Oil prices dropped on Monday, as weak manufacturing data from China and Japan for July weighed on the outlook for demand, while investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments.
August begins with investors looking to build on gains following the best month for U.S. equity markets since late 2020.
In the week ahead, the July jobs report and a continued flood of corporate results will remain top of mind for investors.
Elsewhere on the economic calendar, investors will digest ISM manufacturing data, job openings data, and durable goods orders, among other reports. Federal Reserve Bank presidents Charles Evans, James Bullard, and Loretta Mester are also scheduled to give speeches this week as the central bank rolls out of its blackout period after last week’s policy-setting meeting.
The Bank of England is widely expected to hike rates by half a percentage point at its meeting on Thursday, which would be its largest hike since 1995.
Only three BoE officials voted in favour of a 0.5% rate hike at the bank’s last two meetings, but data since then has shown inflation hitting a four-decade high of 9.4%. It could hit 12% by October – six times the BoE target.
Governor Andrew Bailey has pledged to act forcefully if needed to get inflation down.
Elsewhere, the Reserve Bank of Australia is expected to hike rates by 0.5% at its upcoming meeting on Tuesday with inflation Down Under running at 6.1%, more than double the RBA’s 2-3% target.
Have your trading charts ready!
This Week’s High Impact Events
The times below are GMT +3.
Monday 1st August
17.00 – US – ISM Manufacturing PMI
Potential instruments to Trade: USD Crosses.
Tuesday 2nd August
07.30 – Australia – Cash Rate & RBA Rate Statement
Potential instruments to Trade: AUD Crosses.
17.00 – US – JOLTS Job Openings
Potential instruments to Trade: USD Crosses.
Wednesday 3rd August
01.45 – New Zealand – Employment Change q/q
Potential instruments to Trade: NZD Crosses.
01.45 – US – FOMC Member Bullard Speaks
Potential instruments to Trade: USD Crosses.
09.30 – Switzerland – CPI m/m
Potential instruments to Trade: CHF Crosses.
10.15 – Europe – Spanish Services PMI
Potential instruments to Trade: EUR Crosses.
17.00 – US – ISM Services PMI
Potential instruments to Trade: USD Crosses.
Thursday 4th August
14.00 – UK – BOE Monetary Policy Report, MPC Official Bank Rate Votes, Monetary Policy Summary, & Official Bank Rate
Advertencia de riesgo: Nuestros productos se comercializan con margen y conllevan un alto nivel de riesgo y es posible que pueda perder todo su capital. Es posible que estos productos no sean adecuados para todos y debe asegurarse de que comprende los riesgos que involucran. Declaración de Riesgos.
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