Week draws to a close – but forex calendar remains busy

Denise Jackson

The economic calendar for the final two days of this week is looking busy.

Continuing jobless claims are set to come out of the US at 12.30pm GMT. It is expected that this will show a dip from 1,723,000 to 1,700,000. Initial jobless claims covering the week after are set to rise from 209,000 to 216,000.

Later in the day, central banker speeches from Raphael W. Bostic, President and CEO of the Federal Reserve Bank of Atlanta, and others will take place.

Japanese data will be in the spotlight at the end of Thursday, when the National CPI excluding food and energy for June comes out at 11.30pm GMT. Year on year, this is expected to show a shift from 0.5% to 0.6%.

New Zealand’s credit card spending data for May will kick off Friday at 3am GMT. Year on year, this is predicted to show a shift from 6.6% to 5.4%.

Canadian retail sales for May will be released at 12.30pm GMT. Month on month, this is forecast to shift from 0.1% to 0.4%.

The preliminary Michigan consumer sentiment index for July will be out at 2pm GMT. This is expected to move from 98.2 to 98.5.

James Bullard, President of the Federal Reserve Bank of St. Louis, may give some indication as to the steps of the Federal Open Market Committee at its next meeting when he speaks at 3.05pm GMT.

Looking ahead to Monday of next week, the Confederation of British Industry will release its industrial trends survey covering orders in July at 10am GMT.

At 10.30pm GMT, there’ll be a speech from Christopher Kent – who is the Assistant Governor (Economic) at the Reserve Bank of Australia.

On Tuesday, more central banker action will occur when Andrew G. Haldane, Chief Economist at the Bank of England, speaks at 12.15pm GMT.

Existing home sales data will come out of the US at 2pm GMT, covering the month of June. Month on month, this is expected to show a change from 2.5% to 1.2%.

New Zealand trade balance data for June is out at 10.45pm GMT. Month on month, this was last recorded at $264m.

On Wednesday, the main event will be preliminary German Markit manufacturing PMI data for July. This is expected to show a change from 45 to 45.4.

There will also be a preliminary Europe-wide Markit PMI composite release covering July, which is out half an hour later at 8am GMT. This is expected to show a change from 52.2 to 51.8.

Next Thursday, there will be a speech from Philip Lowe, Governor of the Reserve Bank of Australia – the country’s central bank.

The European Central Bank will announce its interest rate decision at 11.45am GMT. It is expected that the Bank will keep its headline rate of 0% in place.

The deposit rate decision is also expected and is predicted to show no change from -0.4% when the announcement comes at the same time as the interest rate decision.

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Denise Jackson
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