Key Events for Forex Brokers in August 2024
All eyes are on the market-moving events coming up in August and what lies ahead in September. As the leading financial services marketing agency, we’ll look at a few of the financial showstoppers! Let’s go.
1. It’s earnings reporting season
Yep, it’s that time of the year again!
August is the peak of the earnings season for many large corporations. Brokers and investors will be keeping a keen eye on the quarterly reports from major tech giants, financial institutions, and consumer goods companies.
Companies’ performance in the face of ongoing economic uncertainties, including supply chain disruptions and inflation, will be under scrutiny. Strong earnings could bolster market confidence, while disappointing results might trigger selloffs.
Here’s a little overview of when companies declared their Q2 earnings last year and when you may be able to expect their announcements in 2024.
2. The US Presidential Election
July couldn’t have had more election-related attention-grabbing headlines if it tried.
First, was the failed assassination attempt on Trump’s life, and then Joe Biden’s monumental U-turn on leading the Democrats into the election. Dare we guess what’s coming next? Well, we know that it’s looking more and more likely that Kamala Harris, Biden’s VP, will be the one to take over the reins ahead of the Democrat national convention in Chicago between August 19–22. If, for whatever reason, that doesn’t happen — there may well be some volatility in the markets. As for what happens in November, it looks way too close to call. It looks like Harris has erased Trump’s lead.
Source: Economist
3. Economic data releases
There are economic releases and there are economic releases. A few biggies are coming over the next few weeks that will no doubt be dotted on most trader’s calendars, including:
● US Employment Report: The non-farm payrolls report will provide insights into the health of the labour market. Strong job growth could give the US economy a big boost, potentially improving investor confidence. Weaker numbers might raise concerns about an overall economic slowdown.
● Inflation Data: Traders will be monitoring CPI and PPI data for any signs of inflationary trends. Consistently high inflation might prompt the Fed to tighten its monetary policy, impacting interest rates and stock valuations — with clear implications for investment strategies.
● GDP Reports: The preliminary GDP figures of major economies, including the US, countries in the Eurozone, the UK and China, offer a snapshot of economic growth in these key economies.
More on those in a minute…
Your Turn!
Brokers, what’s your key focus this month? What patterns are you observing with your traders? Let us know on X at @_contentworks.
Top fundamental events this month
On top of the major potential events, we’ve put together a quick list of a bunch of other fundamental things that might make the markets swing this month.
August 1–4
● AUD — Balance of Trade
● CNY — Chinese Caixin Manufacturing PMI
● GBP — Official Bank Rate, GBP MPC Meeting Minutes
● USD — ISM Manufacturing PMI
● USD — Average Hourly Earnings MoM; Unemployment Rate; Nonfarm Payrolls
August 5–11
● USD — ISM Services PMI
● AUD — RBA Interest Rate Decision
● EUR — German Balance of Trade
● AUD — NAB Business Confidence
● CNY — Chinese Balance of Trade
● CAD — Balance of Trade; Unemployment Rate
August 12–18
● GBP — Unemployment Rate; Inflation Rate YoY; GDP MoM; Manufacturing Production MoM/YoY; GDP Growth Rate YoY Prel; Retail Sales MoM
● USD — PPI MoM; Inflation Rate YoY; Inflation Rate MoM
● JPY — GDP Growth Rate QoQ Prelv
August 19–25
● AUD — RBA Meeting Minutes
● CAD — Inflation Rate YoY
● JPY — Balance of Trade
● USD — FOMC Minutes
● EUR — German HCOB Manufacturing PMI Flash
August 26–31
● EUR — German Ifo Business Climate; German GfK Consumer Confidence; German Inflation Rate YoY Prel
● USD — Durable Goods Orders; CB Consumer Confidence; Personal Spending MoM; Personal Income
● CAD — GDP Growth Rate Annualized; GDP Growth Rate QoQ
Here at Contentworks we closely follow market movements and prep content your traders love to read. Let’s get you started.
Speak soon!
The Contentworks team
