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Weekly Market Preview
Monday, August 07, 2023
Investors will have a thin economic agenda this week however, the expected data holds significant sway over trader sentiment and price movements in various trading markets, as it helps to predict the future monetary policy for the Federal Reserves.
Last week, the US jobs report brought a mix bag of outcomes. In July, the US economy added 187k new jobs, slightly below the anticipated 200k. Conversely, the YoY average hourly wages remained constant at 4.4%, in contrast to the projected 4.2%. Moreover, the unemployment rate declined from 3.6% in June to 3.5% in July. This confluence of factors resulted in a slowdown of momentum within the strong American labour market, while simultaneously, wage levels maintained their stability, yielding a direct influence on inflation levels.
All eyes will be on the US inflation report and the US producer price index of July due this week. Projections suggest a potential rise in US inflation rates from 3% in June to 3.3% in July, largely attributed to the upsurge in energy prices over the preceding month (July saw a roughly 15% increase in West Texas oil prices). On the other hand, core inflation levels (excluding energy and food components) are expected to experience a decline ranging between 4.8% and 4.7%. The July’s inflation levels, coupled with the August’s figures will heavily influence the Federal Reserve’s monetary policy decision in the September FOMC meeting.
• Fed Harker and Bowman speeches
• GBP- Retail Sales (Jul)
• EUR- Inflation Rates (Germany – Jul)
• CNY- inflation Rates (Jul)
• US Oil inventories
• OPEC Monthly Report
• USD- inflation Levels (Jul)
• Fed Harker Speech
• GBP- GDP (Q2)
• USD- PPI (Jul)
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