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The beginning of the week doesn’t promise to be busy, Monday In Hungary, the MNB announces the evolution of the balance of payments for the second quarter and, in the afternoon, conducts the tender for the usual currency swap. In the afternoon, Jerome Powell’s speech in the US could rock the markets; by the way, we’ll hear more about the Fed chair this week.
On Tuesday Andrew Bailey, Chairman of the Bank of England, will deliver a speech. In Hungary, Tuesday will also not be the busiest day of the week, apart from the auction of discounted Treasury bills ÁKK and the auction of purchase of MNB bonds, there are no other notable economic events, but the latter is worth watching. as the MNB has modified the program several times in recent months. It started, but it was that he temporarily didn’t even accept the offer.
On Wednesday however, we will already see a dumping of real data, mainly abroad. The Japanese BMI for September comes in the early hours of the morning, but the European and American purchasing manager indices are much more interesting: the first comes in the morning and the second before 4 p.m. Changes in the index with reserves, in any case we can deduce the evolution of economic performance from a large fluctuation or a change in trend. Jerome Powell’s Congressional hearing will even begin that day, and the transcript of his speech here will be posted in advance. Our Wednesday will no longer be so busy in Hungary, it will be worth paying attention to the MNB reporter.
Thursday The MNB will maintain its usual week-long deposit bid, preceded by a bond auction, which is worth paying close attention to during the coronavirus crisis, which significantly increased public spending. The Ifo index for September comes from Germany, which is also an important indicator of economic recovery, and traditionally data on new weekly aid requests in the United States will also arrive on Thursday. Powell’s Congressional hearing will continue in the afternoon, with Finance Minister Steve Mnuchin speaking at the same time.
On Friday We do not expect major developments in the international macroeconomy, but in Hungary, after a full week of silence, the CSO will release demographic data for the first half.
Cover image: Getty Images
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