Upcoming economic events 23 August 2024

Time(GMT+0/UTC+0)	State	Importance	Event	Forecast	Previous
12:00		2 points	Jackson Hole Symposium	———	———
12:30		2 points	Building Permits (Jul)	———	1.454M
14:00		3 points	Fed Chair Powell Speaks	———	———
14:00		3 points	New Home Sales (Jul)	628K	617K
14:00		2 points	New Home Sales (MoM) (Jul)	———	-0.6%
17:00		2 points	U.S. Baker Hughes Oil Rig Count	———	483
17:00		2 points	U.S. Baker Hughes Total Rig Count	———	586
19:30		2 points	CFTC Crude Oil speculative net positions	———	231.5K
19:30		2 points	CFTC Gold speculative net positions	———	267.3K
19:30		2 points	CFTC Nasdaq 100 speculative net positions	———	8.5K
19:30		2 points	CFTC S&P 500 speculative net positions	———	-23.5K
19:30		2 points	CFTC AUD speculative net positions	———	-42.6K
19:30		2 points	CFTC JPY speculative net positions	———	23.1K
19:30		2 points	CFTC EUR speculative net positions	———	27.0K

Summary of Upcoming Economic Events on August 23, 2024

1. US Jackson Hole Symposium (12:00 UTC): An important gathering of central bankers, policymakers, and economists, where key issues related to global economic policy are discussed. This event can generate significant market movements based on the speeches and discussions held.
2. US Building Permits (Jul) (12:30 UTC): The number of new building permits issued. Previous: 1.454M.
3. Fed Chair Powell Speaks (14:00 UTC): A highly anticipated speech by the Federal Reserve Chair, potentially offering insights into the Fed’s outlook on monetary policy and the economy.
4. US New Home Sales (Jul) (14:00 UTC): The number of newly constructed homes sold. Forecast: 628K, Previous: 617K.
5. US New Home Sales (MoM) (Jul) (14:00 UTC): Monthly change in new home sales. Previous: -0.6%.
6. US Baker Hughes Oil Rig Count (17:00 UTC): Weekly count of active oil rigs in the US. Previous: 483.
7. US Baker Hughes Total Rig Count (17:00 UTC): Weekly count of total active rigs in the US. Previous: 586.
8. CFTC Speculative Net Positions (Crude Oil, Gold, Nasdaq 100, S&P 500, AUD, JPY, EUR) (19:30 UTC): Weekly data on speculative positions in various commodities and currencies, providing insight into market sentiment.

Market Impact Analysis

• Jackson Hole Symposium: Market participants will closely watch for any signals regarding future monetary policy direction, particularly from Fed Chair Powell’s speech. Hawkish remarks could strengthen USD and raise bond yields, while dovish remarks may support equities.
• US Building Permits and New Home Sales: Indicators of the housing market’s health; strong data could support USD and indicate economic stability, while weaker data may signal a slowdown in housing activity.
• Baker Hughes Rig Counts: Changes in rig counts can influence oil supply expectations, impacting oil prices.
• CFTC Speculative Net Positions: Shifts in speculative positions can indicate changes in market sentiment, potentially leading to increased volatility in commodities and currency markets.

Overall Impact

• Volatility: High, especially with Fed Chair Powell’s speech and Jackson Hole Symposium. Market reactions are likely across equity, bond, currency, and commodity markets.
• Impact Score: 8/10, indicating a high potential for market movements.