The financial markets are awaiting a lot of forex news represented in the developments of the trade disputes between the United States, China and the European Union, especially after the US President threatened last Friday to impose the 10% rate on auto imports from the European Union.
In terms of economic data, the US economy will release the final figures for economic growth during the first quarter of this year, and data for inflation rates, which is the preferred measure of the Federal Reserve to know inflation rates, will be announced.
Elsewhere, the British economy will release the final figures on economic growth rates for more indications of the health of the British economy.
Participants will also focus on preliminary estimates of inflation figures in the euro zone, which are likely to provide support for the European Central Bank's decision to withdraw the stimulus program.
Below are the details of the most important forex news this week
1 The escalation of trade tension between the United States and China
Financial markets closed trading last week lower after US President Donald Trump threatened to impose a 20% rate on cars imported from the European Union, which raised fears of an all-out trade war, especially after Trump asked the US trade representative to identify Chinese goods worth $200 billion. In order to charge an extra tariff tax by 10%.
Beijing has responded that it will hand over a raft of countermeasures if needed, and the developments come on the heels of taxes already announced by both countries earlier this month.
Washington and China are heading towards an open trade conflict after several rounds of negotiations failed to resolve their trade disputes during the last period.
2 The United States announces the final figures for economic growth during the first quarter
At 12:30 GMT on Thursday, the US economy will release the final figures for economic growth during the first quarter of this year, and expectations indicate that the economy will expand by 2.2% on an annual basis to come up with the same preliminary estimates.
3 The US economy announces data on inflation rates
At 12:30 GMT on Friday, the US Department of Commerce will release data on inflation rates, which are data on personal income and consumer spending during the month of May, which includes consumer spending rates, and expectations indicate that the consumer spending index will rise by 0.21. TP2T After rising at a similar pace in the previous month, on an annual basis, the personal consumption expenditures index is expected to rise by 1.9% on an annual basis compared to the month of May, which recorded a rise of 1.8%.
4 Britain announces the final figures for the growth rate during the first quarter
At 08:30 GMT on Friday, the Office of National Statistics will release the final figures for the economic growth rate for the first quarter of this year, and expectations are that the economy will grow by 0.1% on an annual basis to reach 1.2% with the same preliminary figures.
5 Eurozone releases inflation figures for June
At 09:00 GMT on Friday, the European economy will release its inflation report for the month of June.
The consumer price index is expected to rise in June by 2.0% compared to May, which recorded a rise by 1.9%, and the same index will be released, excluding food and fuel prices, and is expected to record 1.0% from 1.1% in the previous reading.
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