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The Week Ahead: 6th – 9th July 2021

Overview for the Week Ahead

The week after the U.S. jobs report is usually one of the lightest of the month in terms of economic data and the holiday-shortened week will be no exception.  

European stocks opened slightly down on Monday, and trading volumes were damped by the closure of US markets over the Independence Day long weekend. 

Wednesday’s Federal Reserve meeting minutes may give investors an insight into policymakers behind the scenes discussions after a hawkish shift prompted market turbulence last month. The European Central Bank will also publish the minutes of its latest meeting, while China will release what will be closely watched inflation figures. And with markets going into the second half of the year investors are asking whether the stunning first half run can continue.  

The JOLTS report for May comes out on Wednesday. JOLTS stands for Job Openings and Labor Turnover Survey. It’s a monthly report put out by the government, and it has gained prominence with so much focus on the labor market these days.  It provides a deeper look into the official jobs report that comes out on the first Friday of each month.   

There is an official changing of the guard at Amazon. Founder Jeff Bezos will officially step down as CEO but will remain executive chairman of the board.  Bezos is ending his role as CEO on a high note this week: the business he began as an internet bookseller 27 years ago is now one of the world’s most valuable companies.  He hands over the reins of the e-commerce giant to Amazon Web Services CEO Andy Jassy. 

The ECB is to publish the minutes of its June policy meeting on Thursday. ECB-watchers will also be on alert for news of several meetings due to take place in the coming weeks as part of the banks review of its monetary policy strategy. 

The bank wants to revamp its inflation target – currently set out close to but not above 2% – and is aiming to get the review done by September. 

This Week’s High Impact Events 

The times below are GMT +3. 

Tuesday 6^th July   

• 07.30 – Australia – RBA Statement Rate & Cash Rate 

Potential instruments to Trade: AUD Crosses. 

• 09.00 – Australia – RBA Gov. Lowe Speaks 

Potential instruments to Trade: AUD Crosses. 

• 17.00 – US – ISM Services PMI 

Potential instruments to Trade: USD Crosses. 

Wednesday 7^th July 

• 12.00 – Europe – EU Economic Forecasts 

Potential instruments to Trade: EUR Crosses. 

• 17.00 – Canada – Ivey PMI  

Potential instruments to Trade: CAD Crosses. 

• 17.00 – US – JOLTS Job Openings 

Potential instruments to Trade: USD Crosses.  

• 21.00 – US – FOMC Meeting Minutes 

Potential instruments to Trade: USD Crosses.  

Thursday 8^th July 

• 05.30 – Australia – RBA Gov. Lowe Speaks  

Potential instruments to Trade: AUD Crosses.  

• 15.30 – US – Unemployment Claims 

Potential instruments to Trade: USD Crosses.  

• 18.00 – US – Crude Oil Inventories 

Potential instruments to Trade: USD & CAD Crosses.  

• All-Day – G20 Meetings Day 1 

Potential instruments to Trade: All Crosses.  

Friday 9^th July 

• 13.00 – Europe – ECB President Lagarde Speaks 

Potential instruments to Trade: EUR Crosses. 

• 13.00 – UK – BoE Gov. Bailey Speaks 

Potential instruments to Trade: GBP Crosses. 

• 15.30 – Canada – Employment Change & Unemployment Rate 

Potential instruments to Trade: CAD Crosses. 

• All-Day – G20 Meetings Day 2 

Potential instruments to Trade: All Crosses.  

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