Week ahead 24 July 2023: US, EU, Japan rates; tech earnings
It’s a big week ahead for central banks with the Federal Reserve (Fed), the European Central Bank (ECB), and the Bank of Japan (BoJ) all on rate watch.
While the Fed and ECB are widely expected to raise by 25-basis points, the latest CPI numbers in Japan suggest the BoJ will leave its ultra-loose monetary policy in place. Outside of that big tech takes the corporate centre stage with Apple, Alphabet, and Microsoft on the slate.
(Video Transcript)
Monday
Well, come let's take a look now at some of the events to watch out for us traders for the week starting Monday, the 24th of July. A big week for central banks. Let's take a look at what's happening across the economic calendar. Beginning on Monday, we get the eurozone manufacturing and services PMI data, an insight into how these sectors is faring in the lookout from this point on.
Also, we get the UK data as well at 930 in the morning and later on in the States it's the same manufacturing and services PMI data as well. As we get a global snapshot of how these purchasing managers are feeling about the outlook.
Tuesday
Quick update on what's happening on Tuesday, Tuesday 25th of July, kicking off in the early part of the day with the German Ifo business Climate Index. This is going to be key for trading the German DAX also for the euro dollar ahead of some key central bank meetings this week.
Also, against the backdrop of US interest rates, we get the consumer board consumer confidence number out as well. On Tuesday.
Wednesday
A quick update on what's happening midweek trading session Early Doors Australia RBA trimmed mean CPI. Then comes the US data. New home sales are pretty much kicked into the long grass because late on the day we get the Federal Reserve interest rate decision. Will they? Won't they?
The markets are pricing in a 25-basis point rise this time around, but of course we saw the Fed skip last time, EIA crude oil inventories as well coming midweek.
Thursday
On Thursday 27th of July it's the German GFK. Consumer confidence. More data for the European Central Bank to chew on. It's the ECB interest rate decision around lunchtime on the Thursday.
Again, possibly looking at 25 basis points in the bank so far as markets are concerned. Also, later on the day we get a look at second quarter growth in the states, the weekly jobless claims and pending home sales.
Friday
Wrapping up the week 40/28. We begin overnight where we get the bank of Japan interest rate decision. You'll remember we've just seen some key consumer price inflation data out in Japan. Economists suggesting this doesn't really formulate a case for the Bank of Japan to start tightening any time soon.
France, GDP, second quarter, Germany, consumer prices out later in the morning and later on the day core PCE price index in the states.
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