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Weekly Market Preview
Friday, 02 August 2024
Last week, markets gained more clarity on the monetary policies of major central banks. The Federal Reserve kept interest rates unchanged, but its chairman hinted at the possibility of starting to cut rates at the September meeting. Meanwhile, the Bank of England reduced interest rates by 25 basis points in a narrow 5 to 4 votes, underscoring its cautious approach to further cuts and its reliance on economic data, like the European Central Bank’s approach.
This week’s economic calendar is less busy compared to last week. It begins with the final Purchasing Managers’ Index (PMI) figures for the services sector in July from several economies, including the Eurozone and the US ISM-PMI data. Markets will closely monitor this data to gauge the performance of the services sector, as inflation levels in this sector are crucial for central banks in shaping their future monetary policies.
Additionally, markets are anticipating the Australian interest rate decision, which is expected to remain unchanged at 4.35%. The increase in Australian inflation from 3.6% in the first quarter to 3.8% in the second quarter keeps inflation too high for the Australian Central Bank to consider rate cuts at this time. Any move towards reducing rates will require further economic data indicating a significant decline in inflation levels toward the 2% target.
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