Economic Calendar Summary - 20 August 2026

FOMC Minutes Overview

On August 19, 2026, the minutes from the latest Federal Open Market Committee (FOMC) meeting were released, revealing insights into the committee's discussions regarding monetary policy and inflation. Key takeaways include:

• A significant number of policymakers believe that further tightening of monetary policy will likely be necessary if inflation does not decrease.
• The committee is divided on inflationary prospects, with a majority expecting a gradual decline in inflation, while many express concerns about persistently high inflation levels.
• Core inflation indicators remain elevated, and inflation expectations have surpassed levels seen prior to the Iran conflict.
• Some members advocated for maintaining interest rates at their current level to allow for a more accurate assessment of economic conditions, especially in light of recent weaker labor market data and softer inflation readings.
• Those in favor of a rate hike argued that it could prevent the need for more drastic measures later on.

Key Economic Data Releases

Poland

In Poland, wage growth accelerated to 6.8% in July, surpassing the consensus of 6.2%. Producer price inflation was reported at 2.8%, and industrial production increased by 5.1%, indicating potential second-round effects of inflation.

Japan

Japan's current account recorded a significant deficit of over 69 billion JPY in July, attributed to rising oil prices and substantial dividend outflows.

Australia

In Australia, consumer inflation expectations rose to 4.9% annually in August, reversing a previous positive trend. Labor market data showed an increase in the unemployment rate to 4.5%, with a loss of 15.8 thousand jobs, contrasting sharply with the previous month’s strong job growth.

Upcoming Economic Events

Key economic events to watch include:

• USA: Weekly Jobless Claims on Thursday at 1:30 PM (previous: 209k, consensus: 210k).
• New Zealand: Trade Balance for July on Friday at 11:45 PM (previous: 23m, consensus: -175m).
• Japan: CPI Inflation for July on Friday at 12:30 AM (previous: 1.6%, consensus: 1.8%).
• UK: Retail Sales for July on Friday at 7:00 AM (previous: 4.2%).
• Eurozone: PMI Index for August on Friday at 9:00 AM (previous: 52).

Market Insights

Recent market movements include:

• Oil prices remain near local highs despite reports of US military securing shipping routes in the Strait of Hormuz.
• The EUR/USD pair experienced significant movement, with the dollar losing 0.9% against the euro, influenced by Treasury Secretary Scott Bessent's communications.
• The USD/JPY pair has moved away from the critical barrier at 160, with upcoming inflation data expected to influence its direction.