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31FX Blog

Economic Week: Powell Speech, FOMC Minutes, US and UK Economic Data, and more.

31FX – This week packs a lot of economic movement. Starting off with Powell’s speech and results from the FOMC minutes. Day after we have the publish of the US and UK economic data.

Powell Testimony

The Fed chairman is to testify on Tuesday before the Senate Banking Committee alongside Treasury Secretary Steven Mnuchin to update government officials on the economic stimulus programs approved so far.

FOMC Minutes

On Wednesday, the Fed is to publish the minutes of it is April meeting. In its rate statement last month, the Fed said it will keep interest rates at near-zero until officials are “confident that the economy has weathered recent events. “

US Economic Data

In the U.S., the main data point continues to be the weekly report on initial jobless claims.

There is a packed economic calendar in the U.K. this week, with updates on March employment, retail sales, and inflation.

Retail Earnings

This week will see results from big U.S. retailers including Walmart (NYSE:WMT), Home Depot (NYSE:HD), Lowe’s (NYSE:LOW), Target (NYSE:TGT), Kohl’s (NYSE:KSS) and Best Buy (NYSE:BBY). Their figures will show whether U.S. consumers are still spending money despite the widespread coronavirus lockdowns.

Oil Data

The U.S. West Texas Intermediate crude futures contract is coming up on Tuesday and many energy traders are worried about a repeat performance of the oil price slump last month which saw prices drop into negative territory for