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 things this week will bring us!
- Great Britain’s average earnings index 3m/y – (Tue, 11:30 MT (9:30 GMT) time) – Despite the Brexit headlines, economic data for Great Britain may also affect the GBP. We anticipate the level to increase by 3.3% in November. If the indicator outperforms the expectations, the GBP will rise.
- BOJ monetary policy statement and monetary policy statement – (Wed, tentative) – the Japanese central bank will keep its interest rate unchanged, but the Japanese governor Haruhiko Kuroda could announce lower forecasts for inflation due to the economic slowdown.
- Canada’s retail sales and core retail sales – (Wed, 15:30 MT (13:30 GMT) time) – The level of headline retail sales declined by 0.3%, while the level of core retail sales remained at the same level. The expected figures are going to be announced prior to the date. If the actual data is higher than them, the CAD will get positive momentum.
- Australia’s employment change and unemployment rate (Thu, 02:30 MT (0:30 GMT) time) – Australia’s jobs level is forecast to increase by 18.1 thousand people. Higher levels will
- ECB press conference – (Thu, 15:30 MT (13:30 GMT) time) – According to analysts, the first rate hike will be no earlier than in September and might be pushed back due to the signs of economic slowdown. However, the comments by the European central bank president Mario Draghi may shake the euro. His hawkish tone will push the currency up. On the other hand, if he is cautious, the euro will go down.
- The trade negotiations between the US and China have stuck for now, as the sides made little progress on the intellectual property rights issue. The further talks are scheduled to continue at the end of January in the US.
- Donald Trump and senior Democrats took their first steps toward a compromise deal on immigration and border security. However, it is still unclear if the sides come to an agreement, as Democrats want the government to open first. It’s worth to mention that Trump offered 3 years of deportation relief for some immigrants in return for $5.7 billion for border walls on Saturday. Democrats rejected this offer before the speech by the US president. We will keep you the further progress of the deal.
- More on Brexit: Theresa May returns to Parliament to explain her next steps. Earlier, she told the Cabinet she’ll try to get her deal through Parliament with votes of Conservatives and her Northern Ireland allies. In addition, the German Chancellor Angela Merkel said she would support the British prime minister.
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!