Economic Calendar Summary - August 21, 2026

Market Overview

Recent market sessions have been characterized by concerns over the increasing costs associated with global debt servicing. A notable rise in US yields has occurred, indicating that investor patience with public finances is waning. There is a growing expectation for real structural changes rather than mere financial engineering.

Wall Street has seen some stabilization, and the upcoming macroeconomic data is anticipated to shift focus away from the bond market. Key reports include inflation data from Japan and retail sales figures from the UK, with a significant emphasis on the flash Manufacturing and Services PMI reports from major economies.

Key Economic Releases

Asian Session Highlights

• Japan: July CPI inflation increased to 1.9% year-on-year, with core CPI at 1.8%, aligning with market expectations. The preliminary Manufacturing PMI for August rose to 55.1, indicating robust manufacturing sector health.
• New Zealand: The July trade balance showed a significant deficit of -NZD 1,949 million, contrary to expectations of a surplus. The preliminary Services PMI fell to 52.9, while Manufacturing PMI remained steady at 52.0.
• United Kingdom: Retail sales data fell short of forecasts, with a monthly decline of -0.5% and year-on-year growth slowing to 1.6%. Despite this, the British pound continued to appreciate against most G10 currencies.

Macroeconomic Calendar (CET)

• 08:45 France - Business Confidence Index (August): Consensus 100 | Previous 101
• 09:00 Poland - BIEC Welfare Index (August): Previous 93.6
• 09:15 France - Manufacturing PMI (August) (Flash): Consensus 49.9 | Previous 49.8
• 09:15 France - Services PMI (August) (Flash): Consensus 49.7 | Previous 49.6
• 09:30 Germany - Manufacturing PMI (August) (Flash): Consensus 52.0 | Previous 52.2
• 09:30 Germany - Services PMI (August) (Flash): Consensus 50.2 | Previous 49.8
• 09:30 Poland - Business Climate Index (August)
• 10:00 Eurozone - Manufacturing PMI (August) (Flash): Consensus 51.9 | Previous 51.9
• 10:00 Eurozone - Services PMI (August) (Flash): Consensus 51.5 | Previous 51.7
• 10:30 United Kingdom - Manufacturing PMI (August) (Flash): Consensus 51.6 | Previous 51.9
• 10:30 United Kingdom - Services PMI (August) (Flash): Consensus 51.9 | Previous 52.1
• 15:45 USA - Manufacturing PMI (August) (Flash): Consensus 53.9 | Previous 53.9
• 15:45 USA - Services PMI (August) (Flash): Consensus 54.0 | Previous 54.6
• 19:00 USA - Baker Hughes Rig Count: Consensus 456 | Previous 455

Markets to Watch

• EUR/USD: The focus will be on the flash PMI indicators from the Eurozone and the US, with morning readings from France, Germany, and the Eurozone competing against US data in the afternoon.
• GBP/USD: Sterling's performance will be influenced by UK retail sales data and the upcoming PMI readings, with potential volatility expected.
• Crude Oil / WTI: Commodity prices are likely to react to the PMI indices, with the Baker Hughes US rig count report providing additional market insights.