMIC CALENDAR
Flash Manufacturing PMI

FREQUENCY
Released Monthly. COT-Reports.com
RELEASE DAY
Typically released on the first business day of each month.

RELEASE HOURS
Usually around 9:45 AM ET

SIGNIFICANCE
The Flash Manufacturing Purchasing Managers' Index (PMI) is a significant
economic indicator for several reasons:

Timeliness: The Flash Manufacturing PMI provides an early estimate of

manufacturing sector activity for the current month. Its release typically occurs
before the end of the month, offering timely insights into changes in
manufacturing conditions.
Business Conditions: The index measures business conditions in the
manufacturing sector, including factors such as new orders, production levels,
employment, supplier deliveries, and inventory levels. Changes in the index
provide indications of shifts in manufacturing activity, which is a critical
component of overall economic performance.
Forward-Looking Indicator: As a leading indicator, the Flash Manufacturing PMI
offers insights into future economic trends. Improving PMI readings suggest
potential economic expansion, while declining readings may indicate
contractionary pressures in the manufacturing sector.
Market Reaction: Financial markets closely monitor Flash Manufacturing PMI
releases, as they can impact investor sentiment and expectations regarding future
economic performance. Higher-than-expected PMI readings may lead to bullish
market sentiment, while lower-than-expected readings may lead to risk aversion.
Policy Implications: The Flash Manufacturing PMI data can influence
policymakers' decisions, including those related to monetary policy. Central banks,
such as the Federal Reserve, use PMI data as part of their assessment of economic
conditions and outlook, guiding decisions on interest rates and other policy
measures.
COT-Reports.com
Global Economic Trends: The Flash Manufacturing PMI provides insights into
global economic trends, as manufacturing activity is closely tied to international
trade and economic interconnectedness. Changes in PMI readings can reflect
shifts in global demand and supply chain dynamics.

In summary, the Flash Manufacturing PMI is a key economic indicator that provides
timely insights into manufacturing sector activity, forward-looking economic trends,
market reactions, policy implications, and global economic conditions.

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 USD

25. FLASH SERVICES PURCHASING MANAGERS'

INDEX (PMI)

ECONOMIC CALENDAR
Flash Services PMI

FREQUENCY COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released on the first business day of each month.

RELEASE HOURS
Usually around 9:45 AM ET

SIGNIFICANCE
The Flash Services Purchasing Managers' Index (PMI) is a significant economic
indicator for several reasons:

Timeliness: Similar to the Flash Manufacturing PMI, the Flash Services PMI
provides an early estimate of service sector activity for the current month. Its
release typically occurs before the end of the month, offering timely insights into
changes in service sector conditions.
Service Sector Activity: The index measures business conditions in the services
sector, including factors such as new business activity, employment, service
prices, and business expectations. Changes in the index provide indications of
shifts in service sector activity, which is a crucial component of overall economic
performance.
Consumer Spending: The services sector encompasses a wide range of industries,
including retail, healthcare, finance, and hospitality, among others. Changes in the
Flash Services PMI can reflect shifts in consumer spending patterns and overall
economic activity.
Forward-Looking Indicator: As a leading indicator, the Flash Services PMI offers
insights into future economic trends. Improving PMI readings suggest potential
economic expansion, while declining readings may indicate contractionary
pressures in the services sector.
Market Reaction: Financial markets closely monitor Flash Services PMI releases,
as they can impact investor sentiment and expectations regarding future economic
performance. Higher-than-expected PMI readings may lead to bullish market
sentiment, while lower-than-expected readings may lead to risk aversion.
COT-Reports.com
Policy Implications: The Flash Services PMI data can influence policymakers'
decisions, including those related to monetary policy. Central banks, such as the
Federal Reserve, use PMI data as part of their assessment of economic conditions
and outlook, guiding decisions on interest rates and other policy measures.

In summary, the Flash Services PMI is a key economic indicator that provides timely
insights into service sector activity, consumer spending trends, forward-looking
economic trends, market reactions, policy implications, and overall economic health.

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 USD

26. INSTITUTE FOR SUPPLY MANAGEMENT (ISM)

MANUFACTURING PURCHASING MANAGERS' INDEX
(PMI)
ECONOMIC CALENDAR
ISM Manufacturing PMI
COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released on the first business day of each month.

RELEASE HOURS
Usually around 10:00 AM ET

SIGNIFICANCE
The Institute for Supply Management (ISM) Manufacturing Purchasing Managers'
Index (PMI) is a significant economic indicator for several reasons:

Manufacturing Sector Activity: The ISM Manufacturing PMI measures the

business conditions of the manufacturing sector in the United States. It provides
insights into factors such as new orders, production levels, employment, supplier
deliveries, and inventory levels.
Business Confidence: Changes in the ISM Manufacturing PMI reflect shifts in
business confidence and sentiment within the manufacturing sector. Increasing
PMI values typically indicate expanding economic activity, while decreasing values
may suggest contractionary pressures.
Leading Indicator: The ISM Manufacturing PMI is considered a leading indicator of
economic activity. Improving PMI readings often precede broader economic
expansion, while declining readings may signal economic contraction or
slowdown.
Market Reaction: Financial markets closely monitor ISM Manufacturing PMI
releases, as they can impact investor sentiment and expectations regarding future
economic performance. Higher-than-expected PMI readings may lead to bullish
market sentiment, while lower-than-expected readings may lead to risk aversion.
Policy Implications: The ISM Manufacturing PMI data can influence policymakers'
decisions, including those related to monetary policy. Central banks, such as the
Federal Reserve, use PMI data as part of their assessment of economic conditions
and outlook, guiding decisions on interest rates and other policy measures.
COT-Reports.com
Global Economic Trends: The ISM Manufacturing PMI provides insights into
global economic trends, as manufacturing activity is closely tied to international
trade and economic interconnectedness. Changes in PMI readings can reflect
shifts in global demand and supply chain dynamics.

In summary, the ISM Manufacturing PMI is a key economic indicator that provides
insights into manufacturing sector activity, business confidence, leading economic
trends, market reactions, policy implications, and global economic conditions.

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 USD

27. JOB OPENINGS AND LABOR TURNOVER SURVEY

(JOLTS) JOB OPENINGS

ECONOMIC CALENDAR
JOLTS Job Openings

FREQUENCY
COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released mid-month.

RELEASE HOURS
Usually around 10:00 AM ET

SIGNIFICANCE
The Job Openings and Labor Turnover Survey (JOLTS) Job Openings report is a
significant economic indicator for several reasons:

Labor Market Dynamics: JOLTS Job Openings provide insights into the number of
job openings available in the United States. This data complements other labor
market indicators, such as unemployment rates, by offering information on labor
demand rather than just labor supply.
Employment Opportunities: Changes in job openings can reflect shifts in
employer demand for labor. Increasing job openings may indicate strengthening
labor market conditions and potential opportunities for job seekers, while
decreasing job openings may suggest weakening demand for labor.
Job Market Tightness: The ratio of job openings to the number of unemployed
individuals can provide insights into job market tightness. A higher ratio indicates
a tighter labor market, where job openings outnumber unemployed workers,
potentially leading to upward pressure on wages.
Business Confidence: Job openings data can serve as a gauge of business
confidence and sentiment. Increasing job openings may reflect growing optimism
among employers about future economic prospects and business expansion plans.
Policy Implications: JOLTS Job Openings data can influence policymakers'
decisions, including those related to monetary policy and workforce development
initiatives. Central banks and government agencies use this data to assess labor
market conditions and guide policy decisions aimed at promoting full employment
and economic growth.

COT-Reports.com
Market Reaction: Financial markets may react to JOLTS Job Openings releases, as
they provide insights into labor market dynamics and potential implications for
future economic growth and inflation. Higher-than-expected job openings may
lead to bullish market sentiment, while lower-than-expected openings may lead to
risk aversion.

In summary, JOLTS Job Openings data is a key economic indicator that provides
insights into labor market dynamics, employment opportunities, job market tightness,
business confidence, policy implications, and market reactions.

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 USD

28. INSTITUTE FOR SUPPLY MANAGEMENT (ISM)

SERVICES PURCHASING MANAGERS' INDEX (PMI)

ECONOMIC CALENDAR
ISM Services PMI

FREQUENCY COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released on the first business day of each month.

RELEASE HOURS
Usually around 10:00 AM ET

SIGNIFICANCE
The Institute for Supply Management (ISM) Services Purchasing Managers' Index
(PMI) is a significant economic indicator for several reasons:

Service Sector Activity: The ISM Services PMI measures the business conditions
of the services sector in the United States. It provides insights into factors such as
new business activity, employment, supplier deliveries, and business expectations
within service-related industries.
Economic Growth Indicator: The services sector is a crucial component of the
economy, encompassing a wide range of industries such as healthcare, retail,
finance, and hospitality. Changes in the ISM Services PMI reflect shifts in economic
activity within these industries and can provide indications of broader economic
trends.
Business Confidence: The ISM Services PMI reflects changes in business
confidence and sentiment within the services sector. Increasing PMI values
typically indicate expanding economic activity, while decreasing values may
suggest contractionary pressures.
Leading Indicator: Similar to the ISM Manufacturing PMI, the ISM Services PMI is
considered a leading indicator of economic activity. Improving PMI readings often
precede broader economic expansion, while declining readings may signal
economic contraction or slowdown.
Market Reaction: Financial markets closely monitor ISM Services PMI releases, as
they can impact investor sentiment and expectations regarding future economic
performance. Higher-than-expected PMI readings may lead to bullish market
sentiment, while lower-than-expected readings may lead to risk aversion.
COT-Reports.com
Policy Implications: The ISM Services PMI data can influence policymakers'
decisions, including those related to monetary policy. Central banks, such as the
Federal Reserve, use PMI data as part of their assessment of economic conditions
and outlook, guiding decisions on interest rates and other policy measures.

In summary, the ISM Services PMI is a key economic indicator that provides insights
into service sector activity, economic growth prospects, business confidence, leading
economic trends, market reactions, policy implications, and overall economic health.

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 USD

29. PRELIMINARY UNIVERSITY OF MICHIGAN (UoM)

CONSUMER SENTIMENT INDEX
ECONOMIC CALENDAR
Prelim UoM Consumer Sentiment

FREQUENCY
Released Monthly. COT-Reports.com
RELEASE DAY
Typically released mid-month.

RELEASE HOURS
Usually around 10:00 AM ET

SIGNIFICANCE
The Preliminary University of Michigan (UoM) Consumer Sentiment Index is a
significant economic indicator for several reasons:

Consumer Confidence: The UoM Consumer Sentiment Index measures

consumers' attitudes and expectations regarding current and future economic
conditions. Higher sentiment levels typically indicate increased confidence in the
economy, leading to higher consumer spending and economic growth.
Consumer Spending: Consumer sentiment is closely correlated with consumer
spending behavior. When consumers feel optimistic about their financial situation
and the overall economy, they are more likely to increase their spending on goods
and services, which drives economic activity.
Leading Indicator: The UoM Consumer Sentiment Index is considered a leading
indicator of consumer spending and economic activity. Changes in consumer
sentiment often precede changes in consumer behavior and economic trends,
making it valuable for forecasting future economic conditions.
Market Reaction: Financial markets closely monitor the UoM Consumer Sentiment
Index releases, as they can impact investor sentiment and expectations regarding
future economic performance. Higher-than-expected sentiment levels may lead to
bullish market sentiment, while lower-than-expected levels may lead to risk
aversion.
Policy Implications: The UoM Consumer Sentiment Index data can influence
policymakers' decisions, including those related to monetary policy and fiscal
stimulus measures. Central banks and government officials use sentiment data to
assess consumer confidence levels and guide policy decisions aimed at supporting
economic growth.
COT-Reports.com
Inflation Expectations: The UoM Consumer Sentiment Index includes components
that measure consumers' inflation expectations. Changes in inflation expectations
can influence consumer behavior, spending patterns, and inflationary pressures in
the economy.

In summary, the Preliminary UoM Consumer Sentiment Index is a key economic

indicator that provides insights into consumer confidence, spending behavior,
economic trends, market reactions, policy implications, and inflation expectations.

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 USD

30. CONSUMER CONFIDENCE INDEX (CCI)

ECONOMIC CALENDAR
CB Consumer Confidence

FREQUENCY COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released towards the end of each month.

RELEASE HOURS
Usually around 10:00 AM ET

SIGNIFICANCE
The Consumer Confidence Index (CCI) is a significant economic indicator for several
reasons:

Consumer Sentiment: The CCI measures consumers' perceptions of current

economic conditions and their expectations for the future. Higher confidence levels
typically indicate increased optimism about the economy, leading to higher
consumer spending and economic growth.
Consumer Spending: Consumer confidence is closely linked to consumer
spending behavior. When consumers feel more confident about their financial
situation and the overall economy, they are more likely to increase their spending
on goods and services, which drives economic activity.
Leading Indicator: The CCI is considered a leading indicator of consumer
spending and economic activity. Changes in consumer confidence often precede
changes in consumer behavior and economic trends, making it valuable for
forecasting future economic conditions.
Market Reaction: Financial markets closely monitor CCI releases, as they can
impact investor sentiment and expectations regarding future economic
performance. Higher-than-expected confidence levels may lead to bullish market
sentiment, while lower-than-expected levels may lead to risk aversion.
Policy Implications: The CCI data can influence policymakers' decisions, including
those related to monetary policy and fiscal stimulus measures. Central banks and
government officials use consumer confidence data to assess consumer sentiment
and guide policy decisions aimed at supporting economic growth.
Consumer Behavior: The CCI includes components that measure consumers'
COT-Reports.com
assessments of current business and labor market conditions, as well as their
expectations for income growth. Changes in these components can provide
insights into consumer spending patterns and overall economic health.

In summary, the Consumer Confidence Index is a key economic indicator that

provides insights into consumer sentiment, spending behavior, economic trends,
market reactions, policy implications, and overall economic health.

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 USD

31. REVISED UNIVERSITY OF MICHIGAN (UOM)

CONSUMER SENTIMENT INDEX

ECONOMIC CALENDAR
Revised UoM Consumer Sentiment

FREQUENCY COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released towards the end of each month.

RELEASE HOURS
Usually around 10:00 AM ET

SIGNIFICANCE
The Revised University of Michigan (UoM) Consumer Sentiment Index is a
significant economic indicator for several reasons:

Consumer Confidence: Similar to the preliminary UoM Consumer Sentiment Index,

the revised version measures consumers' attitudes and expectations regarding
current and future economic conditions. It reflects changes made to the initial
estimates based on additional data and adjustments.
Timeliness: The revised UoM Consumer Sentiment Index provides an updated and
more accurate picture of consumer sentiment compared to the preliminary release.
It incorporates any revisions or adjustments made to the initial survey data,
offering a more reliable assessment of consumer confidence.
Consumer Spending Impact: Consumer sentiment plays a crucial role in
influencing consumer spending behavior. Changes in sentiment levels, as reflected
in the revised index, can impact consumer spending decisions, affecting economic
activity and growth.
Market Reaction: Financial markets may react to the revised UoM Consumer
Sentiment Index releases, particularly if there are significant revisions that deviate
from initial expectations. Market participants monitor changes in consumer
sentiment closely as they can impact investor sentiment and expectations
regarding future economic performance.
Policy Implications: The revised UoM Consumer Sentiment Index data can
influence policymakers' decisions, similar to the preliminary release. Central banks
and government officials use sentiment data to assess consumer confidence levels
and guide policy decisions aimed at supporting economic growth.
COT-Reports.com
Inflation Expectations: Like the preliminary index, the revised UoM Consumer
Sentiment Index may include components that measure consumers' inflation
expectations. Changes in inflation expectations can influence consumer behavior,
spending patterns, and inflationary pressures in the economy.

In summary, the Revised UoM Consumer Sentiment Index provides an updated and
more accurate assessment of consumer confidence, impacting consumer spending
behavior, market reactions, policy decisions, and overall economic health.

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 USD

32. FEDERAL RESERVE (FED) ANNOUNCEMENT

ECONOMIC CALENDAR
Fed Announcement

FREQUENCY
COT-Reports.com
Eight times a year; approximately every six weeks.

RELEASE DAY
Typically scheduled during (FOMC) meetings.

RELEASE HOURS
Usually around 2:00 PM ET

SIGNIFICANCE
The Federal Reserve (Fed) Announcement refers to the periodic statements released
by the Federal Reserve following meetings of its Federal Open Market Committee
(FOMC). These announcements are significant for several reasons:

Monetary Policy Decisions: The Fed Announcement communicates any changes

to monetary policy, including adjustments to the federal funds rate, quantitative
easing measures, or forward guidance. These decisions have far-reaching
implications for interest rates, borrowing costs, and economic activity.
Market Expectations: Financial markets closely scrutinize the Fed Announcement
for clues about the future direction of monetary policy. Any surprises or deviations
from market expectations can lead to significant movements in asset prices,
including stocks, bonds, and currencies.
Economic Outlook: The Fed Announcement typically includes assessments of
economic conditions and outlook, providing insights into the Fed's views on
inflation, employment, and overall economic health. Changes in the Fed's
economic projections can influence market expectations and investor sentiment.
Forward Guidance: The Fed often provides forward guidance in its
announcements, indicating its intended policy path over the coming months. This
guidance helps shape market expectations and provides insight into the Fed's
policy stance amid evolving economic conditions.
Policy Tools: In addition to interest rate decisions, the Fed Announcement may
discuss other policy tools and measures the Fed intends to use to achieve its dual
mandate of stable prices and maximum employment. These tools can include
asset purchases, yield curve control, and communication strategies.
Global Impact: The actions and statements of the Federal Reserve have
COT-Reports.com
implications beyond U.S. borders, influencing global financial markets and central
bank policies worldwide. Changes in U.S. monetary policy can affect exchange
rates, capital flows, and economic conditions in other countries.

In summary, the Fed Announcement is a key event that provides insights into
monetary policy decisions, economic outlook, market expectations, and global financial
conditions, shaping investor sentiment and influencing economic outcomes both
domestically and internationally.

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 EUR

COT-Reports.com

(EUR) EURO
HIGH-IMPACT NEWS EVENTS

You'll find the following EUR HIGH-IMPACT news events listed in the
Economic Calendar:

1. OPEC Meetings**...........................................................................................................................4
2. OPEC-JMMC Meetings**.............................................................................................................5
3. Jackson Hole Symposium***......................................................................................................6
4. Euro Summit..................................................................................................................................37
5. European Central Bank (ECB) President Christine Lagarde Speaks...........................38
6. German Preliminary Consumer Price Index month-on-month (m/m).........................39
7. Spanish Flash Consumer Price Index year-on-year (y/y)................................................40
8. French Flash Manufacturing Purchasing Managers' Index (PMI).................................41
9. French Flash Services Purchasing Managers' Index (PMI).............................................42
10. German Flash Manufacturing Purchasing Managers' Index (PMI)...............................43
11. German Flash Services Purchasing Managers' Index (PMI)...........................................44
12. German Ifo Business Climate Index.......................................................................................45
13. Consumer Price Index Flash Estimate year-on-year (y/y)..............................................46
14. ECB Main Refinancing Rate.....................................................................................................47
15. ECB Monetary Policy Statement.............................................................................................48
16. ECB Press Conference...............................................................................................................49

**Indirect impact for this currency / This event has an impact on global oil prices and the
economies of oil-exporting countries, which in turn affects this currency indirectly (pp, 4 & 5)

***Indirect impact for this currency / This event indirectly affects other major currencies
through its insights into future US monetary policy decisions and their broader implications
for global economic conditions and investor sentiment. (p. 6)

COT-Reports.com

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 EUR

4. EURO SUMMIT

ECONOMIC CALENDAR
EURO SUMMIT

FREQUENCY
COT-Reports.com
Scheduled periodically.

RELEASE DAY
Timing can vary.

RELEASE HOURS
Varies depending on the event.

SIGNIFICANCE
The Euro Summit is a crucial event in the European Union's (EU) calendar, bringing
together the heads of state or government of eurozone countries to discuss matters
related to the single currency and economic policy coordination. Here's why the Euro
Summit is significant:

Economic Governance: The Euro Summit focuses on economic governance within

the eurozone, including issues such as fiscal policy coordination, banking union,
and structural reforms. Discussions often revolve around measures aimed at
promoting economic stability, growth, and competitiveness among member states.
Crisis Management: In times of economic crisis or instability, the Euro Summit
plays a central role in coordinating responses and finding solutions to address
challenges facing the eurozone. This includes discussions on financial assistance
programs, debt restructuring, and reforms to strengthen economic resilience.
Policy Coordination: The Euro Summit provides an opportunity for leaders to
coordinate economic policies and priorities across eurozone countries. This
coordination is essential for ensuring coherence in fiscal and monetary policies and
for maintaining the stability of the euro currency.
Reform Agenda: Discussions at the Euro Summit often focus on advancing the
EU's reform agenda, including initiatives to deepen economic integration, enhance
competitiveness, and strengthen the institutional framework of the eurozone. This
can involve reforms to improve governance, increase fiscal discipline, and foster
closer coordination among member states.
Market Impact: Market participants closely monitor the outcomes of the Euro
Summit for any signals about future policy directions or decisions affecting the
eurozone economy and financial markets. Statements and agreements reached at
COT-Reports.com
the summit can influence investor sentiment and lead to movements in eurozone
bond yields, stock markets, and the value of the euro currency.

In summary, the Euro Summit is a key forum for eurozone leaders to discuss economic
governance, crisis management, policy coordination, and reforms aimed at promoting
stability and growth within the eurozone. The outcomes of the summit can have
significant implications for the eurozone economy, financial markets, and the broader
European Union.

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 EUR

5. ECB PRESIDENT SPEAKS

ECONOMIC CALENDAR
ECB President Lagarde Speaks

FREQUENCY COT-Reports.com
Scheduled periodically.

RELEASE DAY
Timing can vary.

RELEASE HOURS
Varies depending on the event.

SIGNIFICANCE
When the European Central Bank (ECB) President, currently Christine Lagarde,
speaks, it's a significant event in the financial markets and the broader economy.
Here's why:

Monetary Policy Guidance: ECB President Lagarde's speeches often include guidance on
monetary policy decisions, interest rates, and asset purchase programs. Markets closely
analyze her remarks for insights into the ECB's future policy direction, which can influence
expectations for interest rates and financial market conditions.
Economic Assessment: Lagarde's speeches typically provide an assessment of economic
conditions in the Eurozone, including trends in inflation, growth, and employment. Her
analysis helps market participants gauge the health of the Eurozone economy and potential
risks to economic stability.
Forward Guidance: Lagarde may offer forward guidance on the ECB's future policy
intentions, including any potential changes to interest rates or unconventional monetary
policy measures. Clarity on the ECB's policy outlook can help anchor market expectations
and reduce uncertainty.
Communication Strategy: As the public face of the ECB, Lagarde's speeches play a crucial
role in shaping the central bank's communication strategy. Her remarks are carefully
crafted to convey key messages to financial markets, policymakers, and the public, aiming
to maintain confidence in the ECB's ability to achieve its mandate of price stability.
Market Reaction: Lagarde's speeches often trigger market reactions, with movements in
bond yields, currency exchange rates, and stock prices in response to her comments.
Market participants interpret her remarks for clues about future policy actions and
economic developments, adjusting their investment strategies accordingly.
Policy Influence: Lagarde's speeches can influence market expectations and shape the
policy debate among ECB policymakers. Her leadership and communication skills are
COT-Reports.com
essential for maintaining consensus within the ECB Governing Council and navigating the
challenges facing the Eurozone economy.

In summary, ECB President Lagarde's speeches are closely watched events that
provide valuable insights into the central bank's policy stance, economic outlook, and
communication strategy, making them significant drivers of financial market activity
and investor sentiment in the Eurozone.

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 EUR

6. GERMAN PRELIMINARY CONSUMER PRICE INDEX

(CPI) MONTH-OVER-MONTH (M/M)

ECONOMIC CALENDAR
German Prelim CPI m/m COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released in the middle of each month.

RELEASE HOURS
Usually around 2:00 AM ET

SIGNIFICANCE
The German Preliminary Consumer Price Index (CPI) month-over-month (m/m) data
is a significant economic indicator for several reasons:

Inflation Measure: The CPI measures changes in the average prices of a basket of goods
and services consumed by households in Germany. It is a key gauge of inflationary
pressures in the economy and reflects changes in the cost of living for consumers.
Economic Health: Changes in the CPI can provide insights into the health of the German
economy. Rising inflation may indicate increasing demand for goods and services,
potentially signaling economic expansion. Conversely, falling inflation or deflation may
suggest weak consumer demand and economic contraction.
Monetary Policy Implications: Central banks, including the European Central Bank (ECB),
use inflation data such as the German CPI to guide their monetary policy decisions. Higher-
than-expected inflation may prompt central banks to consider tightening monetary policy,
such as raising interest rates, to curb inflationary pressures. Conversely, lower-than-
expected inflation may lead to accommodative monetary policy measures, such as interest
rate cuts or quantitative easing, to stimulate economic activity.
Market Reaction: Financial markets closely monitor German CPI releases as they can
impact investor sentiment and expectations regarding future monetary policy actions.
Higher-than-expected inflation figures may lead to expectations of tighter monetary policy,
potentially resulting in higher bond yields and a stronger currency. Conversely, lower-than-
expected inflation figures may lead to expectations of accommodative monetary policy,
potentially resulting in lower bond yields and a weaker currency.
Consumer Behavior: Changes in inflation levels can influence consumer behavior and
spending patterns. Higher inflation may erode consumers' purchasing power, leading to

COT-Reports.com
reduced spending on discretionary items. Conversely, lower inflation or deflation may
encourage consumers to postpone purchases in anticipation of lower prices in the future.

In summary, the German Preliminary CPI m/m data is a key economic indicator that
provides insights into inflationary pressures, economic health, monetary policy
implications, market reactions, and consumer behavior in Germany, thereby playing a
crucial role in assessing overall economic conditions and guiding future actions.

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 EUR

7. SPANISH FLASH CONSUMER PRICE INDEX (CPI)

YEAR-OVER-YEAR (Y/Y)

ECONOMIC CALENDAR
Spanish Flash CPI y/y COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released in the middle of each month.

RELEASE HOURS
Usually around 3:00 AM ET

SIGNIFICANCE
The Spanish Flash Consumer Price Index (CPI) year-over-year (y/y) data is a
significant economic indicator for several reasons:

Inflation Measure: The CPI measures changes in the average prices of a basket of goods
and services consumed by households in Spain. It serves as a key gauge of inflationary
pressures in the Spanish economy and reflects changes in the cost of living for consumers.
Economic Health: Changes in the CPI provide insights into the health of the Spanish
economy. Rising inflation may indicate increasing demand for goods and services,
potentially signaling economic expansion. Conversely, falling inflation or deflation may
suggest weak consumer demand and economic contraction.
Monetary Policy Implications: The European Central Bank (ECB) and the Bank of Spain
use inflation data such as the Spanish CPI to guide their monetary policy decisions. Higher-
than-expected inflation may prompt central banks to consider tightening monetary policy,
such as raising interest rates, to curb inflationary pressures. Conversely, lower-than-
expected inflation may lead to accommodative monetary policy measures, such as interest
rate cuts or quantitative easing, to stimulate economic activity.
Market Reaction: Financial markets closely monitor Spanish CPI releases as they can
impact investor sentiment and expectations regarding future monetary policy actions.
Higher-than-expected inflation figures may lead to expectations of tighter monetary policy,
potentially resulting in higher bond yields and a stronger currency. Conversely, lower-than-
expected inflation figures may lead to expectations of accommodative monetary policy,
potentially resulting in lower bond yields and a weaker currency.
Consumer Behavior: Changes in inflation levels can influence consumer behavior and
spending patterns. Higher inflation may erode consumers' purchasing power, leading to
COT-Reports.com
reduced spending on discretionary items. Conversely, lower inflation or deflation may
encourage consumers to postpone purchases in anticipation of lower prices in the future.

In summary, the Spanish Flash CPI y/y data is a key economic indicator that provides
insights into inflationary pressures, economic health, monetary policy implications,
market reactions, and consumer behavior in Spain, thereby playing a crucial role in
assessing overall economic conditions and guiding future actions.

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 EUR

8. FRENCH FLASH MANUFACTURING PURCHASING

MANAGERS' INDEX (PMI)

ECONOMIC CALENDAR
COT-Reports.com
French Flash Manufacturing PMI

FREQUENCY
Released Monthly.

RELEASE DAY
Typically released on the first business day of each month.

RELEASE HOURS
Usually around 3:00 AM ET

SIGNIFICANCE
The French Flash Manufacturing Purchasing Managers' Index (PMI) is a crucial
economic indicator for several reasons:

Manufacturing Sector Health: The PMI measures the health of the manufacturing sector in
France by surveying purchasing managers in the sector. It provides insights into factors
such as new orders, production levels, employment, supplier deliveries, and inventories.
Economic Growth: The performance of the manufacturing sector is closely linked to overall
economic growth. A strong PMI reading suggests expansionary conditions in
manufacturing, which can contribute to broader economic growth in France.
Business Confidence: Changes in the PMI reflect changes in business sentiment and
confidence within the manufacturing sector. Rising PMI values typically indicate increased
optimism among manufacturers about future business conditions and economic prospects.
Forward-Looking Indicator: The PMI is considered a leading indicator of economic activity,
as changes in manufacturing conditions often precede changes in the broader economy.
Improving PMI readings may signal potential economic expansion, while declining readings
may suggest economic contraction.
Market Reaction: Financial markets closely monitor PMI releases, as they can impact
investor sentiment and expectations regarding future economic performance. Higher-than-
expected PMI readings may lead to bullish market sentiment, while lower-than-expected
readings may lead to risk aversion.
Policy Implications: PMI data can influence policymakers' decisions, including those related
to monetary policy and fiscal stimulus measures. Central banks and government officials
use PMI data as part of their assessment of economic conditions and outlook, guiding

COT-Reports.com
decisions on interest rates and other policy measures.

In summary, the French Flash Manufacturing PMI is a key economic indicator that
provides insights into manufacturing sector health, economic growth prospects,
business confidence, leading economic trends, market reactions, policy implications,
and overall economic health in France, thereby playing a crucial role in assessing
economic conditions and guiding future actions.

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 EUR

9. FRENCH FLASH SERVICES PURCHASING

MANAGERS' INDEX (PMI)

ECONOMIC CALENDAR
COT-Reports.com
French Flash Services PMI

FREQUENCY
Released Monthly.

RELEASE DAY
Typically released on the first business day of each month.

RELEASE HOURS
Usually around 3:00 AM ET

SIGNIFICANCE
The French Flash Services Purchasing Managers' Index (PMI) is a significant
economic indicator for several reasons:

Service Sector Health: The PMI measures the health of the services sector in France by
surveying purchasing managers in the sector. It provides insights into factors such as new
business activity, employment, supplier deliveries, and business expectations within
service-related industries.
Economic Growth: The performance of the services sector is vital for overall economic
growth. A strong PMI reading suggests expansionary conditions in services, which can
contribute to broader economic growth in France.
Consumer Spending: The services sector encompasses a wide range of industries,
including retail, hospitality, finance, and healthcare, which are closely tied to consumer
spending. Changes in the PMI can reflect shifts in consumer demand and economic activity.
Business Confidence: Changes in the PMI reflect changes in business sentiment and
confidence within the services sector. Rising PMI values typically indicate increased
optimism among service providers about future business conditions and economic
prospects.
Market Reaction: Financial markets closely monitor PMI releases, as they can impact
investor sentiment and expectations regarding future economic performance. Higher-than-
expected PMI readings may lead to bullish market sentiment, while lower-than-expected
readings may lead to risk aversion.
Policy Implications: PMI data can influence policymakers' decisions, including those related
to monetary policy and fiscal stimulus measures. Central banks and government officials
use PMI data as part of their assessment of economic conditions and outlook, guiding
COT-Reports.com
decisions on interest rates and other policy measures.

In summary, the French Flash Services PMI is a key economic indicator that provides
insights into services sector health, economic growth prospects, consumer spending,
business confidence, market reactions, policy implications, and overall economic
health in France, thereby playing a crucial role in assessing economic conditions and
guiding future actions.

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 EUR

10. GERMAN FLASH MANUFACTURING PURCHASING

MANAGERS' INDEX (PMI)

ECONOMIC CALENDAR
German Flash Manufacturing PMI
COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released on the first business day of each month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The German Flash Manufacturing Purchasing Managers' Index (PMI) is a crucial
economic indicator for several reasons:

Manufacturing Sector Health: The PMI measures the health of the manufacturing sector in
Germany by surveying purchasing managers. It provides insights into factors such as new
orders, production levels, employment, supplier deliveries, and inventories within the
manufacturing industry.
Economic Growth: The performance of the manufacturing sector is closely linked to overall
economic growth. Germany is known for its strong manufacturing base, and a high PMI
reading suggests expansionary conditions in manufacturing, which can contribute to
broader economic growth in the country.
Export Dynamics: Germany is a major exporter of manufactured goods, and changes in the
manufacturing PMI can reflect shifts in global demand for German products. A strong PMI
reading indicates robust export-oriented manufacturing activity, which can positively
impact trade balances and economic performance.
Business Confidence: Changes in the PMI reflect changes in business sentiment and
confidence within the manufacturing sector. Rising PMI values typically indicate increased
optimism among manufacturers about future business conditions and economic prospects.
Forward-Looking Indicator: The PMI is considered a leading indicator of economic activity,
as changes in manufacturing conditions often precede changes in the broader economy.
Improving PMI readings may signal potential economic expansion, while declining readings
may suggest economic contraction.
Market Reaction: Financial markets closely monitor PMI releases, as they can impact
investor sentiment and expectations regarding future economic performance. Higher-than-
expected PMI readings may lead to bullish market sentiment, while lower-than-expected
COT-Reports.com
readings may lead to risk aversion.

In summary, the German Flash Manufacturing PMI is a key economic indicator that
provides insights into manufacturing sector health, economic growth prospects,
export dynamics, business confidence, market reactions, and overall economic health
in Germany, thereby playing a crucial role in assessing economic conditions and
guiding future actions.

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 EUR

11. GERMAN FLASH SERVICES PURCHASING

MANAGERS' INDEX (PMI)

ECONOMIC CALENDAR
German Flash Services PMI
COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released on the first business day of each month.

RELEASE HOURS
Usually around 3:30 AM ET

SIGNIFICANCE
The German Flash Services Purchasing Managers' Index (PMI) is a significant
economic indicator for several reasons:

Service Sector Health: The PMI measures the health of the services sector in Germany by
surveying purchasing managers. It provides insights into factors such as new business
activity, employment, supplier deliveries, and business expectations within service-related
industries such as retail, hospitality, finance, and healthcare.
Economic Growth: The performance of the services sector is crucial for overall economic
growth. Germany's services sector accounts for a significant portion of its GDP and
employment, and a high PMI reading suggests expansionary conditions in services, which
can contribute to broader economic growth in the country.
Consumer Spending: Changes in the PMI can reflect shifts in consumer demand and
economic activity within the services sector. Rising PMI values typically indicate increased
business activity and consumer spending, which can drive economic expansion and
contribute to positive consumer sentiment.
Business Confidence: Changes in the PMI reflect changes in business sentiment and
confidence within the services sector. Rising PMI values typically indicate increased
optimism among service providers about future business conditions and economic
prospects.
Forward-Looking Indicator: Like the manufacturing PMI, the services PMI is considered a
leading indicator of economic activity. Improving PMI readings may signal potential
economic expansion, while declining readings may suggest economic contraction.
Market Reaction: Financial markets closely monitor PMI releases, as they can impact
investor sentiment and expectations regarding future economic performance. Higher-than-
expected PMI readings may lead to bullish market sentiment, while lower-than-expected
COT-Reports.com
readings may lead to risk aversion.

In summary, the German Flash Services PMI is a key economic indicator that provides
insights into services sector health, economic growth prospects, consumer spending,
business confidence, market reactions, and overall economic health in Germany,
thereby playing a crucial role in assessing economic conditions and guiding future
actions.

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 EUR

12. GERMAN IFO BUSINESS CLIMATE INDEX

ECONOMIC CALENDAR
German ifo Business Climate

FREQUENCY
COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released in the last week of each month.

RELEASE HOURS
Usually around 4:00 AM ET

SIGNIFICANCE
The German ifo Business Climate Index is a significant economic indicator for several
reasons:

Business Sentiment: The ifo Business Climate Index measures the sentiment of German
businesses across various sectors, including manufacturing, services, trade, and
construction. It provides insights into how businesses perceive current economic conditions
and their expectations for the future.
Economic Outlook: Changes in the ifo Business Climate Index can signal shifts in economic
momentum. A rising index suggests improving business sentiment and economic
optimism, while a declining index may indicate deteriorating sentiment and potential
economic challenges ahead.
Investment and Hiring Intentions: Business confidence, as reflected in the ifo index,
influences companies' decisions regarding investment and hiring. A positive outlook may
lead to increased investment and expansion plans, contributing to economic growth and
job creation.
Leading Indicator: The ifo Business Climate Index is considered a leading indicator of
economic activity in Germany. Changes in business sentiment often precede changes in
economic trends, making the index valuable for forecasting future economic developments.
Policy Implications: Policymakers, including the German government and the European
Central Bank (ECB), closely monitor the ifo Business Climate Index for insights into the
state of the economy. The index can influence policy decisions related to fiscal stimulus,
monetary policy, and regulatory measures aimed at supporting economic growth and
stability.
Market Reaction: Financial markets pay close attention to the ifo Business Climate Index
releases, as they can impact investor sentiment and expectations regarding future

COT-Reports.com
economic performance. Higher-than-expected index readings may lead to bullish market
sentiment, while lower-than-expected readings may lead to risk aversion.

In summary, the German ifo Business Climate Index is a key economic indicator that
provides insights into business sentiment, economic outlook, investment and hiring
intentions, leading economic trends, policy implications, and market reactions in
Germany, thereby playing a crucial role in assessing economic conditions and guiding
future actions.

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 EUR

13. CPI FLASH ESTIMATE YEAR-OVER-YEAR (Y/Y)

ECONOMIC CALENDAR
CPI Flash Estimate y/y

FREQUENCY
COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released in the middle of each month.

RELEASE HOURS
Usually around 5:00 AM ET

SIGNIFICANCE
The CPI Flash Estimate year-over-year (y/y) is a significant economic indicator for
several reasons:

Inflation Measure: The Consumer Price Index (CPI) measures changes in the
average prices of a basket of goods and services consumed by households. The
Flash Estimate provides an early indication of inflationary pressures in the
Eurozone.
Monetary Policy Implications: The European Central Bank (ECB) uses CPI data to
guide its monetary policy decisions. The ECB aims to maintain price stability,
typically defined as inflation close to but below 2%. Deviations from this target
may prompt the ECB to adjust interest rates or other monetary policy tools.
Impact on Consumer Purchasing Power: Changes in inflation levels can affect
consumers' purchasing power. Higher inflation erodes the value of money,
reducing the real purchasing power of households. Lower inflation or deflation
may have the opposite effect, potentially boosting purchasing power.
Economic Health: Inflation is closely linked to overall economic health. Moderate
inflation is generally considered a sign of healthy economic activity, while deflation
or excessively high inflation can indicate underlying economic problems.
Market Reaction: Financial markets closely monitor CPI releases, as they can
impact investor sentiment and expectations regarding future monetary policy
actions. Higher-than-expected inflation figures may lead to expectations of tighter
monetary policy, potentially resulting in higher bond yields and a stronger
currency. Conversely, lower-than-expected inflation figures may lead to

COT-Reports.com
expectations of accommodative monetary policy, potentially resulting in lower
bond yields and a weaker currency.

In summary, the CPI Flash Estimate y/y is a key economic indicator that provides
insights into inflationary pressures, monetary policy implications, consumer
purchasing power, economic health, and market reactions in the Eurozone, thereby
playing a crucial role in assessing economic conditions and guiding future actions.

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 EUR

14. MAIN REFINANCING RATE

ECONOMIC CALENDAR
Main Refinancing Rate

FREQUENCY
COT-Reports.com
Eight times a year; approximately every six weeks.

RELEASE DAY
Scheduled periodically.

RELEASE HOURS
Usually around 7:45 AM ET

SIGNIFICANCE
The Main Refinancing Rate is a key interest rate set by the European Central Bank
(ECB) as part of its monetary policy framework. Here's why it's significant:

Monetary Policy Tool: The Main Refinancing Rate is the interest rate at which the
ECB provides liquidity to commercial banks in the Eurozone through its regular
refinancing operations. It serves as a benchmark for short-term interest rates in
the Eurozone and influences borrowing costs for banks and, indirectly, for
consumers and businesses.
Price Stability Objective: The ECB aims to maintain price stability in the Eurozone,
typically defined as inflation close to but below 2%. The Main Refinancing Rate is
one of the primary tools the ECB uses to achieve this objective. By adjusting the
rate, the ECB can influence borrowing and spending behavior, thereby affecting
aggregate demand and inflationary pressures in the economy.
Transmission Mechanism: Changes in the Main Refinancing Rate can impact
various sectors of the economy through the transmission mechanism. Lowering
the rate stimulates borrowing and spending by making loans cheaper, potentially
boosting economic activity and inflation. Conversely, raising the rate can cool
down an overheating economy and help control inflationary pressures.
Market Expectations: Financial markets closely monitor announcements regarding
the Main Refinancing Rate, as they can impact investor sentiment and
expectations regarding future monetary policy actions. Expectations of rate hikes
or cuts can lead to movements in bond yields, stock prices, and currency exchange
rates.
Lending Conditions: The Main Refinancing Rate influences lending conditions for
households and businesses. Changes in the rate can affect mortgage rates,
COT-Reports.com
consumer loans, and corporate borrowing costs, impacting spending and
investment decisions throughout the economy.

In summary, the Main Refinancing Rate is a key tool used by the ECB to influence
borrowing costs, stimulate economic activity, and achieve its objective of price stability
in the Eurozone. Changes in the rate have significant implications for financial markets,
lending conditions, and overall economic performance in the region.

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 EUR

15. MONETARY POLICY STATEMENT

ECONOMIC CALENDAR
Monetary Policy Statement

FREQUENCY COT-Reports.com
Eight times a year; approximately every six weeks.

RELEASE DAY
Scheduled periodically.

RELEASE HOURS
Usually around 8:30 AM ET

SIGNIFICANCE
A Monetary Policy Statement is a formal communication released by a central bank,
such as the European Central Bank (ECB) or the Federal Reserve, detailing its
decisions and rationale regarding monetary policy. Here's why it's significant:

Policy Decisions: The Monetary Policy Statement typically includes decisions on key
interest rates, such as the benchmark lending rate (e.g., the federal funds rate in the U.S. or
the main refinancing rate in the Eurozone). These decisions have a direct impact on
borrowing costs, economic activity, and inflationary pressures.
Policy Rationale: Central banks provide justifications for their policy decisions in the
Monetary Policy Statement. They may assess current economic conditions, including
inflation, employment, growth, and financial stability, and explain how these factors
influenced their decisions.
Forward Guidance: Central banks often provide forward guidance in the Monetary Policy
Statement, indicating their intended policy path over the coming months. This guidance
helps shape market expectations and provides insights into the central bank's outlook on
economic conditions and future policy actions.
Risk Assessment: Central banks may discuss risks and uncertainties facing the economy in
the Monetary Policy Statement. These could include geopolitical tensions, trade disputes,
financial market volatility, or other factors that could impact economic prospects and policy
decisions.
Communication Strategy: The Monetary Policy Statement is a crucial part of the central
bank's communication strategy. It aims to provide clarity and transparency regarding
monetary policy decisions, helping to anchor market expectations and maintain confidence
in the central bank's ability to achieve its policy objectives.
Market Reaction: Financial markets closely monitor the Monetary Policy Statement for any
changes in interest rates, forward guidance, or policy outlook. Market participants analyze
COT-Reports.com
the statement for clues about future policy actions and economic developments, leading to
movements in bond yields, stock prices, and currency exchange rates.

In summary, the Monetary Policy Statement is a significant event that provides

insights into central bank policy decisions, rationale, forward guidance, risk
assessment, communication strategy, and market reaction, thereby shaping monetary
policy expectations and influencing financial markets and the broader economy.

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 EUR

16. EUROPEAN CENTRAL BANK (ECB) PRESS

CONFERENCE

ECONOMIC CALENDAR
ECB Press Conference
COT-Reports.com
FREQUENCY
Eight times a year; approximately every six weeks.

RELEASE DAY
Scheduled periodically.

RELEASE HOURS
Usually around 9:30 AM ET

SIGNIFICANCE
The European Central Bank (ECB) Press Conference is a highly significant event in
the financial markets and the broader economy. Here's why:

Policy Announcement: The ECB Press Conference follows the ECB Governing Council's
monetary policy meeting, where key decisions regarding interest rates, asset purchases,
and other policy measures are made. The press conference provides an opportunity for the
ECB President, currently Christine Lagarde, to announce and explain these decisions.
Forward Guidance: During the press conference, the ECB President offers forward
guidance on the central bank's future policy intentions. This guidance includes insights into
the ECB's outlook on economic conditions, inflation, and potential future policy actions,
helping to shape market expectations.
Economic Assessment: The ECB President provides an assessment of economic conditions
in the Eurozone, including trends in inflation, growth, and employment. This analysis helps
market participants gauge the health of the Eurozone economy and potential risks to
economic stability.
Communication Strategy: The ECB Press Conference is a crucial part of the central bank's
communication strategy. The ECB President's remarks are carefully crafted to convey key
messages to financial markets, policymakers, and the public, aiming to maintain confidence
in the ECB's ability to achieve its mandate of price stability.
Question and Answer Session: Following the prepared remarks, the ECB President
typically engages in a question and answer session with journalists. This session provides
additional insights into the ECB's thinking, policy considerations, and views on current
economic developments.
Market Reaction: Financial markets closely monitor the ECB Press Conference for any
changes in interest rates, forward guidance, or policy outlook. Market participants analyze
COT-Reports.com
the conference for clues about future policy actions and economic developments, leading to
movements in bond yields, stock prices, and currency exchange rates.

In summary, the ECB Press Conference is a critical event that provides insights into
ECB policy decisions, forward guidance, economic assessment, communication
strategy, and market reaction, thereby shaping monetary policy expectations and
influencing financial markets and the broader Eurozone economy.

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 GBP

COT-Reports.com

(GBP) BRITISH POUND

HIGH-IMPACT NEWS EVENTS

You'll find the following GBP HIGH-IMPACT news events listed in the
Economic Calendar:

1. OPEC Meetings**...........................................................................................................................4
2. OPEC-JMMC Meetings**.............................................................................................................5
3. Jackson Hole Symposium***......................................................................................................6
4. Bank of England (BOE) Governor Andrew Bailey Speaks..............................................51
5. Claimant Count Change............................................................................................................52
6. Consumer Price Index year-on-year (y/y)............................................................................53
7. Gross Domestic Product month-on-month (m/m)............................................................54
8. Retail Sales month-on-month (m/m).....................................................................................55
9. Average Earnings Index 3-months/year (3m/y).................................................................56
10. Flash Manufacturing Purchasing Managers' Index (PMI)...............................................57
11. Flash Services Purchasing Managers' Index (PMI)...........................................................58
12. Monetary Policy Report Hearings..........................................................................................59
13. Bank of England (BOE) Monetary Policy Report...............................................................60
14. Monetary Policy Summary........................................................................................................61
15. Monetary Policy Committee (MPC) Official Bank Rate Votes.......................................62
16. Bank of England (BOE) Official Bank Rate..........................................................................63
17. Annual Budget Release.............................................................................................................64

**Indirect impact for this currency / This event has an impact on global oil prices and the
economies of oil-exporting countries, which in turn affects this currency indirectly (pp, 4 & 5)

***Indirect impact for this currency / This event indirectly affects other major currencies
through its insights into future US monetary policy decisions and their broader implications
for global economic conditions and investor sentiment. (p. 6)

COT-Reports.com

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 GBP

4. GOVERNOR OF THE BANK OF ENGLAND (BOE)

SPEAKS

ECONOMIC CALENDAR
BOE Gov Bailey Speaks

FREQUENCY COT-Reports.com
Scheduled periodically.

RELEASE DAY
Timing can vary; announced in advanced.

RELEASE HOURS
Varies depending on the event.

SIGNIFICANCE
When the Governor of the Bank of England (BOE), currently Andrew Bailey, speaks,
it's a significant event with implications for financial markets and the broader
economy. Here's why:

Monetary Policy Guidance: As the head of the BOE, the Governor's speeches
often include guidance on monetary policy decisions, interest rates, and asset
purchase programs. Markets closely analyze his remarks for insights into the
BOE's future policy direction, which can influence expectations for interest rates
and financial market conditions.
Economic Assessment: The Governor typically provides an assessment of
economic conditions in the United Kingdom, including trends in inflation, growth,
and employment. His analysis helps market participants gauge the health of the
UK economy and potential risks to economic stability.
Forward Guidance: The Governor may offer forward guidance on the BOE's future
policy intentions, including any potential changes to interest rates or quantitative
easing measures. Clarity on the BOE's policy outlook can help anchor market
expectations and reduce uncertainty.
Communication Strategy: The Governor's speeches are a crucial part of the BOE's
communication strategy. His remarks are carefully crafted to convey key messages
to financial markets, policymakers, and the public, aiming to maintain confidence in
the BOE's ability to achieve its mandate of price stability.
Market Reaction: Financial markets closely monitor the Governor's speeches for
any hints or signals about future monetary policy actions or changes in policy
outlook. Remarks made by the Governor can impact market sentiment and lead to
COT-Reports.com
movements in asset prices, including bond yields, stock prices, and the value of
the British pound.

In summary, speeches by the BOE Governor are significant events that provide
insights into BOE policy decisions, economic assessment, forward guidance,
communication strategy, and market reaction, thereby influencing monetary policy
expectations and financial market dynamics in the United Kingdom.

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 GBP

5. CLAIMANT COUNT CHANGE

ECONOMIC CALENDAR
Claimant Count Change

FREQUENCY COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released on the second or third Wednesday of the month.

RELEASE HOURS
Usually around 4:30 AM ET

SIGNIFICANCE
The Claimant Count Change is a significant economic indicator for several reasons:

Unemployment Measure: The Claimant Count Change measures the monthly

change in the number of people claiming unemployment-related benefits, such as
jobseeker's allowance, in the United Kingdom. It provides insights into changes in
the labor market and serves as a timely indicator of unemployment trends.
Economic Health: Changes in the Claimant Count reflect shifts in labor market
conditions and overall economic health. Rising unemployment claims may indicate
economic weakness or downturns, while declining claims suggest improving labor
market conditions and economic expansion.
Policy Implications: Central banks and policymakers closely monitor
unemployment data, including the Claimant Count Change, as part of their
assessment of economic conditions and outlook. High levels of unemployment
may prompt policymakers to consider accommodative monetary or fiscal measures
to support job creation and economic recovery.
Consumer Spending and Confidence: Unemployment levels can impact consumer
spending and confidence. Rising unemployment may lead to reduced consumer
spending as households become more cautious about their finances. Conversely,
declining unemployment may boost consumer confidence and spending.
Market Reaction: Financial markets react to releases of the Claimant Count
Change data, as it provides insights into the health of the labor market and
potential implications for monetary policy. Higher-than-expected increases in
unemployment claims may lead to risk aversion in financial markets, while lower-
than-expected increases or declines in claims may have a positive impact on
investor sentiment.COT-Reports.com
In summary, the Claimant Count Change is a key economic indicator that provides
insights into labor market conditions, economic health, policy implications, consumer
behavior, and market reactions in the United Kingdom, thereby playing a crucial role in
assessing overall economic conditions and guiding future actions.

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 GBP

6. CONSUMER PRICE INDEX (CPI)

YEAR-OVER-YEAR (Y/Y

ECONOMIC CALENDAR
CPI y/y
COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released around the 18th to 20th of each month.

RELEASE HOURS
Usually around 4:30 AM ET

SIGNIFICANCE
The Consumer Price Index (CPI) year-over-year (y/y) is a significant economic
indicator for several reasons:

Inflation Measure: The CPI measures changes in the average prices of a basket of goods
and services consumed by households. It serves as a key gauge of inflationary pressures in
the economy and reflects changes in the cost of living for consumers.
Monetary Policy Implications: Central banks, including the Bank of England (BOE) in the
UK, use CPI data to guide their monetary policy decisions. Central banks typically aim to
achieve price stability, often defined as a target inflation rate. Deviations from this target
may prompt central banks to adjust interest rates or other monetary policy tools to control
inflation.
Purchasing Power: Changes in inflation levels impact consumers' purchasing power.
Higher inflation erodes the real value of money, reducing consumers' ability to purchase
goods and services. Lower inflation or deflation may increase purchasing power, potentially
boosting consumer spending.
Cost of Borrowing: Inflation levels influence interest rates and borrowing costs. Central
banks may raise interest rates to combat high inflation or lower rates to stimulate economic
activity during periods of low inflation or deflation. Changes in interest rates affect
borrowing costs for households, businesses, and governments.
Market Reaction: Financial markets closely monitor CPI releases, as they can impact
investor sentiment and expectations regarding future monetary policy actions. Higher-
than-expected inflation figures may lead to expectations of tighter monetary policy,
potentially resulting in higher bond yields and a stronger currency. Conversely, lower-than-
expected inflation figures may lead to expectations of accommodative monetary policy,
potentially resulting in lower bond yields and a weaker currency.
COT-Reports.com
In summary, the CPI y/y is a key economic indicator that provides insights into
inflationary pressures, monetary policy implications, purchasing power, borrowing
costs, and market reactions in the United Kingdom, thereby playing a crucial role in
assessing overall economic conditions and guiding future actions.

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 GBP

7. GROSS DOMESTIC PRODUCT (GDP)

MONTH-OVER-MONTH (M/M)

ECONOMIC CALENDAR
GDP m/m
COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released around the 25th to 30th of each month.

RELEASE HOURS
Usually around 4:30 AM ET

SIGNIFICANCE
Gross Domestic Product (GDP) month-over-month (m/m) is a significant economic
indicator for several reasons:

Economic Growth Measure: GDP measures the total value of goods and services produced
within a country's borders over a specific period, typically a quarter or a year. GDP growth
indicates the rate at which an economy is expanding or contracting. Positive GDP growth
suggests economic expansion, while negative growth indicates economic contraction.
Business Cycle Analysis: Changes in GDP provide insights into the phase of the business
cycle. During periods of economic expansion, GDP tends to grow, leading to increased
employment, consumer spending, and investment. Conversely, during economic
downturns, GDP may contract, leading to job losses and reduced economic activity.
Policy Implications: Policymakers, including central banks and governments, use GDP data
to formulate economic policies. During periods of economic weakness, policymakers may
implement measures to stimulate growth, such as monetary policy easing or fiscal stimulus
packages. Conversely, during periods of overheating or inflationary pressures, policymakers
may adopt measures to cool down the economy, such as raising interest rates or reducing
government spending.
Consumer and Investor Confidence: GDP growth impacts consumer and investor
confidence. Positive GDP growth signals a healthy economy, boosting consumer sentiment
and encouraging investment. Conversely, negative GDP growth or economic contraction
may lead to reduced confidence and cautious spending and investment behavior.
Market Reaction: Financial markets closely monitor GDP releases, as they can impact
investor sentiment and expectations regarding future economic performance. Higher-than-
expected GDP growth figures may lead to bullish market sentiment, while lower-than-
expected growth figures may lead to risk aversion.
COT-Reports.com
In summary, GDP m/m is a key economic indicator that provides insights into
economic growth, business cycle dynamics, policy implications, consumer and investor
confidence, and market reactions, thereby playing a crucial role in assessing overall
economic conditions and guiding future actions.

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 GBP

8. RETAIL SALES MONTH-OVER-MONTH (M/M)

ECONOMIC CALENDAR
Retail Sales m/m

FREQUENCY
Released Monthly.
COT-Reports.com
RELEASE DAY
Typically released on the second or third Thursday of the month.

RELEASE HOURS
Usually around 4:30 AM ET

SIGNIFICANCE
Retail Sales month-over-month (m/m) is a significant economic indicator for several
reasons:

Consumer Spending: Retail sales measure the total sales of goods and services at
retail establishments within a country over a specific period, typically a month.
Since consumer spending accounts for a significant portion of economic activity,
retail sales data provide insights into overall consumer behavior and sentiment.
Economic Growth: Changes in retail sales can indicate shifts in economic growth.
Increasing retail sales suggest robust consumer demand, which can drive
economic expansion. Conversely, declining retail sales may signal weakening
consumer confidence and potential economic contraction.
Consumer Confidence: Retail sales data reflect consumer confidence and
purchasing power. Rising retail sales may indicate optimistic consumer sentiment,
while declining sales may suggest concerns about economic conditions or
personal finances.
Sectoral Performance: Retail sales data provide insights into the performance of
different sectors of the economy, including retail subcategories such as clothing,
electronics, and food. Changes in sales trends across sectors can highlight shifts in
consumer preferences and industry dynamics.
Policy Implications: Policymakers, including central banks and governments, use
retail sales data to assess the health of the economy and formulate policy
responses. Strong retail sales figures may influence monetary policy decisions,
such as interest rate adjustments, to manage inflation and support economic
growth.
Market Reaction: Financial markets closely monitor retail sales releases, as they
can impact investor sentiment and expectations regarding future economic
COT-Reports.com
performance. Higher-than-expected retail sales figures may lead to bullish market
sentiment, while lower-than-expected figures may lead to risk aversion.

In summary, retail sales m/m is a key economic indicator that provides insights into
consumer spending patterns, economic growth prospects, consumer confidence,
sectoral performance, policy implications, and market reactions, thereby playing a
crucial role in assessing overall economic conditions and guiding future actions.

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 GBP

9. AVERAGE EARNINGS INDEX

ECONOMIC CALENDAR
Average Earnings Index 3m/y

FREQUENCY
Released Quarterly. COT-Reports.com
RELEASE DAY
Typically released around the 12th to 15th of March, June, September, and
December.

RELEASE HOURS
Usually around 4:30 AM ET

SIGNIFICANCE
The Average Earnings Index 3m/y, also known as the Average Earnings Index
including bonuses, is a significant economic indicator for several reasons:

Wage Growth Measure: The Average Earnings Index tracks changes in average earnings,
including bonuses, over a three-month period compared to the same period in the previous
year. It provides insights into the rate of growth in wages for workers in the UK economy.
Consumer Spending Power: Wage growth impacts consumers' purchasing power. Higher
earnings allow consumers to spend more on goods and services, contributing to economic
growth. Conversely, stagnant or declining wages may constrain consumer spending,
affecting overall economic activity.
Inflationary Pressures: Wage growth is closely linked to inflationary pressures in the
economy. Increasing wages can lead to higher consumer demand and potentially drive up
prices, contributing to inflation. Central banks monitor wage growth as part of their
assessment of inflationary trends and policy decisions.
Productivity and Labor Market Conditions: Changes in average earnings can reflect shifts
in productivity levels and labor market conditions. Strong wage growth may indicate tight
labor market conditions, where employers compete for workers by offering higher wages.
Conversely, weak wage growth may suggest slack in the labor market.
Policy Implications: Policymakers, including central banks and governments, consider
wage growth data when formulating economic policies. Strong wage growth may
influence monetary policy decisions, such as interest rate adjustments, while weak wage
growth may prompt policymakers to consider measures to stimulate economic activity and
boost incomes.
Market Reaction: Financial markets closely monitor wage growth data, as it can impact
investor sentiment and expectations regarding future economic performance. Higher-than-
expected wage growth figures may lead to expectations of increased consumer spending
COT-Reports.com
and inflation, potentially affecting bond yields, stock prices, and currency exchange rates.

In summary, the Average Earnings Index 3m/y is a key economic indicator that
provides insights into wage growth, consumer spending power, inflationary pressures,
productivity, labor market conditions, policy implications, and market reactions in the
United Kingdom, thereby playing a crucial role in assessing overall economic
conditions and guiding future actions.

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 GBP

10.Flash Manufacturing PMI

(Purchasing Managers' Index)

ECONOMIC CALENDAR
Flash Manufacturing PMI

FREQUENCY
COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released on the first business day of each month.

RELEASE HOURS
Usually around 4:30 AM ET

SIGNIFICANCE
The Flash Manufacturing PMI is a leading economic indicator that measures the
performance of the manufacturing sector in the United Kingdom. Here's some
information about why it's significant:

Timeliness: The Flash Manufacturing PMI provides an early indication of business

conditions in the manufacturing sector. It is released shortly after the end of each month,
providing timely insights into economic activity and sentiment.
Indicator of Economic Health: The manufacturing sector is a key component of the UK
economy. The PMI measures factors such as new orders, production levels, employment,
and supplier deliveries. A PMI reading above 50 indicates expansion in the sector, while a
reading below 50 indicates contraction. Changes in the PMI can signal shifts in economic
growth and overall business sentiment.
Market Impact: Financial markets closely watch PMI releases as they provide insights into
the health of the economy. Positive PMI data, indicating expansion in the manufacturing
sector, can lead to increased investor confidence in the GBP, potentially strengthening it
against other currencies. Conversely, weaker-than-expected PMI figures may lead to
concerns about economic growth, leading to GBP depreciation.
Monetary Policy Considerations: The Bank of England (BoE) considers PMI data, among
other indicators, when making monetary policy decisions. Strong PMI readings may
suggest increasing inflationary pressures, potentially leading the BoE to consider
tightening monetary policy by raising interest rates. Conversely, weak PMI data may
prompt the BoE to adopt accommodative measures to support economic growth,
potentially influencing the GBP's valuation.
Business Sentiment: PMI data also reflects business sentiment within the manufacturing
sector. High PMI readings indicate optimism among purchasing managers about future

COT-Reports.com
business conditions, while low readings may signal concerns about economic uncertainty
or downturns.

In summary, the Flash Manufacturing PMI is a critical economic indicator for the GBP,
providing timely insights into the performance of the manufacturing sector, overall
economic health, market sentiment, and potential monetary policy implications.

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 GBP

11. FLASH SERVICES PURCHASING MANAGERS'

INDEX (PMI)
ECONOMIC CALENDAR
Flash Services PMI

FREQUENCY
Released Monthly.
COT-Reports.com
RELEASE DAY
Typically released on the first business day of each month.

RELEASE HOURS
Usually around 4:30 AM ET

SIGNIFICANCE
The Flash Services Purchasing Managers' Index (PMI) is a significant economic
indicator for several reasons:

Service Sector Health: The Flash Services PMI measures the health of the services sector
in an economy by surveying purchasing managers in the sector. It provides insights into
factors such as new business activity, employment, supplier deliveries, and business
expectations within service-related industries such as retail, hospitality, finance, and
healthcare.
Economic Growth: The performance of the services sector is crucial for overall economic
growth. Services often comprise a significant portion of GDP and employment in modern
economies. A high Flash Services PMI reading suggests expansionary conditions in
services, which can contribute to broader economic growth.
Consumer Spending: Many services, such as retail and hospitality, are directly tied to
consumer spending. Changes in the Flash Services PMI can reflect shifts in consumer
demand and economic activity. Rising PMI values may indicate increased business activity
and consumer spending, while declining values may suggest economic weakness.
Business Confidence: The Flash Services PMI reflects changes in business sentiment and
confidence within the services sector. Rising PMI values typically indicate increased
optimism among service providers about future business conditions and economic
prospects, while declining values may indicate concerns about economic headwinds.
Forward-Looking Indicator: Like other PMI indicators, the Flash Services PMI is considered
a leading indicator of economic activity. Changes in services sector conditions often
precede changes in the broader economy. Improving Flash Services PMI readings may
signal potential economic expansion, while declining readings may suggest economic
contraction.
Market Reaction: Financial markets closely monitor Flash Services PMI releases, as they
can impact investor sentiment and expectations regarding future economic performance.
COT-Reports.com
Higher-than-expected PMI readings may lead to bullish market sentiment, while lower-
than-expected readings may lead to risk aversion.

In summary, the Flash Services PMI is a key economic indicator that provides insights
into services sector health, economic growth prospects, consumer spending, business
confidence, leading economic trends, and market reactions, thereby playing a crucial
role in assessing economic conditions and guiding future actions.

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 GBP

12. MONETARY POLICY REPORT HEARINGS

ECONOMIC CALENDAR
Monetary Policy Report Hearings

FREQUENCY
Eight times a year; approximately every six weeks.
COT-Reports.com
RELEASE DAY
Typically occurs in February, May, August, and November.

RELEASE HOURS
Typically between 3:00 AM to 8:00 AM ET

SIGNIFICANCE
Monetary Policy Report Hearings are significant events where central bank officials,
such as the Governor of the Bank of England or members of the Federal Reserve's
Board of Governors, testify before legislative bodies, such as parliamentary
committees or congressional panels, to discuss monetary policy decisions and
economic outlooks. Here's why they're important:

Transparency and Accountability: Monetary Policy Report Hearings provide an

opportunity for central bank officials to explain their policy decisions and economic
assessments to elected representatives and the public. This enhances transparency and
accountability in the central bank's operations, ensuring that policymakers are held
accountable for their actions.
Policy Guidance: During the hearings, central bank officials may provide guidance on
future monetary policy actions and the rationale behind their decisions. This guidance can
influence market expectations and help shape investor sentiment regarding future interest
rate changes, asset purchases, and other policy measures.
Economic Outlook: Central bank officials often discuss their assessments of the current
economic environment and their outlook for key economic indicators such as inflation,
employment, and GDP growth. These insights provide valuable information to lawmakers,
market participants, and the public about the health of the economy and potential risks and
challenges ahead.
Market Impact: Monetary Policy Report Hearings can have a significant impact on financial
markets. Market participants closely analyze the remarks made by central bank officials for
any hints or signals about future monetary policy actions. Comments that suggest a more
hawkish or dovish stance on monetary policy can lead to movements in bond yields, stock
prices, and currency exchange rates.
Policy Debate: The hearings also provide a forum for lawmakers to question central bank
officials about their policy decisions and economic assessments. This exchange of ideas
and perspectives can inform policymakers' understanding of monetary policy issues and
COT-Reports.com
contribute to public debate on economic policy.

In summary, Monetary Policy Report Hearings are crucial events that promote
transparency, provide policy guidance, offer insights into the economic outlook,
influence market sentiment, facilitate policy debate, and ensure accountability in
central bank operations, thereby playing a vital role in shaping monetary policy and
guiding economic decision-making.

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 GBP

13. BANK OF ENGLAND (BOE)

MONETARY POLICY REPORT (MPR)

ECONOMIC CALENDAR
BOE Monetary Policy Report

FREQUENCY COT-Reports.com
Released Quarterly.

RELEASE DAY
Typically occurs in February, May, August, and November.

RELEASE HOURS
Typically between 3:00 AM to 8:00 AM ET

SIGNIFICANCE
The Bank of England (BoE) Monetary Policy Report (MPR) is a comprehensive
assessment of the UK's economic outlook, monetary policy stance, and financial
stability. Here's why it's significant:

Economic Outlook: The MPR provides detailed analysis and forecasts for key economic
indicators such as GDP growth, inflation, unemployment, and household spending. It offers
insights into the BoE's assessment of current economic conditions and its expectations for
future developments, shaping market expectations.
Monetary Policy Stance: The report outlines the BoE's monetary policy stance, including its
decisions on interest rates, asset purchases, and other policy tools. It explains the rationale
behind the BoE's policy decisions, including factors influencing inflation and employment
dynamics. Changes in the BoE's policy outlook can have significant implications for the
GBP's valuation and financial market sentiment.
Inflation Forecast: The MPR includes the BoE's inflation forecast, detailing its projections
for future inflation levels and factors driving inflationary pressures. Inflation expectations
are crucial for monetary policy decisions and can influence market expectations for future
interest rate changes, affecting the GBP's performance in foreign exchange markets.
Financial Stability Assessment: The report assesses risks to financial stability, including
vulnerabilities in the banking sector, housing market, and broader financial system. It
discusses potential threats to financial stability and outlines measures taken by the BoE to
mitigate risks, providing insights into the UK's financial resilience.
Market Reaction: Financial markets closely monitor the MPR release for signals about the
BoE's policy intentions and economic outlook. Changes in the BoE's assessment of
economic conditions, inflationary pressures, or financial stability risks can lead to market
volatility and impact the GBP's valuation, bond yields, and equity prices.
Forward Guidance: The MPR may include forward guidance from the BoE, providing
COT-Reports.com
insights into the central bank's policy intentions and the likely path of interest rates.
Forward guidance aims to provide clarity to financial markets and businesses about the
BoE's policy stance, influencing investment decisions and market expectations.

In summary, the BoE Monetary Policy Report is a key publication that provides
comprehensive insights into the UK's economic outlook, monetary policy decisions,
financial stability assessment, and forward guidance.

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 GBP

14. THE BANK OF ENGLAND (BOE)

MONETARY POLICY SUMMARY
ECONOMIC CALENDAR
Monetary Policy Summary

FREQUENCY
COT-Reports.com
Eight times a year; approximately every six weeks.

RELEASE DAY
Typically occurs in February, May, August, and November.

RELEASE HOURS
Typically between 3:00 AM to 8:00 AM ET

SIGNIFICANCE
The Bank of England (BoE) Monetary Policy Summary is a concise overview of the
central bank's monetary policy decisions and key considerations from its Monetary
Policy Committee (MPC) meeting. Here's why it's significant:

Policy Decisions: The Monetary Policy Summary communicates any changes to the BoE's
monetary policy stance, including adjustments to interest rates, asset purchases, and
forward guidance on future policy actions. These decisions have direct implications for
financial markets, including currency exchange rates, bond yields, and equity prices.
Rationale: Alongside policy decisions, the summary provides insight into the MPC's
rationale for its actions. It discusses the economic conditions, inflationary pressures, and
financial stability considerations that influenced the committee's decisions. Understanding
the MPC's assessment of the economy helps market participants anticipate future policy
moves and adjust their investment strategies accordingly.
Inflation Outlook: The summary includes the BoE's latest inflation projections and
assessments of inflationary pressures. Changes in the BoE's inflation outlook can signal
potential shifts in monetary policy. For example, expectations of rising inflation may prompt
the BoE to consider tightening monetary policy to prevent overheating, while downward
revisions to inflation forecasts may lead to accommodative policy measures.
Economic Outlook: The summary provides an overview of the MPC's assessment of the
UK's economic outlook, including GDP growth prospects, labor market conditions, and
other key indicators. Changes in the MPC's economic forecasts can impact market
sentiment and influence expectations for future monetary policy decisions.
Forward Guidance: The Monetary Policy Summary often includes forward guidance on the
future path of monetary policy. This guidance may provide insights into the MPC's
intentions regarding the timing and magnitude of future policy actions, helping market
participants anticipate the central bank's next moves and adjust their investment strategies
accordingly.
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Market Reaction: Financial markets closely scrutinize the Monetary Policy Summary for
signals about the BoE's policy intentions and economic outlook. Any surprises or deviations
from market expectations in the summary can lead to significant market volatility, affecting
the valuation of the British Pound (GBP) and other financial assets.

In summary, the BoE Monetary Policy Summary is a crucial document that provides
concise insights into the central bank's policy decisions, economic outlook, inflation
projections, and forward guidance.

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 GBP

15. MONETARY POLICY COMMITTEE (MPC)

OFFICIAL BANK RATE VOTES
ECONOMIC CALENDAR
MPC Official Bank Rate Votes

FREQUENCY
COT-Reports.com
Eight times a year; approximately every six weeks.

RELEASE DAY
Typically occurs in February, May, August, and November.

RELEASE HOURS
Typically between 3:00 AM to 8:00 AM ET

SIGNIFICANCE
Monetary Policy Report Hearings are significant events where central bank officials,
such as the Governor of the Bank of England or members of the Federal Reserve's
Board of Governors, testify before legislative bodies, such as parliamentary
committees or congressional panels, to discuss monetary policy decisions and
economic outlooks. Here's why they're important:

Transparency and Accountability: Monetary Policy Report Hearings provide an

opportunity for central bank officials to explain their policy decisions and economic
assessments to elected representatives and the public. This enhances transparency and
accountability in the central bank's operations, ensuring that policymakers are held
accountable for their actions.
Policy Guidance: During the hearings, central bank officials may provide guidance on
future monetary policy actions and the rationale behind their decisions. This guidance can
influence market expectations and help shape investor sentiment regarding future interest
rate changes, asset purchases, and other policy measures.
Economic Outlook: Central bank officials often discuss their assessments of the current
economic environment and their outlook for key economic indicators such as inflation,
employment, and GDP growth. These insights provide valuable information to lawmakers,
market participants, and the public about the health of the economy and potential risks and
challenges ahead.
Market Impact: Monetary Policy Report Hearings can have a significant impact on financial
markets. Market participants closely analyze the remarks made by central bank officials for
any hints or signals about future monetary policy actions. Comments that suggest a more
hawkish or dovish stance on monetary policy can lead to movements in bond yields, stock
prices, and currency exchange rates.
Policy Debate: The hearings also provide a forum for lawmakers to question central bank
officials about their policy decisions and economic assessments. This exchange of ideas

COT-Reports.com
and perspectives can inform policymakers' understanding of monetary policy issues and
contribute to public debate on economic policy.

In summary, Monetary Policy Report Hearings are crucial events that promote
transparency, provide policy guidance, offer insights into the economic outlook,
influence market sentiment, facilitate policy debate, and ensure accountability in
central bank operations, thereby playing a vital role in shaping monetary policy and
guiding economic decision-making.

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 GBP

16. OFFICIAL BANK RATE

ECONOMIC CALENDAR
Official Bank Rate

FREQUENCY
COT-Reports.com
Released Monthly.

RELEASE DAY
Typically occurs in February, May, August, and November.

RELEASE HOURS
Typically between 3:00 AM to 8:00 AM ET

SIGNIFICANCE
The Official Bank Rate is a key interest rate set by the Monetary Policy Committee
(MPC) of the Bank of England (BoE). Here's why it's significant:

Monetary Policy Tool: The Official Bank Rate is the interest rate at which the Bank
of England lends to commercial banks and other financial institutions. It serves as
a benchmark for short-term interest rates in the UK economy and influences
borrowing costs for households, businesses, and the government.
Inflation Targeting: The Bank of England uses changes in the Official Bank Rate
to achieve its primary objective of price stability. The MPC targets an inflation rate
of 2% as measured by the Consumer Prices Index (CPI). Adjustments to the
Official Bank Rate are made to help keep inflation on target over the medium term.
Economic Stimulus or Contraction: Changes in the Official Bank Rate can
stimulate or contract economic activity. Lowering the rate stimulates borrowing
and spending by making loans cheaper, which can boost consumption and
investment. Conversely, raising the rate can reduce inflationary pressures by
curbing borrowing and spending.
Market Expectations: Financial markets closely monitor announcements regarding
the Official Bank Rate, as they can impact investor sentiment and expectations
regarding future interest rate movements. Expectations of rate hikes or cuts can
lead to movements in bond yields, stock prices, and currency exchange rates.
Consumer and Business Confidence: The Official Bank Rate influences consumer
and business confidence. Changes in interest rates affect the cost of borrowing,
mortgage rates, and savings rates, which can impact consumer spending

COT-Reports.com
decisions, business investment, and overall economic sentiment.

In summary, the Official Bank Rate is a crucial monetary policy tool that influences
borrowing costs, inflationary pressures, economic activity, market expectations, and
consumer and business confidence in the United Kingdom, thereby playing a central
role in shaping the country's economic outlook and guiding monetary policy decisions..

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 GBP

17. ANNUAL BUDGET RELEASE

ECONOMIC CALENDAR
Annual Budget Release

FREQUENCY
Released Annually. COT-Reports.com
RELEASE DAY
Typically released in March during the UK government's budget presentation.

RELEASE HOURS
Typically between 2:00 AM to 6:00 AM ET

SIGNIFICANCE
The Annual Budget Release in the United Kingdom is a significant event with
implications for the economy, public finances, and various sectors. Here's why it's
important:

Fiscal Policy Direction: The Annual Budget Release outlines the government's fiscal policy
priorities, including taxation, spending, and borrowing plans for the upcoming fiscal year. It
provides insights into the government's economic strategy and policy stance, influencing
expectations for future fiscal measures.
Public Finances: The budget documents typically include forecasts for government
revenue, expenditure, deficits, and debt levels. Investors, businesses, and credit rating
agencies closely analyze these projections to assess the government's fiscal health and its
ability to manage public finances effectively.
Taxation Changes: The budget often announces changes to tax rates, thresholds,
allowances, and reliefs, affecting individuals, businesses, and specific sectors of the
economy. Taxation measures can impact disposable incomes, consumer spending,
investment decisions, and business competitiveness.
Spending Priorities: The budget allocates resources to various government departments,
programs, and initiatives. It outlines spending priorities in areas such as healthcare,
education, infrastructure, defense, and social welfare, shaping government policy in these
areas and influencing economic outcomes.
Economic Stimulus or Restraint: The budget can be used to provide fiscal stimulus or
restraint, depending on economic conditions and policy objectives. Expansionary measures,
such as increased public spending or tax cuts, can stimulate economic growth, while
austerity measures, such as spending cuts or tax increases, aim to reduce budget deficits
and debt levels.
Market Reaction: Financial markets closely monitor the Annual Budget Release for its
implications on government bond yields, stock prices, and currency exchange rates. Market
COT-Reports.com
participants assess the budget measures and fiscal projections to gauge their impact on
economic growth, inflation, and monetary policy expectations.

In summary, the Annual Budget Release in the United Kingdom is a crucial event that
sets the government's fiscal policy direction, outlines taxation and spending plans,
influences economic activity and market sentiment, and shapes the country's
economic outlook and policy environment for the year ahead...

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 AUD

COT-Reports.com

(AUD) AUSTRALIAN DOLLAR

HIGH-IMPACT NEWS EVENTS

You’ll find the following AUD HIGH-IMPACT news events in the Economic
Calendar:

1. OPEC Meetings**...........................................................................................................................4
2. OPEC-JMMC Meetings**.............................................................................................................5
3. Jackson Hole Symposium***......................................................................................................6
4. Reserve Bank of Australia (RBA) Governor Philip Lowe Speaks.................................66
5. Cash Rate.......................................................................................................................................67
6. Reserve Bank of Australia (RBA) Rate Statement............................................................68
7. Employment Change..................................................................................................................69
8. Unemployment Rate...................................................................................................................70
9. Monetary Policy Meeting Minutes..........................................................................................71
10. Gross Domestic Product quarter-on-quarter (q/q)...........................................................72
11. Wage Price Index quarter-on-quarter (q/q)........................................................................73
12. Consumer Price Index year-on-year (y/y)............................................................................74
13. Consumer Price Index quarter-on-quarter (q/q)................................................................75
14. Trimmed Mean Consumer Price Index quarter-on-quarter (q/q).................................76

**Indirect impact for this currency / This event has an impact on global oil prices and the
economies of oil-exporting countries, which in turn affects this currency indirectly (pp, 4 & 5)

***Indirect impact for this currency / This event indirectly affects other major currencies
through its insights into future US monetary policy decisions and their broader implications
for global economic conditions and investor sentiment. (p. 6)

COT-Reports.com

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 AUD

4. THE RESERVE BANK OF AUSTRALIA (RBA)

GOVERNOR SPEAKS

ECONOMIC CALENDAR
RBA Gov Lowe Speaks

FREQUENCY
Scheduled periodically.
COT-Reports.com
RELEASE DAY
Timing can vary; announced in advanced.

RELEASE HOURS
Typically after 7:00 PM ET

SIGNIFICANCE
When the Reserve Bank of Australia (RBA) Governor, currently Philip Lowe,
speaks, it's a significant event with implications for financial markets and the
Australian economy. Here's why:

Monetary Policy Guidance: RBA Governor speeches often include insights into the central
bank's monetary policy stance, including interest rate decisions and forward guidance.
Governor Lowe may discuss the factors influencing monetary policy decisions, such as
inflation, employment, and economic growth prospects.
Economic Assessment: The RBA Governor provides an assessment of economic
conditions in Australia, including trends in inflation, growth, employment, and other key
indicators. His analysis helps market participants gauge the health of the Australian
economy and potential risks to economic stability.
Forward Guidance: RBA Governor speeches offer forward guidance on the central bank's
future policy intentions. This guidance helps shape market expectations regarding future
interest rate movements and provides insights into the RBA's outlook on economic
conditions and policy challenges.
Currency Impact: Comments made by the RBA Governor can influence the value of the
Australian dollar (AUD) in currency markets. Remarks that signal potential changes in
monetary policy or economic conditions may lead to movements in the AUD exchange rate
as market participants adjust their positions accordingly.
Market Reaction: Financial markets closely monitor RBA Governor speeches for any hints
or signals about future monetary policy actions or changes in policy outlook. Market
participants analyze the speeches for insights into the RBA's policy direction and economic
assessments, leading to movements in bond yields, stock prices, and currency exchange
rates.
Policy Challenges: RBA Governor speeches may address various policy challenges facing

COT-Reports.com
Australia, such as housing affordability, household debt levels, international trade
dynamics, and structural reforms. His comments on these issues can shape market
perceptions of Australia's economic prospects and policy responses.

In summary, speeches by the RBA Governor, Philip Lowe, are significant events that
provide insights into RBA policy decisions, economic assessments, forward guidance,
currency impacts, market reactions, and policy challenges, thereby influencing
monetary policy expectations and financial market dynamics in Australia.

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 AUD

5. CASH RATE
ECONOMIC CALENDAR
Cash Rate

FREQUENCY

COT-Reports.com
(RBA) reviews it monthly, but changes are not made every month.

RELEASE DAY
Announced on the first Tuesday of each month (except January).

RELEASE HOURS
Typically around 12:30 AM to 2:30 AM ET

SIGNIFICANCE
The Cash Rate is a key interest rate set by the Reserve Bank of Australia (RBA) that
influences borrowing costs and monetary conditions throughout the Australian
economy. Here's why it's significant:

Monetary Policy Tool: The Cash Rate is the interest rate at which banks borrow or
lend funds on an overnight basis in the money market. It serves as the primary tool
for implementing monetary policy in Australia. Changes in the Cash Rate directly
impact short-term interest rates, affecting borrowing costs for households,
businesses, and financial institutions.
Inflation Targeting: The RBA uses changes in the Cash Rate to achieve its primary
policy objective of price stability. The RBA targets an inflation rate of 2-3% over
the medium term. Adjustments to the Cash Rate are made to help keep inflation
within this target range by influencing aggregate demand and economic activity.
Economic Stimulus or Restraint: Changes in the Cash Rate can stimulate or
restrain economic activity. Lowering the Cash Rate stimulates borrowing and
spending by making loans cheaper, which can boost consumption and investment.
Conversely, raising the Cash Rate can reduce inflationary pressures by curbing
borrowing and spending.
Market Expectations: Financial markets closely monitor announcements regarding
the Cash Rate, as they can impact investor sentiment and expectations regarding
future interest rate movements. Expectations of rate hikes or cuts can lead to
adjustments in bond yields, stock prices, and currency exchange rates.
Consumer and Business Confidence: The Cash Rate influences consumer and
business confidence. Changes in interest rates affect mortgage rates, savings
rates, and borrowing costs, which can impact consumer spending decisions,

COT-Reports.com
business investment, and overall economic sentiment.

In summary, the Cash Rate is a crucial monetary policy tool that influences borrowing
costs, inflationary pressures, economic activity, market expectations, and consumer
and business behavior in Australia. It plays a central role in shaping the country's
economic outlook and guiding monetary policy decisions by the Reserve Bank of
Australia.

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 AUD

6. RESERVE BANK OF AUSTRALIA (RBA) RATE

STATEMENT
ECONOMIC CALENDAR
RBA Rate Statement

FREQUENCY
COT-Reports.com
Same day as the Cash Rate announcement.

RELEASE DAY
Announced on the first Tuesday of each month (except January).

RELEASE HOURS
Typically around 12:30 AM to 2:30 AM ET

SIGNIFICANCE
The Reserve Bank of Australia (RBA) Rate Statement is a significant communication
tool used by the central bank to provide insights into its monetary policy decisions and
outlook for the Australian economy. Here's why it's important:

Monetary Policy Guidance: The RBA Rate Statement accompanies the announcement of
changes, or decisions to maintain, the Cash Rate. It explains the rationale behind the
central bank's decision and provides guidance on its future policy intentions. The statement
offers insights into factors influencing monetary policy, such as inflation, economic growth,
employment, and financial stability.
Forward Guidance: The Rate Statement offers forward guidance on the future path of
monetary policy. The RBA provides insights into its outlook for inflation, economic growth,
and other key indicators, as well as potential policy responses to changing economic
conditions. This guidance helps shape market expectations regarding future interest rate
movements and policy actions.
Economic Assessment: The Rate Statement includes the RBA's assessment of current
economic conditions in Australia. It provides insights into trends in inflation, employment,
wages, housing, and other sectors of the economy. Market participants closely analyze the
RBA's economic assessment to gauge the health of the economy and potential risks and
challenges.
Market Impact: Financial markets closely monitor the RBA Rate Statement for any hints or
signals about future monetary policy actions or changes in policy outlook. Market
participants analyze the statement for insights into the RBA's policy stance, economic
assessments, and policy challenges, leading to movements in bond yields, stock prices, and
currency exchange rates.
Communication Strategy: The RBA Rate Statement is part of the central bank's
communication strategy. It aims to provide transparency, clarity, and predictability in
monetary policy decisions, thereby enhancing the effectiveness of monetary policy
COT-Reports.com
transmission and anchoring inflation expectations.

In summary, the RBA Rate Statement is a crucial communication tool that provides
insights into monetary policy decisions, forward guidance, economic assessments, and
policy challenges in Australia. It plays a central role in shaping market expectations,
guiding investor sentiment, and influencing financial market dynamics and economic
outcomes.

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 AUD

7. EMPLOYMENT CHANGE

ECONOMIC CALENDAR
Employment Change

FREQUENCY
Released Monthly. COT-Reports.com
RELEASE DAY
Typically released on the first Thursday of each month.

RELEASE HOURS
Typically around 7:30 PM to 9:30 PM ET

SIGNIFICANCE
The Employment Change refers to the release of data on the net change in the
number of employed individuals in Australia over a specific period. Here's why it's
important:

Labor Market Dynamics: Employment Change provides insights into the health of the labor
market and changes in employment levels. Rising employment suggests economic
expansion and improving labor market conditions, while declining employment may
indicate economic contraction or weakening job market prospects.
Economic Growth: Changes in employment levels impact overall economic growth.
Increasing employment leads to higher household incomes, consumer spending, and
economic activity. Conversely, declining employment can dampen consumer confidence
and spending, potentially slowing down economic growth.
Unemployment Rate: Employment Change is closely related to the unemployment rate. A
positive Employment Change generally leads to a decrease in the unemployment rate, as
more people find employment. Conversely, a negative Employment Change may result in
an increase in the unemployment rate, indicating challenges in the job market.
Wage Growth: Changes in employment levels can influence wage dynamics. Tightening
labor market conditions, characterized by strong Employment Change and low
unemployment, may lead to upward pressure on wages as employers compete for
workers. Conversely, weak employment growth may limit wage increases.
Consumer Confidence: Employment Change affects consumer sentiment and confidence.
Job growth contributes to feelings of job security and financial stability among workers,
boosting consumer confidence and spending. Conversely, job losses or stagnant
employment may lead to concerns about personal finances and reduce consumer spending.
Government Policy: Policymakers, including central banks and governments, monitor
Employment Change as part of their assessment of economic conditions and policy
decisions. Strong job growth may influence monetary policy decisions, such as interest rate

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adjustments, to manage inflation and support economic growth.

In summary, the Employment Change event is a crucial economic indicator that

provides insights into labor market conditions, economic performance, policy
implications, consumer confidence, wage dynamics, and market reactions in Australia.
It plays a significant role in assessing the health of the Australian economy and
guiding policy decisions aimed at promoting employment growth and sustainable
economic expansion.

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 AUD

8. UNEMPLOYMENT RATE
ECONOMIC CALENDAR
Unemployment Rate

FREQUENCY
Released Monthly.

RELEASE DAY COT-Reports.com

Usually released on the first Friday of each month.

RELEASE HOURS
Typically around 7:30 PM to 9:30 PM ET

SIGNIFICANCE
The Unemployment Rate refers to the release of the Australian unemployment rate
data, which is a significant economic indicator for the Australian economy. Here's why
it's important:

Labor Market Health: The Unemployment Rate measures the percentage of the labor force
that is unemployed and actively seeking employment. A lower unemployment rate
indicates a healthier labor market with more job opportunities, while a higher
unemployment rate suggests economic challenges and potential weakness in the labor
market.
Economic Performance: Changes in the Unemployment Rate reflect shifts in economic
performance. A declining unemployment rate often corresponds with economic expansion,
as businesses increase hiring to meet growing demand. Conversely, an increasing
unemployment rate may signal economic contraction or slowdown.
Policy Implications: The Unemployment Rate has implications for monetary and fiscal
policy decisions. The RBA, closely monitor unemployment data as part of their assessment
of economic conditions and policy decisions. High unemployment rates may prompt
policymakers to implement measures aimed at stimulating job creation and economic
growth.
Consumer Behavior: The Unemployment Rate influences consumer confidence and
spending patterns. Low unemployment rates contribute to feelings of job security and
financial stability among workers, which can boost consumer confidence and support
higher levels of consumer spending. Conversely, high unemployment rates may lead to
cautious spending behavior as households prioritize savings and limit discretionary
expenses.
Wage Dynamics: The Unemployment Rate affects wage dynamics. In tight labor market
conditions with low unemployment rates, employers may face challenges in finding
qualified workers, leading to upward pressure on wages. Conversely, high unemployment
rates may result in stagnant or declining wages as labor supply exceeds demand.
Market Reaction: Financial markets closely monitor the Unemployment Rate for its
COT-Reports.com
potential impact on investor sentiment and expectations regarding future monetary policy
actions. Unexpected changes in the unemployment rate may lead to movements in bond
yields, stock prices, and currency exchange rates as investors adjust their positions based
on shifts in economic conditions.

In summary, the Unemployment Rate is a crucial economic indicator that provides

insights into labor market conditions, economic performance, policy implications,
consumer behavior, wage dynamics, and market reactions in Australia.

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 AUD

9. MONETARY POLICY MEETING MINUTES

ECONOMIC CALENDAR
Monetary Policy Meeting Minutes

FREQUENCY
Released Monthly. COT-Reports.com
RELEASE DAY
Typically released two weeks after the RBA's interest rate decision.

RELEASE HOURS
Typically around 7:30 PM to 9:30 PM ET

SIGNIFICANCE
The Monetary Policy Meeting Minutes, released by the Reserve Bank of Australia
(RBA), provide detailed insights into the discussions and decisions made by the
central bank's policymakers during their latest monetary policy meeting. Here's why
it's significant:

Policy Rationale: The Meeting Minutes offer transparency regarding the RBA's monetary
policy decisions, including interest rate settings and other policy measures. They outline the
rationale behind these decisions, such as assessments of economic conditions, inflation
outlooks, and risks to the economy.
Forward Guidance: Policymakers often provide forward guidance in the Meeting Minutes,
offering insights into their views on future economic developments and potential policy
adjustments. This guidance helps shape market expectations regarding future interest rate
movements and monetary policy actions.
Economic Assessment: The Meeting Minutes include assessments of the current economic
environment, covering key indicators such as inflation, employment, GDP growth, and
external factors affecting the Australian economy. Market participants analyze these
assessments to gauge the health of the economy and potential risks.
Policy Outlook: Policymakers' views on the outlook for monetary policy are conveyed
through the Meeting Minutes. Any hints or indications of potential changes in policy
direction, such as tightening or easing bias, can significantly impact financial markets and
investor sentiment.
Market Reaction: Financial markets closely scrutinize the Meeting Minutes for insights into
the RBA's policy stance and future intentions. Unexpected or dovish comments in the
Minutes may lead to movements in bond yields, stock prices, and currency exchange rates
as investors adjust their positions based on shifts in policy expectations.
Communication Strategy: The release of the Meeting Minutes is part of the RBA's
communication strategy to provide transparency and clarity regarding its monetary policy

COT-Reports.com
decisions. It allows market participants, businesses, and the public to better understand the
central bank's thinking and its assessment of economic conditions.

In summary, the Monetary Policy Meeting Minutes are a significant event that
provides detailed insights into the RBA's monetary policy decisions, forward guidance,
economic assessments, policy outlook, and communication strategy. They play a
crucial role in shaping market expectations, guiding investor sentiment, and
influencing financial market dynamics in Australia.

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 AUD

10. GROSS DOMESTIC PRODUCT (GDP)

QUARTER-ON-QUARTER (Q/Q)
ECONOMIC CALENDAR
GDP q/q

FREQUENCY
Released Quarterly. COT-Reports.com
RELEASE DAY
Around 45 to 60 days after the end of the reference quarter.

RELEASE HOURS
Typically around 7:30 PM to 9:30 PM ET

SIGNIFICANCE
Gross Domestic Product (GDP) q/q is a crucial economic indicator that measures the
change in the inflation-adjusted value of all goods and services produced within a
country's borders during a specific quarter compared to the previous quarter. Here's
why it's significant:

Economic Performance: GDP q/q provides insights into the pace of economic growth or
contraction within an economy over a short period, typically three months. Positive GDP
growth indicates economic expansion, while negative growth suggests economic
contraction.
Business Cycle Analysis: GDP q/q data helps analysts and policymakers identify the phase
of the business cycle an economy is experiencing. Rising GDP often signals an
expansionary phase, characterized by increasing employment, rising incomes, and
improving consumer and business confidence. Conversely, falling GDP may indicate a
recessionary phase, marked by declining economic activity and rising unemployment.
Policy Implications: GDP q/q figures have implications for monetary and fiscal policy
decisions. Central banks and governments use GDP data to assess the health of the
economy and determine appropriate policy responses. Strong GDP growth may prompt
central banks to consider tightening monetary policy to prevent overheating and inflation,
while weak GDP growth may lead to accommodative monetary and fiscal measures to
stimulate economic activity.
Investor Sentiment: Financial markets closely monitor GDP q/q releases for insights into
economic performance and growth prospects. Positive GDP surprises may boost investor
sentiment and lead to gains in stock markets, while negative GDP surprises may trigger
risk aversion and market declines. GDP data also influences expectations for interest rates,
inflation, and currency movements.
Consumer and Business Confidence: GDP q/q data affects consumer and business
confidence. Strong GDP growth fosters optimism among consumers and businesses,
COT-Reports.com
leading to increased spending, investment, and hiring. Conversely, weak GDP growth or
recessionary conditions may dampen confidence, leading to cautious behavior and reduced
economic activity.

In summary, GDP q/q is a key economic indicator that provides insights into economic
growth, business cycle dynamics, policy implications, investor sentiment, consumer
and business confidence, and international comparisons.

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 AUD

11. WAGE PRICE INDEX (WPI)

QUARTER-ON-QUARTER (Q/Q)

ECONOMIC CALENDAR
Wage Price Index q/q

FREQUENCY
Released Quarterly. COT-Reports.com
RELEASE DAY
Usually around two weeks after the end of the quarter.

RELEASE HOURS
Typically around 7:30 PM to 9:30 PM ET

SIGNIFICANCE
The Wage Price Index (WPI) q/q is an important economic indicator for Australia,
reflecting changes in wages and salaries over a specific quarter compared to the
previous quarter. Here's why it's significant:

Labor Market Conditions: The Wage Price Index provides insights into the dynamics of the
labor market. Increasing wages may indicate tightening labor market conditions, as
employers compete for workers, while stagnant or declining wages may suggest slack in
the labor market or subdued inflationary pressures.
Inflationary Pressures: Wages are a key component of overall inflationary pressures.
Rising wages can lead to higher production costs for businesses, potentially translating
into higher prices for goods and services. The (RBA) closely monitor wage growth as part
of their assessment of inflationary trends and monetary policy decisions.
Consumer Spending: Wages play a significant role in determining household incomes and
consumer spending. Higher wages can boost disposable incomes, leading to increased
consumer spending and economic activity. Conversely, stagnant or declining wages may
constrain consumer spending growth, affecting retail sales and overall economic
performance.
Business Investment: Wage growth influences business investment decisions. Higher
wages may increase production costs for businesses, affecting profit margins and
investment plans. Strong wage growth may also signal increasing demand for goods and
services, encouraging businesses to expand operations and invest in capacity.
Monetary Policy Implications: The Wage Price Index q/q has implications for monetary
policy decisions. Central banks consider wage growth alongside other economic indicators
when assessing the health of the economy and determining the appropriate stance of
monetary policy. Strong wage growth may lead to concerns about inflationary pressures
and prompt central banks to consider tightening monetary policy.
Market Reaction: Financial markets closely monitor the Wage Price Index release for its
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implications on inflation expectations, monetary policy outlook, and economic growth
prospects. Unexpected changes in wage growth may lead to movements in bond yields,
stock prices, and currency exchange rates as investors adjust their positions based on
shifts in economic fundamentals.

In summary, the Wage Price Index q/q is a key economic indicator that provides
insights into labor market conditions, inflationary pressures, consumer spending,
business investment, monetary policy implications, and market reactions in Australia.

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 AUD

12. CONSUMER PRICE INDEX (CPI)

YEAR-ON-YEAR Y/Y
ECONOMIC CALENDAR
CPI y/y

FREQUENCY
Released Quarterly.
COT-Reports.com
RELEASE DAY
Generally occurs in the middle of the last month of the quarter.

RELEASE HOURS
Typically around 8:30 PM to 10:30 PM ET

SIGNIFICANCE
The Consumer Price Index (CPI) y/y is a fundamental economic indicator that
measures the average change in prices of a basket of goods and services over a
twelve-month period compared to the same period in the previous year. Here's why
it's significant:
Inflationary Pressure: CPI y/y provides insights into the level of inflationary pressure within
an economy. A higher CPI indicates rising prices for consumer goods and services,
suggesting inflationary pressures, while a lower CPI suggests subdued inflation or
potential deflationary risks. Central banks typically aim to maintain inflation within a target
range to promote price stability and sustainable economic growth.
Purchasing Power: Changes in CPI affect consumers' purchasing power. Rising prices
erode the purchasing power of money, reducing the amount of goods and services
consumers can buy with the same amount of income. Conversely, falling prices increase
purchasing power, allowing consumers to afford more goods and services.
Interest Rate Policy: Central banks closely monitor CPI data as part of their monetary
policy decision-making process. Persistent inflationary pressures may prompt central banks
to tighten monetary policy by raising interest rates to cool down the economy and prevent
overheating. Conversely, low inflation or deflationary risks may lead to accommodative
monetary policy measures, such as interest rate cuts, to stimulate economic activity.
Wage Negotiations: CPI y/y data influences wage negotiations between employers and
employees. Labor unions and workers may use CPI data as a benchmark to negotiate wage
increases that keep pace with the cost of living. Higher CPI figures may lead to demands
for larger wage hikes to maintain real wages, while lower CPI figures may result in more
modest wage negotiations.
Investment Decisions: Investors and financial markets analyze CPI data for its implications
on investment decisions. Higher inflationary pressures may prompt investors to seek assets
that provide protection against inflation, such as inflation-linked bonds or commodities.
Conversely, lower inflation may lead to lower bond yields and influence asset allocation
decisions.
COT-Reports.com
Consumer and Business Confidence: CPI data affects consumer and business confidence.
Rising inflation may erode consumer confidence if incomes do not keep pace with rising
prices, leading to reduced spending. Similarly, businesses may face challenges in passing
on higher costs to consumers, impacting profit margins and investment decisions.

In summary, the CPI y/y is a critical economic indicator that provides insights into
inflationary pressures, purchasing power, monetary policy implications, wage
negotiations, investment decisions, and consumer and business confidence.

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 AUD

13. CONSUMER PRICE INDEX (CPI) QUARTER-ON-

QUARTER (Q/Q)
ECONOMIC CALENDAR
CPI q/q

FREQUENCY
Released Quarterly.
COT-Reports.com
RELEASE DAY
Middle of each quarter; usually April, July, October and January.

RELEASE HOURS
Typically around 8:30 PM to 10:30 PM ET

SIGNIFICANCE
The Consumer Price Index (CPI) q/q is an essential economic indicator that measures the
change in the average price level of a basket of consumer goods and services over a specific
quarter compared to the previous quarter. Here's why it's significant:

Inflation Measurement: CPI q/q provides insights into short-term changes in the overall
level of inflation within an economy. By tracking fluctuations in consumer prices over
consecutive quarters, policymakers, economists, and market participants can assess
inflationary trends and potential risks.
Monetary Policy Implications: Central banks closely monitor CPI q/q data as part of their
assessment of inflation dynamics and monetary policy decisions. Persistent increases in
CPI q/q figures may signal rising inflationary pressures, prompting central banks to
consider tightening monetary policy by raising interest rates to maintain price stability.
Consumer Spending Power: Changes in CPI q/q affect consumers' purchasing power.
Rising consumer prices can erode purchasing power, reducing the amount of goods and
services consumers can afford with their income. Conversely, falling consumer prices can
increase purchasing power, stimulating consumer spending and economic activity.
Wage Negotiations: CPI q/q figures influence wage negotiations between employers and
employees. Labor unions and workers may reference CPI data when negotiating wage
increases to ensure that wages keep pace with the cost of living. Higher CPI q/q readings
may lead to demands for larger wage hikes to maintain real wages.
Cost of Living Adjustments: Some contracts, pension payments, and government benefits
are indexed to changes in CPI. CPI q/q data helps determine adjustments to these
payments, ensuring that they adequately account for changes in the cost of living. Higher
CPI q/q figures may result in larger adjustments, affecting disposable income for individuals
and households.
Investment Decisions: Investors and financial markets analyze CPI q/q data for its
implications on investment decisions. Higher inflationary pressures may lead investors to
seek assets that provide protection against inflation, such as inflation-linked bonds or
commodities. Conversely, lower inflation may influence asset allocation decisions.
COT-Reports.com
Business Decision-Making: Businesses consider CPI q/q data when setting prices for
goods and services. Rising consumer prices may allow businesses to pass on higher costs
to consumers, affecting profit margins and pricing strategies. Conversely, falling consumer
prices may lead to competitive pricing pressures and impact revenue streams.

In summary, the CPI q/q is a critical economic indicator that provides insights into inflationary
trends, monetary policy implications, consumer spending power, wage negotiations, cost of
living adjustments, investment decisions, and business decision-making.

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 AUD

14. TRIMMED MEAN CONSUMER PRICE INDEX (CPI)

Q/Q
ECONOMIC CALENDAR
Trimmed Mean CPI q/q

FREQUENCY
Released Quarterly.
COT-Reports.com
RELEASE DAY
Middle of each quarter; usually April, July, October and January.

RELEASE HOURS
Typically around 8:30 PM to 10:30 PM ET

SIGNIFICANCE
The Trimmed Mean Consumer Price Index (CPI) q/q is an alternative measure of inflation that
seeks to provide a more stable and reliable indicator of underlying inflationary trends by
excluding extreme price movements in the calculation. Here's why it's significant:

Inflation Measurement: Like the traditional CPI, the Trimmed Mean CPI q/q measures
changes in the average price level of a basket of consumer goods and services over a
specific quarter compared to the previous quarter. However, it differs in methodology by
excluding a certain percentage of the most extreme price movements, such as outliers,
from the calculation.
Stability and Reliability: The Trimmed Mean CPI q/q aims to provide a more stable and
reliable measure of underlying inflationary trends by filtering out volatile price movements
that may not reflect broader economic conditions. By focusing on the middle portion of
price changes, the Trimmed Mean CPI q/q can offer a smoother and more consistent
measure of inflation.
Monetary Policy Implications: Central banks and policymakers may use the Trimmed Mean
CPI q/q as a supplementary measure of inflation to assess underlying inflationary
pressures. Because it filters out extreme price movements, the Trimmed Mean CPI q/q may
provide a clearer signal of underlying inflation trends, helping policymakers make more
informed decisions about monetary policy.
Consumer and Business Confidence: Changes in the Trimmed Mean CPI q/q can affect
consumer and business confidence. A stable and moderate rate of inflation, as indicated by
the Trimmed Mean CPI q/q, may contribute to greater confidence among consumers and
businesses, supporting spending, investment, and economic growth.
Wage Adjustments: Like the traditional CPI, the Trimmed Mean CPI q/q may influence
wage negotiations and cost of living adjustments. Workers and labor unions may use
inflation measures, including the Trimmed Mean CPI q/q, as a benchmark when negotiating
wage increases to ensure that wages keep pace with changes in the cost of living.
Market Reaction: Financial markets may pay attention to changes in the Trimmed Mean
COT-Reports.com
CPI q/q for insights into inflationary trends and monetary policy expectations. While it may
not garner as much attention as headline inflation measures, unexpected changes in the
Trimmed Mean CPI q/q could still lead to market reactions, particularly if they diverge
significantly from expectations.

In summary, the Trimmed Mean CPI q/q provides an alternative measure of inflation
that aims to capture underlying inflationary trends by filtering out extreme price
movements.

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 JPY

COT-Reports.com

(JPY) JAPANESE YEN

HIGH-IMPACT NEWS EVENTS

You'll find the following JPY HIGH-IMPACT news events listed in the Economic
Calendar:

1. OPEC Meetings**..........................................................................................................................4
2. OPEC-JMMC Meetings**.............................................................................................................5
3. Jackson Hole Symposium***......................................................................................................6
4. Bank of Japan (BOJ) Outlook Report.....................................................................................78
5. Bank of Japan (BOJ) Policy Rate.............................................................................................79
6. Bank of Japan (BOJ) Press Conference.................................................................................80
7. Tokyo Core Consumer Price Index year-on-year (y/y).....................................................81
8. Bank of Japan (BOJ) Governor Haruhiko Kuroda Speaks................................................82
9. Bank of Japan (BOJ) Monetary Policy Statement..............................................................83

**Indirect impact for this currency / This event has an impact on global oil prices and the
economies of oil-exporting countries, which in turn affects this currency indirectly (pp, 4 & 5)

***Indirect impact for this currency / This event indirectly affects other major currencies
through its insights into future US monetary policy decisions and their broader implications
for global economic conditions and investor sentiment. (p. 6)

COT-Reports.com

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 JPY

4. THE BANK OF JAPAN (BOJ) OUTLOOK REPORT

ECONOMIC CALENDAR
BOJ Outlook Report

FREQUENCY
Released Quarterly. COT-Reports.com
RELEASE DAY
Usually released in January, April, July, and October.

RELEASE HOURS
Usually around 12:00 AM to 1:00 AM ET

SIGNIFICANCE
The Bank of Japan (BOJ) Outlook Report is a comprehensive assessment of Japan's
economic outlook and monetary policy stance issued by the Bank of Japan. Here's why
it's significant:

Economic Assessment: The BOJ Outlook Report provides an in-depth analysis of Japan's
economic performance, including GDP growth, inflation, employment, and other key
indicators. It offers insights into the current state of the economy and potential future
developments.
Monetary Policy Guidance: The report outlines the BOJ's monetary policy stance and
objectives, including its target inflation rate and policy measures to achieve it. It may
provide forward guidance on interest rates, asset purchases, and other policy tools,
influencing market expectations and investor sentiment.
Inflation Outlook: The BOJ Outlook Report includes projections for future inflation trends
based on various economic factors and policy assumptions. Changes in inflation forecasts
can signal shifts in the BOJ's policy priorities and its assessment of the effectiveness of its
monetary policy measures.
Exchange Rate Impact: The BOJ's monetary policy decisions and economic outlook can
influence the value of the Japanese yen (JPY) against other currencies. Investors and
traders closely monitor the report for any indications of BOJ intervention or changes in its
assessment of exchange rate developments.
Market Reaction: Financial markets react to the BOJ Outlook Report, with movements in
Japanese government bonds (JGBs), equity markets, and the currency market. Unexpected
changes in the BOJ's economic assessment or policy guidance may lead to volatility in
asset prices as market participants adjust their positions.
Global Implications: Japan's economic performance and monetary policy decisions can
have implications for the global economy, particularly for countries with close trade and
financial ties to Japan. The BOJ Outlook Report provides valuable insights for policymakers,
COT-Reports.com
investors, and businesses around the world in assessing global economic conditions.

In summary, the BOJ Outlook Report is a significant event that provides a

comprehensive analysis of Japan's economic outlook and monetary policy stance. It
influences market expectations, investor sentiment, and policy decisions, both
domestically and internationally, and plays a crucial role in shaping economic and
financial market dynamics.

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 JPY

5. BANK OF JAPAN (BOJ) POLICY RATE

ECONOMIC CALENDAR
BOJ Policy Rate

FREQUENCY
COT-Reports.com
Eight times a year; approximately every six weeks.

RELEASE DAY
Typically announced on the first business day following the policy meeting.

RELEASE HOURS
Usually around 12:00 AM to 1:00 AM ET

SIGNIFICANCE
The Bank of Japan (BOJ) Policy Rate refers to the benchmark interest rate set by the
Bank of Japan's Monetary Policy Board. Here's why it's significant:

Monetary Policy Tool: The BOJ Policy Rate is a key tool used by the central bank
to implement monetary policy. It directly influences short-term interest rates in the
Japanese financial system, impacting borrowing costs for businesses and
consumers.
Policy Guidance: Changes in the BOJ Policy Rate signal shifts in the central bank's
monetary policy stance. For example, lowering the Policy Rate can stimulate
borrowing and spending, supporting economic growth and inflation, while raising
the rate can cool down inflationary pressures or address financial stability
concerns.
Inflation Targeting: The BOJ sets the Policy Rate with the aim of achieving its
inflation target, typically around 2%. By adjusting the Policy Rate, the BOJ seeks to
influence inflationary expectations and actual inflation outcomes in the economy.
Market Expectations: Financial markets closely monitor announcements regarding
the BOJ Policy Rate for clues about future monetary policy decisions. Changes in
the Policy Rate, or signals from the central bank about its future trajectory, can
lead to movements in bond yields, stock prices, and currency exchange rates.
Impact on Financial Markets: The BOJ Policy Rate directly affects the cost of
borrowing and lending in financial markets. Lower rates tend to boost asset prices,
such as stocks and real estate, while higher rates may lead to declines in asset
valuations. Changes in the Policy Rate also influence the yield curve and shape
investor sentiment.
Global Implications: The BOJ Policy Rate can have spillover effects on global
COT-Reports.com
financial markets and the broader economy. Movements in Japanese interest rates
can impact capital flows, exchange rates, and monetary policy decisions in other
countries, particularly those with close economic ties to Japan.

In summary, the BOJ Policy Rate is a critical tool used by the Bank of Japan to conduct
monetary policy, influence economic activity, and achieve its policy objectives,
including price stability and sustainable economic growth.

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 JPY

6. BANK OF JAPAN (BOJ) PRESS CONFERENCE

ECONOMIC CALENDAR
BOJ Press Conference

FREQUENCY COT-Reports.com
Occasional, typically held after major policy decisions.

RELEASE DAY
Not fixed; scheduled as needed.

RELEASE HOURS
Usually around 2:00 AM to 4:00 AM ET

SIGNIFICANCE
The Bank of Japan (BOJ) Press Conference is a significant event held by the central
bank following its monetary policy meetings. Here's why it's important:

Policy Communication: The BOJ Press Conference provides an opportunity for the
Governor of the Bank of Japan, or other senior officials, to communicate the rationale
behind the central bank's monetary policy decisions. They may elaborate on the factors
considered, the economic outlook, and the reasoning behind any changes in policy
measures, such as interest rates or asset purchase programs.
Forward Guidance: During the press conference, BOJ officials may provide forward
guidance on the future trajectory of monetary policy. This guidance can offer insights into
the central bank's intentions regarding interest rates, asset purchases, and other policy
tools, influencing market expectations and investor sentiment.
Market Reaction: Financial markets closely monitor the BOJ Press Conference for any hints
or signals about future monetary policy actions. Statements made by BOJ officials during
the press conference can lead to movements in bond yields, stock prices, and currency
exchange rates as investors adjust their positions based on changes in policy expectations.
Economic Outlook: BOJ officials may discuss their assessment of the economic outlook,
including growth prospects, inflation trends, and risks to the economy. This provides
market participants with valuable insights into the central bank's views on economic
conditions and potential policy responses to emerging challenges.
Q&A Session: The press conference typically includes a question-and-answer session with
journalists, allowing for further clarification on policy decisions and economic
developments. This interactive format enables BOJ officials to address concerns, provide
additional context, and convey their policy intentions more effectively.
Global Impact: The BOJ Press Conference can have implications beyond Japan, influencing
global financial markets and central bank policy decisions in other countries. Movements in
Japanese interest rates and the yen exchange rate can affect global capital flows, asset
COT-Reports.com
prices, and monetary policy dynamics, particularly in Asia-Pacific markets.

In summary, the BOJ Press Conference serves as a crucial platform for the Bank of
Japan to communicate its monetary policy decisions, provide forward guidance,
discuss the economic outlook, and interact with the media and financial markets. It
plays a significant role in shaping market expectations, investor sentiment, and
monetary policy outcomes in Japan and beyond.

- 80 -
 JPY

7. TOKYO CORE CONSUMER PRICE INDEX (CPI) Y/Y

ECONOMIC CALENDAR
Tokyo Core CPI y/y

FREQUENCY
Released Monthly.

RELEASE DAY
COT-Reports.com
Typically released at the end of each month.

RELEASE HOURS
Usually around 7:30 PM to 8:30 PM ET

SIGNIFICANCE
The Tokyo Core Consumer Price Index (CPI) y/y is a significant economic indicator that
measures the change in the average price of a basket of goods and services in Tokyo, Japan's
capital city, excluding fresh food prices, compared to the same period in the previous year.
Here's why it's important:

Inflation Measurement: Tokyo Core CPI y/y provides insights into the underlying
inflationary trends in Japan's largest metropolitan area. By excluding volatile components
like fresh food prices, it offers a more stable measure of core inflation, which reflects long-
term price movements and underlying inflationary pressures in the economy.
Economic Health: Changes in Tokyo Core CPI y/y can reflect shifts in consumer purchasing
power, economic activity, and demand-supply dynamics within Tokyo's metropolitan area.
Rising core inflation may indicate increasing demand for goods and services relative to
supply, potentially signaling a strengthening economy, while falling inflation may suggest
weak consumer demand and economic slack.
Monetary Policy Implications: The Bank of Japan (BOJ) closely monitors inflation indicators
like Tokyo Core CPI y/y to assess price stability and guide its monetary policy decisions.
Persistent deviations from the BOJ's inflation target of around 2% may prompt adjustments
to monetary policy measures, such as interest rates or asset purchases, to achieve price
stability and support economic growth.
Market Expectations: Tokyo Core CPI y/y releases can impact financial markets, particularly
Japanese government bonds (JGBs), equities, and the yen exchange rate. Higher-than-
expected inflation may lead to expectations of tighter monetary policy, potentially boosting
bond yields and the yen, while lower-than-expected inflation may have the opposite effect.
Consumer Behavior: Changes in Tokyo Core CPI y/y influence consumer behavior and
business decisions. Rising inflation erodes purchasing power, potentially leading
consumers to adjust spending patterns or seek higher wages. Businesses may adjust
pricing strategies in response to changes in inflationary pressures, impacting profit margins
and investment decisions.
Policy Adjustments: Tokyo Core CPI y/y data informs policymakers, economists, and
COT-Reports.com
market participants about inflation trends in Tokyo, providing valuable insights for
economic forecasting, policy analysis, and risk management. It helps policymakers
understand the drivers of inflation and formulate appropriate policy responses to achieve
price stability and support sustainable economic growth.

In summary, Tokyo Core CPI y/y is an important economic indicator that provides insights into
inflationary trends, economic health, monetary policy implications, market expectations,
consumer behavior, and policy adjustments within Tokyo's metropolitan area and the broader
Japanese economy.

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 JPY

8. BANK OF JAPAN (BOJ) GOVERNOR SPEAKS

ECONOMIC CALENDAR
BOJ Gov Ueda Speaks

FREQUENCY COT-Reports.com
Scheduled periodically.

RELEASE DAY
Timing can vary; announced in advanced.

RELEASE HOURS
Typically around 8:00 PM to 9:00 PM ET

SIGNIFICANCE
When the Bank of Japan (BOJ) Governor, currently Haruhiko Kuroda, speaks, it's
considered a significant event in the financial markets and economic landscape. Here's
why:

Policy Guidance: BOJ Governor's speeches often provide insights into the central bank's
current thinking on monetary policy. Markets closely analyze any hints or indications
regarding future policy decisions, including interest rate adjustments, asset purchases, or
other unconventional policy measures.
Economic Assessment: Governor's speeches typically include assessments of the domestic
and global economic conditions. They may discuss factors such as GDP growth, inflation,
employment, and other key indicators, offering valuable insights into the BOJ's views on
the state of the economy and potential risks.
Forward Guidance: During speeches, the BOJ Governor may offer forward guidance on the
future direction of monetary policy. This guidance can influence market expectations
regarding the timing and nature of any policy changes, helping shape investor sentiment
and market reactions.
Market Reaction: Financial markets react to BOJ Governor's speeches, with movements in
bond yields, stock prices, and currency exchange rates. Investors and traders adjust their
positions based on the Governor's comments, particularly regarding monetary policy
outlook and economic assessments.
Global Impact: BOJ Governor's speeches can have implications beyond Japan, influencing
global financial markets and central bank policy decisions in other countries. Movements in
Japanese interest rates and the yen exchange rate can affect global capital flows, asset
prices, and monetary policy dynamics, particularly in Asia-Pacific markets.
Communication Strategy: Governor's speeches are part of the BOJ's communication
strategy to provide transparency and clarity about its policy intentions and economic
COT-Reports.com
outlook. Effective communication can help manage market expectations, enhance
credibility, and support the central bank's policy objectives.

In summary, BOJ Governor's speeches are closely watched events that provide
insights into the central bank's monetary policy stance, economic assessment, and
forward guidance. They have the potential to influence market sentiment, asset prices,
and monetary policy expectations, both domestically and internationally.

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 JPY

9. MONETARY POLICY STATEMENT

ECONOMIC CALENDAR
Monetary Policy Statement

FREQUENCY
COT-Reports.com
Eight times a year; approximately every six weeks.

RELEASE DAY
Typically scheduled on a Thursday.

RELEASE HOURS
Usually around 11:30 PM to 1:00 AM ET

SIGNIFICANCE
The Monetary Policy Statement issued by the Bank of Japan (BOJ) is a crucial event in
the financial markets and economic landscape. Here's why it's significant:

Policy Decisions: The Monetary Policy Statement outlines the BOJ's decisions on
key monetary policy measures, including interest rates, asset purchases, and other
policy tools. Changes in these measures can have significant implications for
inflation, economic growth, and financial market conditions.
Forward Guidance: The statement provides forward guidance on the BOJ's future
monetary policy intentions. This guidance may include hints or indications
regarding the timing, direction, and magnitude of potential future policy
adjustments, influencing market expectations and investor sentiment.
Economic Assessment: The Monetary Policy Statement includes the BOJ's
assessment of the current state of the economy, as well as its outlook for growth,
inflation, and other key economic indicators. This assessment provides valuable
insights into the central bank's views on economic conditions and potential risks.
Market Reaction: Financial markets closely monitor the Monetary Policy Statement
for any changes in policy measures or guidance. Market participants analyze the
statement's contents for clues about the BOJ's policy intentions and future actions,
leading to movements in bond yields, stock prices, and currency exchange rates.
Communication Strategy: The Monetary Policy Statement is part of the BOJ's
communication strategy to provide transparency and clarity about its policy
decisions and economic outlook. Effective communication can help manage market
expectations, enhance credibility, and support the central bank's policy objectives.
Global Impact: Changes in Japanese monetary policy can have implications
beyond Japan, influencing global financial markets and central bank policy
COT-Reports.com
decisions in other countries. Movements in Japanese interest rates and the yen
exchange rate can affect global capital flows, asset prices, and monetary policy
dynamics, particularly in Asia-Pacific markets.

In summary, the Monetary Policy Statement is a key event that provides insights into
the BOJ's monetary policy stance, economic assessment, and forward guidance. It has
the potential to influence market sentiment, asset prices, and monetary policy
expectations, both domestically and internationally.

- 83 -
 CHF

COT-Reports.com

(CHF) SWISS FRANC

HIGH-IMPACT NEWS EVENTS

You'll find the following CHF HIGH-IMPACT news events listed in the
Economic Calendar:

1. OPEC Meetings**..........................................................................................................................4
2. OPEC-JMMC Meetings**.............................................................................................................5
3. Jackson Hole Symposium***......................................................................................................6
4. Consumer Price Index month-on-month (m/m).................................................................85
5. Swiss National Bank (SNB) Monetary Policy Assessment.............................................86
6. Swiss National Bank (SNB) Policy Rate...............................................................................87
7. Swiss National Bank (SNB) Press Conference...................................................................88

**Indirect impact for this currency / This event has an impact on global oil prices and the
economies of oil-exporting countries, which in turn affects this currency indirectly (pp, 4 & 5)

***Indirect impact for this currency / This event indirectly affects other major currencies
through its insights into future US monetary policy decisions and their broader implications
for global economic conditions and investor sentiment. (p. 6)

COT-Reports.com

- 84 -
 CHF

4. CONSUMER PRICE INDEX (CPI) MONTH-OVER-

MONTH (M/M)

ECONOMIC CALENDAR
CPI m/m
COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released towards the middle of each month.

RELEASE HOURS
Usually around 2:30 AM to 3:30 AM ET

SIGNIFICANCE
The Consumer Price Index (CPI) m/m for the Swiss franc (CHF) is a significant
economic indicator. Here's why it's important:

Inflation Measurement: CPI m/m measures the change in the average price level of a
basket of goods and services in Switzerland from one month to the next. It provides
insights into short-term inflationary trends, reflecting changes in consumer prices over a
relatively brief period.
Monetary Policy Implications: The Swiss National Bank (SNB) closely monitors CPI data as
part of its assessment of price stability and monetary policy decisions. Persistent deviations
from the SNB's inflation target may prompt adjustments to monetary policy measures,
such as interest rates or currency interventions, to achieve price stability and support
economic growth.
Consumer Spending Power: Changes in CPI m/m affect consumers' purchasing power.
Rising inflation erodes purchasing power, potentially reducing consumers' ability to afford
goods and services with their income. Conversely, falling inflation or deflation may increase
purchasing power, stimulating consumer spending and economic activity.
Market Expectations: Financial markets react to CPI m/m releases, particularly if the data
deviates significantly from expectations. Unexpected changes in inflation may lead to
movements in bond yields, stock prices, and currency exchange rates as investors adjust
their positions based on changes in monetary policy expectations.
Business Decision-Making: CPI m/m data influences business decisions, including pricing
strategies and investment plans. Rising inflation may lead businesses to adjust prices for
goods and services, affecting profit margins and revenue streams. It can also impact
investment decisions by influencing expectations about future economic conditions.
Global Implications: Switzerland's economic performance and inflation trends can have
COT-Reports.com
implications for the global economy, particularly for countries with close economic ties to
Switzerland. Movements in Swiss interest rates and the Swiss franc exchange rate can
affect global capital flows, asset prices, and monetary policy decisions in other countries.

In summary, CPI m/m is a key economic indicator that provides insights into
inflationary trends, consumer spending power, monetary policy implications, market
expectations, business decision-making, and global economic dynamics.

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 CHF

5. (SNB) MONETARY POLICY ASSESSMENT

ECONOMIC CALENDAR
SNB Monetary Policy Assessment

FREQUENCY
Released Quarterly. COT-Reports.com
RELEASE DAY
Usually announced in March, June, September, and December.

RELEASE HOURS
Usually around 3:30 AM to 4:30 AM ET

SIGNIFICANCE
The Swiss National Bank (SNB) Monetary Policy Assessment is a significant event
that provides insights into the central bank's monetary policy stance and economic
outlook. Here's why it's important:

Policy Decisions: During the Monetary Policy Assessment, the SNB announces its
decisions on key monetary policy measures, including the target range for the Swiss policy
rate, currently set at -0.75%, and any adjustments to its unconventional policy tools such
as interventions in the foreign exchange market.
Forward Guidance: The SNB provides forward guidance on its future monetary policy
intentions. This guidance may include indications regarding the timing, direction, and
magnitude of potential future policy adjustments, influencing market expectations and
investor sentiment.
Economic Assessment: The Monetary Policy Assessment includes the SNB's assessment
of the current state of the Swiss economy, as well as its outlook for growth, inflation, and
other key economic indicators. This assessment provides valuable insights into the central
bank's views on economic conditions and potential risks.
Inflation Targeting: The SNB aims to ensure price stability in Switzerland, with an inflation
target of below but close to 2%. The Monetary Policy Assessment may include discussions
on the inflation outlook and the central bank's strategy for achieving its inflation target.
Market Reaction: Financial markets closely monitor the SNB's Monetary Policy Assessment
for any changes in policy measures, forward guidance, or economic assessments. Market
participants analyze the statement's contents for clues about the SNB's policy intentions
and future actions, leading to movements in bond yields, stock prices, and the Swiss franc
exchange rate.
Communication Strategy: The Monetary Policy Assessment is part of the SNB's
communication strategy to provide transparency and clarity about its policy decisions and
economic outlook. Effective communication can help manage market expectations, enhance

COT-Reports.com
credibility, and support the central bank's policy objectives.
Global Impact: Changes in Swiss monetary policy can have implications beyond
Switzerland, influencing global financial markets and central bank policy decisions in other
countries. Movements in Swiss interest rates and the Swiss franc exchange rate can affect
global capital flows, asset prices, and monetary policy dynamics, particularly in Europe.

In summary, the SNB Monetary Policy Assessment is a key event that provides
insights into the central bank's monetary policy stance, economic assessment, and
forward guidance.

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 CHF

6. SWISS NATIONAL BANK (SNB) POLICY RATE

ECONOMIC CALENDAR
SNB Policy Rate

FREQUENCY
Released Quarterly. COT-Reports.com
RELEASE DAY
Typically announced alongside the Monetary Policy Assessment.

RELEASE HOURS
Usually around 3:30 AM to 4:30 AM ET

SIGNIFICANCE
The Swiss National Bank (SNB) Policy Rate, also known as the target range for the
Swiss policy rate, is a key interest rate set by the SNB as part of its monetary policy
framework. Here's why it's significant:

Monetary Policy Tool: The SNB Policy Rate is one of the primary tools used by the central
bank to influence monetary conditions and achieve its policy objectives, which include price
stability and supporting economic growth. The SNB sets the target range for the policy rate
based on its assessment of economic conditions and inflationary pressures.
Inflation Targeting: The SNB aims to ensure price stability in Switzerland, with an inflation
target of below but close to 2%. The Policy Rate plays a crucial role in achieving this target
by influencing borrowing costs, consumer spending, and investment decisions in the
economy.
Impact on Borrowing Costs: Changes in the SNB Policy Rate directly affect borrowing
costs for households, businesses, and financial institutions. Lowering the Policy Rate
makes borrowing cheaper, encouraging spending and investment, while raising the rate
can have the opposite effect, dampening economic activity to control inflationary pressures.
Exchange Rate Dynamics: Movements in the SNB Policy Rate can also influence the value
of the Swiss franc (CHF) in foreign exchange markets. Lower interest rates tend to weaken
the currency as investors seek higher yields elsewhere, while higher interest rates can
strengthen the currency by attracting capital inflows.
Market Expectations: Financial markets closely monitor announcements regarding the SNB
Policy Rate for insights into the central bank's monetary policy stance and future actions.
Changes in the Policy Rate or signals from the SNB about its future trajectory can lead to
movements in bond yields, stock prices, and the Swiss franc exchange rate as investors
adjust their positions.
Global Implications: Changes in Swiss monetary policy, including adjustments to the Policy
Rate, can have implications beyond Switzerland, influencing global financial markets and
COT-Reports.com
central bank policy decisions in other countries. Movements in Swiss interest rates and the
Swiss franc exchange rate can affect global capital flows, asset prices, and monetary policy
dynamics, particularly in Europe.

In summary, the SNB Policy Rate is a crucial interest rate set by the Swiss National
Bank to achieve its policy objectives and influence economic conditions in Switzerland.
It plays a significant role in shaping borrowing costs, exchange rate dynamics, market
expectations, and global economic dynamics.

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 CHF

7. SWISS NATIONAL BANK (SNB) PRESS

CONFERENCE

ECONOMIC CALENDAR
SNB Press Conference

FREQUENCY
COT-Reports.com
Occasional, typically held after major policy announcements.

RELEASE DAY
Not fixed; scheduled as needed.

RELEASE HOURS
Usually around 4:00 AM to 5:00 AM ET

SIGNIFICANCE
The (SNB) Press Conference is a significant event that follows the release of the
SNB's monetary policy decision and assessment. Here's why it's important:

Policy Explanation: The SNB Press Conference provides an opportunity for the central
bank's officials, including the SNB Chairman and other board members, to explain the
rationale behind the latest monetary policy decision. They may discuss factors influencing
the decision, such as economic conditions, inflation outlook, and global developments.
Forward Guidance: Officials may offer forward guidance on the future trajectory of
monetary policy. This guidance could include hints or indications regarding potential future
policy adjustments, providing insights into the central bank's policy intentions and helping
shape market expectations.
Economic Assessment: The Press Conference includes a detailed assessment of the
current state of the Swiss economy, as well as the SNB's outlook for growth, inflation, and
other key economic indicators. This assessment offers valuable insights into the central
bank's views on economic conditions and potential risks.
Market Reaction: Financial markets closely monitor the SNB Press Conference for any
hints or signals about future policy actions. Statements made by SNB officials during the
conference can lead to movements in bond yields, stock prices, and the Swiss franc
exchange rate as investors adjust their positions based on changes in policy expectations.
Communication Strategy: The Press Conference is part of the SNB's communication
strategy to provide transparency and clarity about its policy decisions and economic
outlook. Effective communication can help manage market expectations, enhance
credibility, and support the central bank's policy objectives.
Global Impact: Changes in Swiss monetary policy and statements made during the Press
Conference can have implications beyond Switzerland, influencing global financial markets
and central bank policy decisions in other countries. Movements in Swiss interest rates and
COT-Reports.com
the Swiss franc exchange rate can affect global capital flows, asset prices, and monetary
policy dynamics, particularly in Europe.

In summary, the SNB Press Conference is a key event that provides insights into the
central bank's monetary policy stance, economic assessment, forward guidance, and
communication strategy. It has the potential to influence market sentiment, asset
prices, and monetary policy expectations, both domestically and internationally.

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 CAD

COT-Reports.com

(CAD) CANADIAN DOLLAR

HIGH-IMPACT NEWS EVENTS

You'll find the following CAD HIGH-IMPACT news events listed in the
Economic Calendar:

1. OPEC Meetings**.........................................................................................................................4
2. OPEC-JMMC Meetings**............................................................................................................5
3. Jackson Hole Symposium***.....................................................................................................6
4. Bank of Canada (BOC) Governor Tiff Macklem Speaks..................................................90
5. Bank of Canada (BOC) Press Conference...........................................................................91
6. Consumer Price Index month-on-month (m/m)................................................................92
7. Median Consumer Price Index year-on-year (y/y)............................................................93
8. Trimmed Consumer Price Index year-on-year (y/y).........................................................94
9. Employment Change..................................................................................................................95
10. Unemployment Rate...................................................................................................................96
11. Gross Domestic Product month-on-month (m/m)............................................................97
12. Bank of Canada (BOC) Monetary Policy Report................................................................98
13. Bank of Canada (BOC) Rate Statement...............................................................................99
14. Bank of Canada (BOC) Overnight Rate.............................................................................100

**Directly affected due to its status as a major oil-producing nation, with changes in global
oil prices directly impacting its economy and currency value. (pp. 4 & 5)
***Indirect impact for this currency / This event indirectly affects other major currencies
through its insights into future US monetary policy decisions and their broader
implications for global economic conditions and investor sentiment. (p. 6)

COT-Reports.com

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 CAD

4. GOVERNOR OF THE BANK OF CANADA (BOC)

SPEAKS
ECONOMIC CALENDAR
BOC Gov Macklem Speaks

FREQUENCY
COT-Reports.com
Occasional, scheduled speeches by the Governor of the BOC.

RELEASE DAY
Not fixed; scheduled as needed.

RELEASE HOURS
Varies depending on the scheduled event.

SIGNIFICANCE
When the Governor of the Bank of Canada (BOC), currently Tiff Macklem, speaks, it's
considered a significant event in the financial markets and economic landscape. Here's
why:

Policy Guidance: BOC Governor's speeches often provide insights into the central bank's
current thinking on monetary policy. Markets closely analyze any hints or indications
regarding future policy decisions, including interest rate adjustments or changes to asset
purchase programs.
Economic Assessment: Governor's speeches typically include assessments of the domestic
and global economic conditions. They may discuss factors such as GDP growth, inflation,
employment, and other key indicators, offering valuable insights into the BOC's views on
the state of the economy and potential risks.
Forward Guidance: During speeches, the BOC Governor may offer forward guidance on
the future trajectory of monetary policy. This guidance can influence market expectations
regarding the timing and nature of any policy changes, helping shape investor sentiment
and market reactions.
Market Reaction: Financial markets react to BOC Governor's speeches, with movements in
bond yields, stock prices, and currency exchange rates. Investors and traders adjust their
positions based on the Governor's comments, particularly regarding monetary policy
outlook and economic assessments.
Global Impact: BOC Governor's speeches can have implications beyond Canada,
influencing global financial markets and central bank policy decisions in other countries.
Movements in Canadian interest rates and the Canadian dollar exchange rate can affect
global capital flows, asset prices, and monetary policy dynamics, particularly in North
America.
Communication Strategy: Governor's speeches are part of the BOC's communication
strategy to provide transparency and clarity about its policy intentions and economic
COT-Reports.com
outlook. Effective communication can help manage market expectations, enhance
credibility, and support the central bank's policy objectives.

In summary, BOC Governor's speeches are closely watched events that provide
insights into the central bank's monetary policy stance, economic assessment, forward
guidance, and communication strategy. They have the potential to influence market
sentiment, asset prices, and monetary policy expectations, both domestically and
internationally.

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 CAD

5. BANK OF CANADA (BOC) PRESS CONFERENCE

ECONOMIC CALENDAR
BOC Press Conference

FREQUENCY
COT-Reports.com
Occasional, typically held after major policy announcements.

RELEASE DAY
Not fixed; scheduled as needed.

RELEASE HOURS
Varies depending on the scheduled event.

SIGNIFICANCE
The Bank of Canada (BOC) Press Conference is a significant event that typically
follows the release of the central bank's monetary policy decision. Here's why it's
important:

Policy Explanation: The BOC Press Conference provides an opportunity for the Governor
of the Bank of Canada, currently Tiff Macklem, and other senior officials to explain the
rationale behind the latest monetary policy decision. They may discuss factors influencing
the decision, such as economic conditions, inflation outlook, and global developments.
Forward Guidance: Officials may offer forward guidance on the future trajectory of
monetary policy. This guidance could include hints or indications regarding potential future
policy adjustments, providing insights into the central bank's policy intentions and helping
shape market expectations.
Economic Assessment: The Press Conference includes a detailed assessment of the
current state of the Canadian economy, as well as the BOC's outlook for growth, inflation,
and other key economic indicators. This assessment offers valuable insights into the central
bank's views on economic conditions and potential risks.
Market Reaction: Financial markets closely monitor the BOC Press Conference for any
hints or signals about future policy actions. Statements made by BOC officials during the
conference can lead to movements in bond yields, stock prices, and the Canadian dollar
exchange rate as investors adjust their positions based on changes in policy expectations.
Communication Strategy: The Press Conference is part of the BOC's communication
strategy to provide transparency and clarity about its policy decisions and economic
outlook. Effective communication can help manage market expectations, enhance
credibility, and support the central bank's policy objectives.
Global Impact: Changes in Canadian monetary policy and statements made during the
Press Conference can have implications beyond Canada, influencing global financial

COT-Reports.com
markets and central bank policy decisions in other countries. Movements in Canadian
interest rates and the Canadian dollar exchange rate can affect global capital flows, asset
prices, and monetary policy dynamics.

In summary, the BOC Press Conference is a key event that provides insights into the
central bank's monetary policy stance, economic assessment, forward guidance, and
communication strategy. It has the potential to influence market sentiment, asset
prices, and monetary policy expectations, both domestically and internationally.

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 CAD

6. CONSUMER PRICE INDEX (CPI)

MONTH-OVER-MONTH (M/M)

ECONOMIC CALENDAR
CPI m/m
COT-Reports.com
FREQUENCY
Released Monthly.

RELEASE DAY
Typically released around the middle of each month.

RELEASE HOURS
Usually around 8:30 AM to 9:30 AM ET

SIGNIFICANCE
The Consumer Price Index (CPI) m/m, or month-over-month CPI, for the Canadian
dollar (CAD) is a crucial economic indicator. Here's why it's significant:

Inflation Measurement: CPI m/m measures the change in the average price level of a
basket of goods and services in Canada from one month to the next. It provides insights
into short-term inflationary trends, reflecting changes in consumer prices over a relatively
brief period.
Monetary Policy Implications: The Bank of Canada (BOC) closely monitors CPI data as part
of its assessment of price stability and monetary policy decisions. Persistent deviations
from the BOC's inflation target may prompt adjustments to monetary policy measures,
such as changes in the target for the overnight rate, to achieve price stability and support
economic growth.
Consumer Spending Power: Changes in CPI m/m affect consumers' purchasing power.
Rising inflation erodes purchasing power, potentially reducing consumers' ability to afford
goods and services with their income. Conversely, falling inflation or deflation may increase
purchasing power, stimulating consumer spending and economic activity.
Market Expectations: Financial markets react to CPI m/m releases, particularly if the data
deviates significantly from expectations. Unexpected changes in inflation may lead to
movements in bond yields, stock prices, and the exchange rate of the Canadian dollar as
investors adjust their positions based on changes in monetary policy expectations.
Business Decision-Making: CPI m/m data influences business decisions, including pricing
strategies and investment plans. Rising inflation may lead businesses to adjust prices for
goods and services, affecting profit margins and revenue streams. It can also impact
investment decisions by influencing expectations about future economic conditions.
Global Implications: Canada's economic performance and inflation trends can have
COT-Reports.com
implications for the global economy, particularly for countries with close economic ties to
Canada. Movements in Canadian interest rates and the Canadian dollar exchange rate can
affect global capital flows, asset prices, and monetary policy decisions in other countries.

In summary, CPI m/m is a key economic indicator that provides insights into
inflationary trends, consumer spending power, monetary policy implications, market
expectations, business decision-making, and global economic dynamics.

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 CAD

7. MEDIAN CONSUMER PRICE INDEX (CPI) Y/Y

ECONOMIC CALENDAR
Median CPI y/y

FREQUENCY
Released Monthly. COT-Reports.com
RELEASE DAY
Typically released alongside the CPI data.

RELEASE HOURS
Usually around 8:30 AM to 9:30 AM ET

SIGNIFICANCE
The Median Consumer Price Index (CPI) y/y, also known as the Median CPI, for the
Canadian dollar (CAD) is a significant economic indicator. Here's why it's important:

Inflation Measurement: The Median CPI y/y measures the year-over-year change in the
median price level of a basket of goods and services in Canada. Unlike traditional CPI
measures, which include all items, the Median CPI excludes extreme price movements,
providing a more stable measure of underlying inflationary trends.
Monetary Policy Implications: The Bank of Canada (BOC) closely monitors the Median CPI
as part of its assessment of price stability and monetary policy decisions. The Median CPI
helps policymakers identify persistent changes in the underlying inflation trend, guiding
adjustments to monetary policy measures such as changes in the target for the overnight
rate.
Price Stability Indicator: The Median CPI is considered a better indicator of underlying
inflationary pressures compared to traditional CPI measures, which can be influenced by
temporary factors such as volatile energy or food prices. A stable and predictable inflation
environment supports economic growth and helps maintain price stability over the medium
term.
Market Expectations: Financial markets pay close attention to Median CPI releases as they
provide insights into inflationary trends and potential changes in monetary policy.
Unexpected deviations from market expectations can lead to movements in bond yields,
stock prices, and the exchange rate of the Canadian dollar as investors adjust their
positions based on changes in policy expectations.
Business Decision-Making: The Median CPI helps businesses make more informed pricing
decisions and assess inflationary pressures in the economy. A stable inflation environment
allows businesses to plan for future costs and adjust pricing strategies accordingly,
supporting long-term investment and growth.
Consumer Confidence: The Median CPI provides consumers with a clearer understanding
COT-Reports.com
of underlying inflation trends, helping them make informed financial decisions and manage
expectations about future price changes. Stable and predictable inflation can enhance
consumer confidence and support overall economic stability.

In summary, the Median Consumer Price Index y/y is a key economic indicator that
provides insights into underlying inflationary trends, monetary policy implications,
market expectations, business decision-making, and consumer confidence in Canada.

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 CAD

8. TRIMMED CONSUMER PRICE INDEX (CPI) Y/Y

ECONOMIC CALENDAR
Trimmed CPI y/y

FREQUENCY
Released Monthly. COT-Reports.com
RELEASE DAY
Typically released alongside the CPI data.

RELEASE HOURS
Usually around 8:30 AM to 9:30 AM ET

SIGNIFICANCE
The Trimmed Consumer Price Index (CPI) y/y, also known as Trimmed Mean CPI, for
the Canadian dollar (CAD) is an important economic indicator. Here's why it's
significant:

Inflation Measurement: The Trimmed CPI y/y measures the year-over-year change in the
average price level of a basket of goods and services in Canada, excluding a portion of the
most extreme price movements on both the high and low ends of the distribution. By
trimming outliers, the Trimmed CPI provides a smoother and more stable measure of
underlying inflationary trends.
Monetary Policy Implications: The Bank of Canada (BOC) closely monitors the Trimmed
CPI as part of its assessment of price stability and monetary policy decisions. The Trimmed
CPI helps policymakers identify persistent changes in the underlying inflation trend,
guiding adjustments to monetary policy measures such as changes in the target for the
overnight rate.
Price Stability Indicator: Like the Median CPI, the Trimmed CPI is considered a better
indicator of underlying inflationary pressures compared to traditional CPI measures. It helps
policymakers distinguish between temporary fluctuations in prices and more sustained
inflation trends, supporting the goal of maintaining price stability over the medium term.
Market Expectations: Financial markets pay close attention to Trimmed CPI releases as
they provide insights into inflationary trends and potential changes in monetary policy.
Unexpected deviations from market expectations can lead to movements in bond yields,
stock prices, and the exchange rate of the Canadian dollar as investors adjust their
positions based on changes in policy expectations.
Business Decision-Making: The Trimmed CPI assists businesses in making pricing
decisions and assessing inflationary pressures in the economy. By filtering out extreme
price movements, the Trimmed CPI provides a more accurate picture of underlying inflation
trends, allowing businesses to plan for future costs and adjust pricing strategies
accordingly.
COT-Reports.com
Consumer Confidence: The Trimmed CPI helps consumers understand underlying inflation
trends and make informed financial decisions. Stable and predictable inflation, as measured
by the Trimmed CPI, can enhance consumer confidence and support overall economic
stability.

In summary, the Trimmed Consumer Price Index y/y is a key economic indicator that
provides insights into underlying inflationary trends, monetary policy implications,
market expectations, business decision-making, and consumer confidence in Canada.

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 CAD

9. EMPLOYMENT CHANGE

ECONOMIC CALENDAR
Employment Change

FREQUENCY
Released Monthly.
COT-Reports.com
RELEASE DAY
Typically released on the first Friday of each month.

RELEASE HOURS
Usually around 8:30 AM to 9:30 AM ET

SIGNIFICANCE
The Employment Change report for the Canadian dollar (CAD) is a crucial economic
indicator. Here's why it's significant:

Labor Market Health: Employment Change measures the net change in the number of
employed individuals in Canada over a specified period, typically from one month to the
next. It provides insights into the overall health of the labor market and the pace of job
creation or loss.
Economic Growth Indicator: Changes in employment levels are closely linked to economic
growth. Rising employment typically indicates economic expansion, as businesses hire
more workers to meet increased demand for goods and services. Conversely, declining
employment may signal economic contraction or weakness.
Consumer Spending Power: Employment levels directly affect consumers' spending
power. Higher employment levels generally lead to increased household income and
consumer spending, supporting economic growth. Conversely, job losses or stagnant
employment can dampen consumer confidence and spending, potentially slowing
economic activity.
Monetary Policy Implications: The Bank of Canada (BOC) closely monitors employment
data as part of its assessment of economic conditions and monetary policy decisions.
Changes in employment levels can influence the BOC's decisions regarding interest rates
and other policy measures aimed at achieving its inflation and employment objectives.
Market Reaction: Financial markets react to Employment Change releases, with
movements in bond yields, stock prices, and the exchange rate of the Canadian dollar.
Unexpected changes in employment levels relative to market expectations can lead to
volatility in financial markets as investors adjust their positions based on changing
economic conditions.
Consumer Confidence: Employment Change data can impact consumer sentiment and
confidence in the economy. Rising employment levels tend to boost consumer confidence,
leading to increased spending and investment. Conversely, job losses or weak employment
COT-Reports.com
growth can weigh on consumer sentiment, affecting spending behavior and economic
activity.

In summary, the Employment Change report is a key economic indicator that provides
insights into labor market conditions, economic growth prospects, monetary policy
implications, market reactions, and consumer confidence in Canada. It plays a vital role
in guiding policymakers, investors, businesses, and consumers in understanding the
state of the Canadian economy and making informed decisions.

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 CAD

10. UNEMPLOYMENT RATE

ECONOMIC CALENDAR
Unemployment Rate

FREQUENCY
Released Monthly. COT-Reports.com
RELEASE DAY
Typically released alongside the Employment Change data (p. 92).

RELEASE HOURS
Usually around 8:30 AM to 9:30 AM ET

SIGNIFICANCE
The Unemployment Rate for the Canadian dollar (CAD) is a critical economic
indicator. Here's why it's significant:

Labor Market Health: The Unemployment Rate measures the percentage of the labor force
that is unemployed and actively seeking employment. It provides a snapshot of labor
market conditions and the extent of joblessness within the economy.
Economic Health Indicator: Changes in the Unemployment Rate reflect shifts in overall
economic conditions. A declining Unemployment Rate suggests improving labor market
conditions, economic expansion, and increased consumer confidence. Conversely, a rising
Unemployment Rate may indicate economic contraction, weakened consumer sentiment,
and potential challenges for businesses.
Monetary Policy Considerations: The Bank of Canada (BOC) closely monitors the
Unemployment Rate as part of its mandate to achieve price stability and maximum
sustainable employment. Persistent deviations from the BOC's target for full employment
may influence monetary policy decisions, including adjustments to interest rates or other
policy measures.
Consumer Spending Power: The Unemployment Rate directly affects consumers'
spending power and confidence. Lower unemployment rates typically correspond to higher
levels of household income, increased consumer spending, and stronger economic growth.
Conversely, elevated unemployment rates may lead to reduced consumer confidence and
spending, constraining economic activity.
Market Reaction: Financial markets closely watch Unemployment Rate releases for
insights into labor market dynamics and potential shifts in economic conditions.
Unexpected changes in the Unemployment Rate relative to market expectations can trigger
volatility in bond yields, stock prices, and the exchange rate of the Canadian dollar as
investors adjust their positions based on changing economic prospects.
Policy Responses: Government policymakers and economic authorities may respond to

COT-Reports.com
changes in the Unemployment Rate with targeted interventions or policy measures aimed
at supporting job creation, retraining initiatives, or unemployment benefits. These policy
responses can influence economic outcomes and the trajectory of the labor market.

In summary, the Unemployment Rate is a key economic indicator that provides

insights into labor market health, economic growth prospects, monetary policy
considerations, consumer spending power, market reactions, and policy responses in
Canada.

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 CAD

11. GROSS DOMESTIC PRODUCT (GDP)

MONTH-OVER-MONTH (M/M)
ECONOMIC CALENDAR
GDP m/m

FREQUENCY COT-Reports.com
Released Monthly.

RELEASE DAY
Typically released near the end of each month.

RELEASE HOURS
Usually around 8:30 AM to 9:30 AM ET

SIGNIFICANCE
The Gross Domestic Product (GDP) m/m, or month-over-month GDP, for the
Canadian dollar (CAD) is an essential economic indicator. Here's why it's significant:

Economic Growth: GDP m/m measures the change in the total value of goods and services
produced within the Canadian economy from one month to the next. It provides insights
into the pace of economic growth or contraction over a relatively short period.
Business Cycle Analysis: Changes in GDP reflect shifts in the business cycle. Positive GDP
growth indicates economic expansion, characterized by increased production,
consumption, and investment. Conversely, negative GDP growth suggests economic
contraction, marked by reduced economic activity and potentially rising unemployment.
Monetary Policy Implications: The Bank of Canada (BOC) closely monitors GDP data as
part of its assessment of economic conditions and monetary policy decisions. GDP growth
trends influence the BOC's decisions regarding interest rates and other policy measures
aimed at achieving its inflation and employment objectives.
Consumer and Investor Confidence: GDP growth affects consumer and investor
sentiment. Strong GDP growth signals a healthy economy, fostering consumer confidence
and encouraging investment. Conversely, weak or negative GDP growth can erode
confidence, leading to reduced consumer spending, investment, and economic uncertainty.
Market Reaction: Financial markets react to GDP m/m releases, with movements in bond
yields, stock prices, and the exchange rate of the Canadian dollar. Unexpected changes in
GDP growth relative to market expectations can lead to volatility in financial markets as
investors adjust their positions based on changing economic conditions.
Sectoral Analysis: GDP data provides insights into the performance of different sectors of
the economy. Changes in GDP composition, such as shifts in contributions from
manufacturing, services, or exports, can indicate evolving economic trends and structural
changes affecting growth prospects.
COT-Reports.com
Policy Responses: Governments and policymakers may respond to changes in GDP
growth with fiscal or monetary policy measures aimed at stimulating economic activity or
addressing imbalances. Policy responses can influence economic outcomes, market
dynamics, and the trajectory of GDP growth.

In summary, GDP m/m is a key economic indicator that provides insights into
economic growth trends, monetary policy implications, consumer and investor
confidence, market reactions, sectoral analysis, and policy responses in Canada.

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 CAD

12. (BOC) MONETARY POLICY REPORT (MPR)

ECONOMIC CALENDAR
BOC Monetary Policy Report

FREQUENCY
Released Quarterly.
COT-Reports.com
RELEASE DAY
Usually released in January, April, July, and October.

RELEASE HOURS
Usually around 10:00 AM to 11:00 AM ET

SIGNIFICANCE
The Bank of Canada (BOC) Monetary Policy Report (MPR) is a document that
provides insights into the central bank's assessment of economic conditions, inflation
outlook, and monetary policy stance. Here's why it's significant:

Economic Analysis: The MPR offers an in-depth analysis of the Canadian economy,
including recent economic developments, trends, and forecasts for key indicators such as
GDP growth, inflation, employment, and trade. It provides policymakers, businesses, and
investors with a detailed understanding of the factors driving economic activity.
Inflation Outlook: The MPR includes the BOC's assessment of inflation dynamics and
outlook. It examines factors influencing inflationary pressures, such as domestic demand,
production capacity, labor market conditions, and global economic trends. The inflation
outlook is crucial for monetary policy decisions, as the BOC aims to achieve its inflation
target of 2%.
Monetary Policy Guidance: The MPR outlines the BOC's current monetary policy stance
and provides forward guidance on future policy intentions. It discusses factors influencing
monetary policy decisions, such as economic growth prospects, inflation expectations, and
risks to the outlook. The MPR helps shape market expectations regarding future changes in
interest rates or other policy measures.
Risks and Uncertainties: The MPR discusses risks and uncertainties facing the Canadian
economy, including domestic and global factors that could impact economic growth,
inflation, and financial stability. It assesses downside risks, upside potential, and the
resilience of the economy to various shocks, guiding policymakers in managing risks
effectively.
Market Impact: Financial markets closely monitor the MPR for insights into the BOC's
policy outlook and economic assessment. Changes in the BOC's language, tone, or
forecasts within the report can lead to movements in bond yields, stock prices, and the
exchange rate of the Canadian dollar as investors adjust their positions based on changing
policy expectations.

COT-Reports.com
Communication Strategy: The MPR is part of the BOC's communication strategy to
provide transparency and clarity about its policy decisions and economic outlook. Effective
communication can help manage market expectations, enhance credibility, and support the
central bank's policy objectives.

In summary, the BOC Monetary Policy Report is a key document that provides
policymakers, businesses, investors, and the public with valuable insights into the
central bank's assessment of economic conditions, inflation outlook, monetary policy
stance, risks, and uncertainties.

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 CAD

13. BANK OF CANADA (BOC) RATE STATEMENT

ECONOMIC CALENDAR
BOC Rate Statement

FREQUENCY
Eight times a year; approximately every six weeks.
COT-Reports.com
RELEASE DAY
Announced on the first Tuesday of each month (except January).

RELEASE HOURS
Usually around 10:00 AM to 11:00 AM ET

SIGNIFICANCE
The Bank of Canada (BOC) Rate Statement is a crucial communication tool used by
the central bank to provide insights into its monetary policy decisions and future
intentions. Here's why it's significant:

Policy Decision: The Rate Statement is typically released alongside the BOC's decision on
the overnight interest rate, which is the primary monetary policy tool used to achieve the
bank's objectives of price stability and maximum sustainable employment. The statement
communicates whether the BOC has changed the interest rate, maintained it at the current
level, or provided forward guidance on future rate movements.
Rationale and Analysis: The Rate Statement outlines the rationale behind the BOC's policy
decision, providing an analysis of economic conditions, inflation trends, and other factors
influencing the bank's monetary policy stance. It discusses recent developments in the
domestic and global economy, highlighting key factors considered by policymakers in their
decision-making process.
Forward Guidance: The Rate Statement often includes forward guidance on future
monetary policy actions. This guidance may indicate the BOC's intentions regarding future
interest rate changes, the timing of such changes, and the factors that would influence
policy decisions going forward. Forward guidance helps shape market expectations and
provides clarity to businesses, investors, and consumers.
Risks and Uncertainties: The Rate Statement assesses risks and uncertainties facing the
Canadian economy, including domestic and global factors that could impact economic
growth, inflation, and financial stability. It discusses upside and downside risks to the
economic outlook, guiding policymakers in managing risks effectively.
Market Impact: Financial markets closely analyze the Rate Statement for insights into the
BOC's policy outlook and intentions. Changes in the language, tone, or forward guidance
within the statement can lead to movements in bond yields, stock prices, and the exchange
rate of the Canadian dollar as investors adjust their positions based on changing policy
expectations.

COT-Reports.com
Communication Strategy: The Rate Statement is part of the BOC's communication
strategy to provide transparency and clarity about its policy decisions and economic
outlook. Effective communication helps manage market expectations, enhance credibility,
and support the central bank's policy objectives.

In summary, the BOC Rate Statement is a key communication tool that provides
policymakers, businesses, investors, and the public with valuable insights into the
central bank's monetary policy decisions, economic analysis, forward guidance, risks,
and uncertainties.

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 CAD

14. OVERNIGHT RATE

ECONOMIC CALENDAR
Overnight Rate

FREQUENCY
COT-Reports.com
Eight times a year; approximately every six weeks.

RELEASE DAY
Announced on the first Tuesday of each month (except January).

RELEASE HOURS
Usually around 10:00 AM to 11:00 AM ET

SIGNIFICANCE
The Overnight Rate, set by the Bank of Canada (BOC), is the interest rate at which
major financial institutions borrow and lend one-day (overnight) funds among
themselves. Here's why it's significant:

Monetary Policy Tool: The Overnight Rate is the primary tool used by the BOC to
implement monetary policy. By setting the Overnight Rate, the BOC influences short-term
interest rates in the economy, which, in turn, affects borrowing costs for households,
businesses, and financial institutions.
Price Stability Objective: The BOC aims to achieve its inflation target, which is currently
set at 2%. The Overnight Rate is adjusted to help achieve this target by influencing overall
economic activity and inflationary pressures. Lowering the Overnight Rate stimulates
borrowing and spending, boosting economic growth and potentially increasing inflation.
Conversely, raising the Overnight Rate slows down borrowing and spending, dampening
inflationary pressures.
Economic Indicator: Changes in the Overnight Rate signal the BOC's assessment of
economic conditions and its monetary policy stance. A rate cut suggests that the BOC is
seeking to stimulate economic activity and support growth, while a rate hike indicates a
desire to cool down an overheating economy or tame inflationary pressures.
Market Reaction: Financial markets closely monitor decisions regarding the Overnight
Rate, as they have significant implications for various financial instruments and asset
classes. Changes in the Overnight Rate can lead to movements in bond yields, stock prices,
and the exchange rate of the Canadian dollar as investors adjust their positions based on
changing interest rate expectations.
Consumer and Business Impact: Changes in the Overnight Rate affect borrowing and
saving costs for consumers and businesses. Lower interest rates typically lead to cheaper
borrowing costs for mortgages, loans, and credit cards, stimulating spending and
investment. Conversely, higher interest rates increase borrowing costs, potentially slowing

COT-Reports.com
down consumer spending and business investment.
Forward Guidance: The BOC often provides forward guidance on future changes to the
Overnight Rate, offering insights into its policy intentions and economic outlook. This
guidance helps shape market expectations and provides clarity to businesses, investors,
and consumers regarding future interest rate movements.

In summary, the Overnight Rate is a key interest rate set by the Bank of Canada, with
significant implications for monetary policy, inflation, economic activity, financial
markets, borrowing and saving costs, and overall economic stability in Canada.

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 NZD

COT-Reports.com

(NZD) NEW ZEALAND DOLLAR

HIGH-IMPACT NEWS EVENTS

You'll find the following NZD HIGH-IMPACT news events listed in the
Economic Calendar:

1. OPEC Meetings**.........................................................................................................................4
2. OPEC-JMMC Meetings**............................................................................................................5
3. Jackson Hole Symposium***.....................................................................................................6
4. Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr Speaks.....................102
5. Reserve Bank of New Zealand (RBNZ) Press Conference..........................................103
6. Reserve Bank of New Zealand (RBNZ) Monetary Policy Statement........................104
7. Reserve Bank of New Zealand (RBNZ) Rate Statement..............................................105
8. Official Cash Rate.....................................................................................................................106
9. Inflation Expectations quarter-on-quarter (q/q)..............................................................107
10. Consumer Price Index quarter-on-quarter (q/q).............................................................108
11. Employment Change quarter-on-quarter (q/q)...............................................................109
12. Unemployment Rate................................................................................................................110
13. Gross Domestic Product quarter-on-quarter (q/q).........................................................111

**Indirect impact for this currency / This event has an impact on global oil prices and the
economies of oil-exporting countries, which in turn affects this currency indirectly (pp, 4 & 5)

***Indirect impact for this currency / This event indirectly affects other major currencies
through its insights into future US monetary policy decisions and their broader implications
for global economic conditions and investor sentiment. (p. 6)

COT-Reports.com

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 NZD

4. RESERVE BANK OF NEW ZEALAND (RBNZ)

GOVERNOR SPEAKS

ECONOMIC CALENDAR
RBNZ Gov Orr Speaks COT-Reports.com
FREQUENCY
Occasional, scheduled speeches by the Governor of the RBZN.

RELEASE DAY
Not fixed; scheduled as needed.

RELEASE HOURS
Varies depending on the scheduled event.

SIGNIFICANCE
When Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr speaks, it's a
significant event for several reasons:

Monetary Policy Insights: Governor Orr's speeches often provide insights into the RBNZ's
current thinking on monetary policy. He may discuss recent economic developments,
inflationary pressures, and the factors influencing the central bank's policy decisions.
Forward Guidance: Governor Orr's remarks may offer forward guidance on the future
trajectory of interest rates and other monetary policy measures. Markets closely analyze his
statements for any hints or indications regarding potential changes in monetary policy
stance.
Economic Assessment: Governor Orr may provide an assessment of the New Zealand
economy, including its growth prospects, employment trends, and inflation outlook. His
analysis helps market participants better understand the factors driving economic
conditions in New Zealand.
Market Reaction: Financial markets react to Governor Orr's speeches, with movements in
bond yields, the New Zealand dollar exchange rate, and stock prices. Investors adjust their
positions based on Governor Orr's comments, particularly if they provide new information
or insights into future policy directions.
Business and Investor Confidence: Governor Orr's speeches can influence business and
investor confidence in the New Zealand economy. Clarity on monetary policy intentions and
economic prospects helps businesses make investment decisions, while investors adjust
their portfolios based on the RBNZ's guidance.
Global Impact: Changes in New Zealand's monetary policy and economic outlook can have
implications beyond the country's borders. Movements in the New Zealand dollar exchange
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rate, for example, can affect global capital flows and impact currency markets worldwide.

In summary, RBNZ Governor Adrian Orr's speeches are closely watched by market
participants and policymakers alike, as they provide valuable insights into the central
bank's thinking on monetary policy, economic conditions, and future prospects for the
New Zealand economy.

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 NZD

5. THE RESERVE BANK OF NEW ZEALAND (RBNZ)

PRESS CONFERENCE
ECONOMIC CALENDAR
RBNZ Press Conference

FREQUENCY
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Occasional, typically held after major policy announcements.

RELEASE DAY
Not fixed; scheduled as needed.

RELEASE HOURS
Varies depending on the scheduled event.

SIGNIFICANCE
The Reserve Bank of New Zealand (RBNZ) Press Conference is a significant event
for several reasons:

Policy Announcement: The RBNZ Press Conference typically follows the release of the
central bank's monetary policy decision. It provides an opportunity for RBNZ officials,
including the Governor and other senior members, to explain the rationale behind the policy
decision and any accompanying changes to interest rates or other monetary policy
measures.
Forward Guidance: The Press Conference offers forward guidance on the future trajectory
of monetary policy. RBNZ officials may discuss their outlook for economic conditions,
inflation, and employment, providing insights into potential future policy actions and the
factors that would influence those decisions.
Economic Analysis: The Press Conference includes a detailed analysis of the New Zealand
economy, covering recent economic developments, trends, and risks. RBNZ officials may
discuss factors such as GDP growth, inflationary pressures, employment levels, and
external factors affecting the domestic economy.
Market Reaction: Financial markets closely monitor the RBNZ Press Conference for any
hints or signals regarding future monetary policy actions. Changes in the language or tone
of RBNZ officials, as well as new information or insights provided during the conference,
can lead to movements in bond yields, the New Zealand dollar exchange rate, and stock
prices.
Communication Strategy: The Press Conference is part of the RBNZ's communication
strategy to provide transparency and clarity about its policy decisions and economic
outlook. Effective communication helps manage market expectations, enhance credibility,
and support the central bank's policy objectives.
Business and Investor Confidence: The Press Conference influences business and investor
confidence in the New Zealand economy. Clarity on monetary policy intentions and
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economic prospects helps businesses make investment decisions, while investors adjust
their portfolios based on the RBNZ's guidance.

In summary, the RBNZ Press Conference is a key event that provides valuable
insights into the central bank's monetary policy decisions, economic analysis, forward
guidance, and communication strategy. It plays a crucial role in shaping market
expectations, promoting economic stability, and guiding policy actions in New
Zealand.

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 NZD

6. (RBNZ) MONETARY POLICY STATEMENT

ECONOMIC CALENDAR
RBNZ Monetary Policy Statement

FREQUENCY
Released Quarterly.

RELEASE DAY
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Usually released in February, May, August, and November.

RELEASE HOURS
Usually around 4:00 PM to 5:00 PM ET

SIGNIFICANCE
The (RBNZ) Monetary Policy Statement (MPS) is a comprehensive report released by
the central bank detailing its assessment of economic conditions, inflation outlook, and
monetary policy stance. Here's why it's significant:

Policy Decision: The MPS typically accompanies the RBNZ's decision on the Official Cash
Rate (OCR), which is the primary monetary policy tool used to achieve the central bank's
inflation target. The MPS communicates whether the RBNZ has changed the OCR,
maintained it at the current level, or provided forward guidance on future rate movements.
Rationale and Analysis: The MPS outlines the rationale behind the RBNZ's policy decision,
offering an in-depth analysis of economic conditions, inflation trends, and other factors
influencing the central bank's monetary policy stance. It discusses recent developments in
the domestic and global economy, providing insights into the factors considered by
policymakers in their decision-making process.
Forward Guidance: The MPS often includes forward guidance on future changes to
monetary policy, offering insights into the RBNZ's intentions and the factors that would
influence future policy decisions. This guidance helps shape market expectations and
provides clarity to businesses, investors, and consumers regarding future interest rate
movements.
Inflation Outlook: The MPS provides the RBNZ's assessment of inflation dynamics and
outlook. It examines factors influencing inflationary pressures, such as domestic demand,
production capacity, labor market conditions, and global economic trends. The inflation
outlook is crucial for monetary policy decisions, as the RBNZ aims to achieve its inflation
target.
Market Reaction: Financial markets closely analyze the MPS for insights into the RBNZ's
policy outlook and economic assessment. Changes in the language, tone, or forward
guidance within the report can lead to movements in bond yields, the New Zealand dollar
exchange rate, and stock prices as investors adjust their positions based on changing
policy expectations.

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Communication Strategy: The MPS is part of the RBNZ's communication strategy to
provide transparency and clarity about its policy decisions and economic outlook. Effective
communication helps manage market expectations, enhance credibility, and support the
central bank's policy objectives.

In summary, the RBNZ Monetary Policy Statement is a key document that provides
policymakers, businesses, investors, and the public with valuable insights into the
central bank's assessment of economic conditions, inflation outlook, monetary policy
stance, forward guidance, and communication strategy.

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 NZD

7. RESERVE BANK OF NEW ZEALAND (RBNZ)

RATE STATEMENT
ECONOMIC CALENDAR
RBNZ Rate Statement

FREQUENCY
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Eight times a year; approximately every six weeks.

RELEASE DAY
Announced on the first Wednesday of each month (except January).

RELEASE HOURS
Usually around 4:00 PM to 5:00 PM ET

SIGNIFICANCE
The Reserve Bank of New Zealand (RBNZ) Rate Statement is a significant event that
occurs alongside the central bank's decision on the Official Cash Rate (OCR). Here's
why it's important:

Policy Decision: The RBNZ Rate Statement provides details regarding any
changes to the OCR, which is the benchmark interest rate in New Zealand. The
OCR is the primary tool used by the RBNZ to influence borrowing costs, economic
activity, and inflation.
Rationale and Analysis: The Rate Statement offers insights into the reasoning
behind the RBNZ's policy decision. It includes an analysis of recent economic
developments, inflation trends, employment data, and other factors considered by
the central bank in determining the appropriate monetary policy stance.
Forward Guidance: Alongside the OCR decision, the Rate Statement often
includes forward guidance on future monetary policy intentions. This guidance
may indicate the central bank's outlook for interest rates and potential future
policy adjustments based on economic conditions and inflation expectations.
Economic Assessment: The Rate Statement provides an assessment of the New
Zealand economy, including its growth prospects, inflationary pressures, and
employment dynamics. It helps market participants understand the factors
shaping the RBNZ's policy decisions and the overall economic environment.
Market Reaction: Financial markets closely monitor the RBNZ Rate Statement for
any signals or hints regarding future monetary policy actions. Changes in the OCR,
as well as the language used in the statement, can lead to movements in bond
yields, the New Zealand dollar exchange rate, and stock prices as investors adjust
their positions based on changing policy expectations.
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Communication Strategy: The Rate Statement is part of the RBNZ's
communication strategy to provide transparency and clarity about its policy
decisions. Effective communication helps manage market expectations, enhance
credibility, and support the central bank's policy objectives.

In summary, the RBNZ Rate Statement is a key communication tool that provides
valuable insights into the central bank's monetary policy decisions, economic
assessment, forward guidance, and communication strategy.

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 NZD

8. OFFICIAL CASH RATE

ECONOMIC CALENDAR
Official Cash Rate

FREQUENCY
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Eight times a year; approximately every six weeks.

RELEASE DAY
Announced on the first Wednesday of each month (except January).

RELEASE HOURS
Usually around 4:00 PM to 5:00 PM ET

SIGNIFICANCE
The Official Cash Rate (OCR) is the benchmark interest rate set by the Reserve Bank
of New Zealand (RBNZ). Here's why it's significant:

Monetary Policy Tool: The OCR is the primary tool used by the RBNZ to influence short-
term interest rates in the New Zealand economy. Changes in the OCR directly impact
borrowing costs for households, businesses, and financial institutions.
Inflation Targeting: The RBNZ sets the OCR with the aim of achieving its inflation target,
which is currently set at 2% on average over the medium term. By adjusting the OCR, the
central bank seeks to manage inflationary pressures and ensure price stability in the
economy.
Economic Stimulus or Restraint: Lowering the OCR stimulates borrowing and spending by
making loans cheaper, thereby encouraging consumption and investment. This can help
stimulate economic growth and employment. Conversely, raising the OCR can dampen
inflationary pressures by reducing borrowing and spending, potentially slowing down
economic activity.
Market Expectations: Financial markets closely monitor the OCR decisions for insights into
the RBNZ's monetary policy stance and future interest rate movements. Changes in the
OCR, or signals about potential changes, can lead to movements in bond yields, the New
Zealand dollar exchange rate, and stock prices.
Forward Guidance: Alongside OCR decisions, the RBNZ often provides forward guidance
on the future trajectory of interest rates. This guidance helps shape market expectations
and provides clarity to businesses, investors, and consumers regarding future monetary
policy actions.
Impact on Borrowers and Savers: Changes in the OCR affect borrowing and saving costs
for consumers and businesses. Lower interest rates typically lead to cheaper borrowing

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costs for mortgages, loans, and credit cards, stimulating spending and investment.
Conversely, higher interest rates increase borrowing costs, potentially slowing down
consumer spending and business investment.

In summary, the Official Cash Rate is a key interest rate set by the Reserve Bank of
New Zealand, with significant implications for monetary policy, inflation, economic
activity, financial markets, and borrowing costs in New Zealand.

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 NZD

9. INFLATION EXPECTATIONS
QUARTER-OVER-QUARTER (Q/Q)

ECONOMIC CALENDAR
COT-Reports.com
Inflation Expectations q/q

FREQUENCY
Released Quarterly.

RELEASE DAY
Typically released near the end of each quarter.

RELEASE HOURS
Usually around 4:00 PM to 5:00 PM ET

SIGNIFICANCE
Inflation Expectations q/q refers to the quarterly release of data that measures the
anticipated rate of inflation in the economy over the short to medium term. Here's why
it's significant:

Economic Indicator: Inflation expectations are a crucial economic indicator as they reflect
the anticipated changes in consumer prices. These expectations influence consumer
behavior, business investment decisions, and monetary policy considerations.
Monetary Policy Tool: Central banks, including the Reserve Bank of New Zealand (RBNZ),
closely monitor inflation expectations as part of their monetary policy framework.
Expectations that inflation will rise above or fall below the central bank's target can
influence policy decisions regarding interest rates and other monetary policy tools.
Market Reaction: Financial markets react to changes in inflation expectations, as they
impact expectations for future interest rates and the purchasing power of assets. Higher
inflation expectations may lead to increased bond yields and interest rates, while lower
inflation expectations could have the opposite effect.
Consumer and Business Sentiment: Inflation expectations can influence consumer and
business sentiment. Expectations of high inflation may lead consumers to accelerate
spending to avoid higher future prices, while businesses may adjust pricing strategies and
investment plans accordingly.
Wage Negotiations: Inflation expectations play a role in wage negotiations between
employers and employees. Workers may seek higher wage increases if they anticipate
higher inflation, potentially leading to wage-price spirals and further inflationary pressures.
Policy Implications: Central banks use inflation expectations as an input in their policy
deliberations. If inflation expectations diverge significantly from the central bank's target,
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policymakers may adjust their policy stance to ensure that inflation remains consistent with
their objectives.

In summary, Inflation Expectations q/q is a key economic indicator that provides

insights into future inflationary pressures and influences monetary policy decisions,
financial markets, consumer behavior, business sentiment, and wage negotiations.

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 NZD

10. CONSUMER PRICE INDEX (CPI)

QUARTER-OVER-QUARTER (Q/Q)

ECONOMIC CALENDAR
CPI q/q

FREQUENCY
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Released Quarterly.

RELEASE DAY
Typically released in the middle of each quarter.

RELEASE HOURS
Usually around 6:45 PM to 7:45 PM ET

SIGNIFICANCE
The Consumer Price Index (CPI) measures the average change over time in the prices
paid by urban consumers for a basket of goods and services, including food,
transportation, housing, and medical care.

Inflation Measure: The CPI is a key measure of inflation that tracks the average change in
prices paid by consumers for a basket of goods and services over time. The quarterly CPI
release provides insights into the rate of inflation in the New Zealand economy over a
specific three-month period.
Monetary Policy: Central banks, including the Reserve Bank of New Zealand (RBNZ),
closely monitor CPI data as part of their monetary policy decision-making process.
Changes in the CPI can influence policymakers' views on inflationary pressures and the
appropriateness of current monetary policy settings.
Impact on Interest Rates: Inflation data, including CPI q/q, can influence expectations for
future interest rate movements. Higher-than-expected inflation may prompt central banks
to consider tightening monetary policy by raising interest rates to cool down the economy
and prevent overheating. Conversely, lower-than-expected inflation may lead to
speculation about potential interest rate cuts to stimulate economic activity.
Consumer and Investor Sentiment: CPI data can impact consumer and investor sentiment.
Rising inflation may erode consumers' purchasing power if wages do not keep pace with
price increases, potentially dampening consumer spending. Investors may adjust their
portfolios in response to changes in inflation expectations and interest rate outlooks.
Market Reaction: Financial markets typically react to CPI releases, with movements in bond
yields, the New Zealand dollar exchange rate, and stock prices. Investors adjust their
positions based on whether the CPI data aligns with market expectations and its
implications for monetary policy and economic growth.
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Policy Implications: CPI data provides insights into the health of the economy and informs
policymakers about potential imbalances or risks. Central banks may use CPI data to
assess the need for policy adjustments and to communicate their views on inflation trends
to the public and financial markets.

In summary, the CPI q/q release is a significant economic event for New Zealand,
providing valuable insights into inflationary pressures, monetary policy expectations,
consumer sentiment, and market dynamics.

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 NZD

11. EMPLOYMENT CHANGE

QUARTER-OVER-QUARTER (Q/Q)

ECONOMIC CALENDAR
Employment Change q/q
COT-Reports.com
FREQUENCY
Released Quarterly.

RELEASE DAY
Typically released near the end of each quarter.

RELEASE HOURS
Usually around 6:45 PM to 7:45 PM ET

SIGNIFICANCE
The Employment Change q/q is a vital economic indicator for the New Zealand Dollar
(NZD) because it provides insights into the quarterly changes in employment levels
within New Zealand's workforce. Here's why it's important for the NZD:

Indicator of Economic Health: The NZD is heavily influenced by the state of New Zealand's
economy, and employment levels are a key measure of economic health. Positive
employment change indicates growth in jobs, suggesting a strong and expanding
economy, which can boost confidence in the NZD's strength.
Monetary Policy Implications: The Reserve Bank of New Zealand (RBNZ) closely monitors
employment data as part of its monetary policy decisions. Strong employment growth may
prompt the RBNZ to consider tightening monetary policy, such as raising interest rates, to
prevent inflation from rising too quickly. On the other hand, weak employment figures
could lead to accommodative policy measures, potentially weakening the NZD.
Market Sentiment: Employment change data influences market sentiment towards the
NZD. Positive employment growth tends to boost investor confidence in the currency,
leading to increased demand for the NZD in foreign exchange markets. Conversely,
negative employment figures may dampen investor sentiment, causing the NZD to
depreciate against other currencies.
Consumer Spending and Economic Growth: Employment levels are closely tied to
consumer spending and overall economic growth. Rising employment usually means more
people have jobs and disposable income, which can stimulate consumer spending and
contribute to economic expansion. This positive economic outlook can strengthen the NZD.
Government Policy and Fiscal Measures: Employment data also informs government
policies and fiscal measures aimed at supporting job creation and workforce development.
Positive employment change may indicate successful government initiatives, fostering
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confidence in the NZD's stability and economic prospects.

In summary, "Employment Change q/q" is a crucial economic indicator for the NZD,
providing valuable insights into labor market conditions, monetary policy expectations,
market sentiment, consumer spending, and government policy responses. It plays a
significant role in shaping investor perceptions of the NZD's strength and its
performance in the foreign exchange market.

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 NZD

12. UNEMPLOYMENT RATE

ECONOMIC CALENDAR
Unemployment Rate

FREQUENCY
Released Quarterly.
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RELEASE DAY
Typically released alongside the Employment Change data (see p.106).

RELEASE HOURS
Usually around 6:45 PM to 7:45 PM ET

SIGNIFICANCE
The "Unemployment Rate" is a key economic indicator that measures the percentage
of the total labor force that is unemployed and actively seeking employment. Here's
why it's significant for the New Zealand Dollar (NZD):

Labor Market Health: The Unemployment Rate is a crucial gauge of the health of the labor
market in New Zealand. A lower unemployment rate typically indicates a strong economy
with ample job opportunities, which can contribute to overall economic growth and
stability. Conversely, a higher unemployment rate may signal economic weakness and
potential challenges for the NZD.
Monetary Policy Considerations: The Reserve Bank of New Zealand (RBNZ) closely
monitors the Unemployment Rate as part of its monetary policy decisions. Low
unemployment may suggest increasing inflationary pressures, potentially leading the RBNZ
to consider tightening monetary policy by raising interest rates. Conversely, high
unemployment may prompt the RBNZ to implement accommodative measures to stimulate
economic activity, which can impact the NZD's valuation.
Consumer Confidence and Spending: Unemployment affects consumer sentiment and
spending patterns. High unemployment rates may lead to decreased consumer confidence
and spending, which can weigh on economic growth and impact the performance of the
NZD. Conversely, low unemployment rates may boost consumer confidence and spending,
supporting economic expansion and potentially strengthening the NZD.
Government Policy Responses: Unemployment data informs government policies and
initiatives aimed at addressing unemployment and supporting job creation. Government
actions to reduce unemployment, such as fiscal stimulus measures or job training
programs, can impact economic conditions and influence the NZD's performance.
Market Reaction: Financial markets react to changes in the Unemployment Rate, as it
provides insights into the overall health of the economy and potential shifts in monetary

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policy. Positive changes, such as declining unemployment, may lead to increased investor
confidence in the NZD, while negative changes could prompt caution among investors and
impact the currency's valuation.

In summary, the Unemployment Rate is a critical economic indicator for the NZD,
providing valuable insights into labor market conditions, monetary policy
considerations, consumer confidence, government policy responses, and market
sentiment. It plays a significant role in shaping investor perceptions of the NZD's
strength and its performance in the foreign exchange market.

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 NZD

13. GROSS DOMESTIC PRODUCT (GDP)

QUARTER-OVER-QUARTER (Q/Q)

ECONOMIC CALENDAR
GDP q/q
COT-Reports.com
FREQUENCY
Released Quarterly.

RELEASE DAY
Typically released in the middle of each quarter.

RELEASE HOURS
Usually around 6:45 PM to 7:45 PM ET

SIGNIFICANCE
The Gross Domestic Product (GDP) is the total value of goods and services produced
within a country's borders. Here's why it's significant for the NZD:

Indicator of Economic Growth: GDP q/q measures the rate of economic growth or
contraction within New Zealand's economy. Positive GDP growth indicates economic
expansion, which can boost confidence in the NZD's strength. Conversely, negative GDP
growth suggests economic contraction, potentially weakening the NZD.
Monetary Policy Considerations: The Reserve Bank of New Zealand (RBNZ) closely
monitors GDP data as part of its monetary policy decisions. Strong GDP growth may signal
increasing inflationary pressures, prompting the RBNZ to consider tightening monetary
policy by raising interest rates to curb inflation. Conversely, weak GDP growth may lead to
accommodative policy measures to stimulate economic activity, potentially affecting the
NZD's valuation.
Market Sentiment: GDP data influences market sentiment towards the NZD. Robust GDP
growth tends to boost investor confidence in the currency, leading to increased demand for
the NZD in foreign exchange markets. Conversely, weak GDP growth may dampen
investor sentiment, causing the NZD to depreciate against other currencies.
Consumer and Business Confidence: GDP growth affects consumer and business
confidence. Strong economic growth can lead to increased consumer spending and
business investment, which support overall economic activity and the NZD's performance.
Conversely, weak GDP growth may lead to cautious consumer and business sentiment,
potentially impacting the NZD's valuation.
Government Policy Responses: GDP data informs government policies and fiscal

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measures aimed at supporting economic growth and stability. Positive GDP growth may
indicate successful government initiatives, fostering confidence in the NZD's stability and
economic prospects.

In summary, "GDP q/q" is a crucial economic indicator for the NZD, providing valuable
insights into economic growth prospects, monetary policy considerations, market
sentiment, consumer and business confidence, and government policy responses.

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The information provided in this PDF is intended for educational and informational
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of the information presented, I make no representations or warranties of any kind,
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such information is therefore strictly at your own risk.

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The information provided regarding economic news events, including dates, times,
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