A quick reminder that the Federal Reserve is sticking to its tapering policy, and lowered spending on bonds by 10 billion per month in its decision last week. The Fed also kept interest rates unchanged, which was good news for the dollar.
There are no major market-moving events on Monday the 4th of August, so we move straight onto Tuesday the 5th. Australia announces its interest rate decision and monetary policy at 04.30. The rate was previously 2.5 percent.
There are a few more releases out of Asia, with China’s HSBC Services PMI report for July out at 01.45, previously recorded at 53.1; and Japan’s Markit Services report for July out at 01.35, previously reported at 49.
Markit releases Service July PMI reports for the Eurozone and the US are released at 08.00 and 13.45 respectively. The services industry benchmark in the EU was reported at the level of 52.8 in June, and there are expectations it will rise to 54 in July. In the US, the Services benchmark was stronger at 64, according to the previous month’s report.
On Wednesday August 6th, the UK announces its annualized Industrial Production performance for June at 08.30. It was previously reported at 2.3 percent.
The strongest-impact market events day is Thursday August 7th. At 01.30, Australia reports its employment change for July, previously registered at 15,900. Then, at 11am, all eyes turn to the Bank of England, which releases its Asset Purchase Facility and Interest Rate decision. No changes are expected in either, and a reminder that the interest rate stands currently at 0.5 percent. The European Central Bank announces its interest rate decision at 11.45, followed by its press conference and monetary policy signals at 12.30. The ECB is currently running a negative interest rate of MINUS 0.10 percent, to force banks to lend to businesses and individuals in the EU.
Finally, on Friday August 8th, we’ll be watching for Canada’s net change in employment for July, out at 12.30 PM and previously reported at MINUS 9.4K. Canada’s Unemployment Rate for July is reported at the same time, and was previously 7.1 percent.
Remember that a full economic calendar can be found in Banc De Binary’s Trading Room.
That was Ahead of the Week from Banc De Binary’s Trading Room research team, wishing you successful trading!