What to Watch - Week of 22 July

Taylor Nugent | Markets Research

Past Week

• Australian employment growth remained strong in June, but the unemployment rate has continued to edge gradually higher in trend terms amid high participation and strong population growth.
• NZ CPI and UK CPI and labour market data did little to shift near term central bank expectations.
• US Retail Sales saw Q2 consumption expectations marked a little higher.
• The ECB was on hold as expected, with market pricing around 80% chance of a September cut.

Week ahead

• Nothing of note on the Australian Calendar
• Quiet in NZ as well with Merchandise Trade (Monday)
• S&P Global preliminary PMIs are on Wednesday.
• US Q2 GDP (Thursday) is expected to pick up a little from Q1, while expectations are for core PCE of 0.2% m/m (Friday).
• Earnings season continues, with Alphabet and Tesla of note (both Tuesday). The Fed goes quiet ahead of their 31 July meeting.
• Markets have grown increasingly confident the BoC will cut on Wednesday, currently about 90% priced.
• Japan Tokyo CPI (Friday) is the final prices data ahead of the 31 July BoJ

View full report here

Also in the What to Watch

• Important Events Preview 
• Weekly Calendar 
• Monthly Calendar 
• NAB Research Forecasts

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