The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time.
5 important events this week will bring us!
- Rate statement by the Reserve bank of Australia (Tue, 7:30 MT (4:30 GMT)) – We anticipate a rate cut from 1.5% to 1.25%. The main reasons behind this decision lie in the intensifying trade tensions between the US and China and the slowdown of inflation. The rate cut is already priced in, that is why it is important to pay attention to the hints on the further decision by the RBA governor Philip Lowe.
- The monetary policy statement by the European central bank (Thu, 14:45 MT (11:45 GMT)) – During this meeting, the rate cut is not expected, but we will focus on the speech by the ECB president Mario Draghi. If he provides positive comments on the outlook of the Eurozone, despite the global pressure, the EUR will rise.
- Canadian trade balance (Thu, 15:30 MT (12:30 GMT)) - Higher-than-expected figures will be positive for the CAD.
- NFP (Fri, 15:30 MT (12:30 GMT)) – According to the forecasts, the level of non-farm payrolls will advance by 180 thousand jobs. Higher figures will be good for the USD.
- Canadian jobs data (15:30 MT (12:30 GMT)) – If the actual level of employment change is higher and the unemployment rate is lower than the forecasts, the CAD will go up.
- Theresa May is about to step down as a leader of the Conservative party on Friday. Her departure will trigger an election that will bring a new leader to power.
- The US dollar slumped to the 5-month low after the forecasts by JP Morgan, Standard Chartered and Barclays for the Fed to cut its interest rate.
- The Italian government will continue the discussion over the difference in fiscal policies with the EU this week.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
What events to follow and how to trade during the week of July 2-6?
Read a short market wrap before trading today!
The United States will publish the non-farm employment change, also known as non-farm payrolls or NFP at 15:30 MT (GMT+3) time on August 6.
Our analyst discusses the latest news and shares his trade ideas on gold, EUR/USD, and S&P 500. Jump in!