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Trends & Analysis
News

Crude oil spikes on US inventories report

News

Does Apple have more room to run?

News

Gold spikes to new highs on Fed remarks

News

GBP/USD price may correct lower

News

Goldman Sachs’ stock surges on upbeat Q2

News

Caution ahead of Netflix’s earnings?

Trends & Analysis
News

Crude oil spikes on US inventories report

News

Does Apple have more room to run?

News

Gold spikes to new highs on Fed remarks

News

GBP/USD price may correct lower

News

Goldman Sachs’ stock surges on upbeat Q2

News

Caution ahead of Netflix’s earnings?

Weekly Market Preview

Week Ahead Preview:

8th of July

 

Friday, July 05 2024

Last week, the Fed Chairman noted that inflation levels had significantly declined. However, Mr. Powell emphasised that the Federal Open Market Committee members need more evidence of a further decline towards their 2% target before considering any interest rate cuts. Such evidence could come from a further retreat in upcoming data. Consequently, investors believe the Fed may wait for inflation and labour market reports for July and August before making any changes to current monetary policy. Markets are seeking more clarity from Mr. Powell’s testimony before the US Congress this week.

Additionally, investors will be closely watching the New Zealand Reserve’s interest rate decision, which is expected to maintain the current rates at 5.5%. Despite New Zealand’s inflation levels falling to 4%, they remain well above the 2% target. Therefore, markets do not anticipate any changes in interest rates, at least until the second quarter’s inflation data is released and its proximity to the target is assessed.

Furthermore, the US Consumer Price Index (CPI) report for June is highly anticipated. According to Bloomberg, expectations are for the month over month core inflation level to stabilize at 0.2% and the year-over-year at 3.4%, while the year-over-year headline inflation could fall from 3.4% in May to 3.1% in June. Any lower-than-expected data would increase market expectations of a 25-basis point rate cut at the FOMC September meeting. Current expectations for this reduction have surpassed 65%, according to Bloomberg.

 

Economic Data Highlights (As per UAE time) 

 

Monday 8th of July
  • EUR- German trade balance (May)
Tuesday 9th of July
  • Fed Chairman testifies before the US Congress
  • Fed Bowman speaks
Wednesday 10th of July
  • CNY- Inflation rates (Jun)
  • RBNZ Rate decision & statement
  • OPEC Monthly report
  • US Crude oil inventories
Thursday 11th of July
  • EUR- Inflation rates (Germany- Jun)
  • GBP- Industrial and manufacturing production (May)
  • GBP- GDP (May)
  • USD- Consumer price index (Inflation rates) (Jun)
  • Fed Bostic speaks
Friday 12th of July
  • JPY- Industrial production (May)
  • USD – Producer price index (Jun)
  • Michigan consumer sentiment (Jul)

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