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Weekly Market Preview

Week Ahead Preview:

31st of July

 

Friday, July 28, 2023

Investors will have a busy economic calendar with major central banks meeting and highly important data releases this week. The decisions and statements from these central banks can significantly impact financial markets and influence investor sentiment.

Markets are closely watching for the upcoming European CPI data of July; forecasts predict that the July CPI will decline to 5.3%. If the actual reading exceeds this forecasted value, it could prompt the European Central Bank (ECB) to extend its rate-hiking trajectory, potentially bolstering the Euro’s value against major currencies.

All eyes will be on the July Bank of England meeting, with expectations of a 25-basis points interest rate hike. This comes as June inflation levels dropped to below 8%, providing the central bank with room to ease its tightening measures. Investors will be keen on receiving additional forward guidance from Mr. Bailey, the President of the Bank of England, to gain insights into the central bank’s future policy direction.

The financial markets will also follow the non-farm payrolls data to gain valuable insights into the current state of the US labour market. The monthly report provides crucial information on the number of jobs added or lost in the non-farm sector. The US labour market’s health is a vital factor in shaping the Fed’s monetary policy decisions, as robust labour market could signal economic growth and may prompt the central bank to consider tightening its monetary policy further. Conversely, a weaker labour market, may lead the Fed to consider changes in its current policy.

 

Economic Data Highlights 

 

Monday 31st of July 

• EUR- Inflation Rates (Jul)
• EUR- GDP (Q2)
• CNY- Manufacturing PMI (Jul)

Tuesday 1st of August

• RBA Interest Rates Decision
• JPY- Unemployment Rates (Jun)
• EUR- Unemployment Rates (Jul)
• EUR- Manufacturing PMI (Jul)
• GBP- Manufacturing PMI (Jul)
• USD- ISM Manufacturing PMI (Jul)

Wednesday 2nd of August

• NZD- Unemployment Rates (Q2)
• CHF- Consumer Confidence (Q3)
• USD- ADP Employment Change (Jul)

Thursday 3rd of August

• CNY- Services PMI (Jul)
• CHF- Inflation Rates
• EUR – Services PMI (Jul)
• GBP- Services PMI (Jul)
• Bank of England Rates decision
• USD- ISM Services PMI (Jul)

Friday 4th of August

• EUR – Retail Sales (Jun)
• CAD- Unemployment Rates (Jul)
• USD- Non-Farm payrolls (Jul)
• USD- Unemployment Rates


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