The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time.
China’s manufacturing surge picks up moderately in March
In March, surge in China's manufacturing sector managed to pick up a bit because the Chinese government had winter industrial pollution limits lifted and steel mills increased their output as construction activity shifts back into higher gear.
In March, the official manufacturing Purchasing Managers' Index is anticipated to have ascended to 50.5 versus February's 50.3, as follows from a median estimate of 29 market experts in a Reuters survey. In this poll contraction is divided from expansion by with the 50-mark.
It would point out to the 20th straight month of expansion for the country’s versatile manufacturing sector. It will also back consensus views that the world's number two economy will face just a moderate slowdown in surge in 2018.
Confounding hopes for a winter lull, the country’s steel companies kept increasing output during the first quarter, thus responding to firm sales, and also spurred borrowing, hiring and capital expenditures, as follows from a poll from the China Beige Book uncovered on Wednesday.
However, in recent trading sessions steel prices have gone down because inventories leapt to multi-year maximums.
Overall, this year China's economic data suggests that the Chinese economy has managed to carry firm surge momentum into the first quarter from 2017, with a government think tank predicting the country’s economy is going to surge 6.9% during the first half.
However, many market experts are assured that the country’s tempo will slow later in 2018, mainly suppressed by soaring borrowing costs and a cooling property markets.
An abrupt escalation in trade tensions with America has also affected the outlook and might have started dampening exporters' confidence.
Market experts hope next week’s private poll on China's factory activity will demonstrate a similar ascending trend as in the official poll, after surge in February ended up with a six-month maximum.
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!