We don’t have any central bank meetings on this week’s agenda, but we get the minutes from the latest RBA meeting, in which we will look for clues as to when the RBA may deliver another rate cut. Given the Bank’s emphasis on the labor market, Australia’s employment data on Thursday could also shape expectations on that front. In the UK, GBP traders are likely to focus on the jobs data for May, as well as the CPIs and retail sales for June, as they try to figure out whether the BoE will indeed abandon its hike plans soon. New Zealand’s and Canada’s CPIs will also be in the limelight.
On Monday, the EU and US sessions appear to be light in terms of economic events and indicators, with the only one worth mentioning being the New York Empire State manufacturing index for July, which is expected to have returned back above zero, to +1.6 from -8.6.
On Tuesday, during the Asian morning, the RBA releases the minutes of it latest gathering, when officials decided to cut rates for the 2ndtime in a row and noted that they will continue to monitor developments in the labor market closely and adjust policy “if needed” to support sustainable growth and the achievement of the inflation target. In June, the guidance was the same but without the “if needed” part. So, in our view, its addition means that, although the door for further action is not closed, the RBA is not in a...
Read the full financial markets weekly outlook on JFD Research.