This week, it’s the turn of the RBNZ to decide on monetary policy. Expectations are for the Bank to hold off from acting, so the focus will quickly turn to the accompanying statement. Eurozone’s flash CPIs for June, as well as the US core PCE index for May, the Fed’s favorite inflation gauge, will be under the microscope. The EU leaders’ two-day summit will be in focus as well.
Monday appears to be a relatively light day in terms of economic data and releases. The only indicators worth mentioning are the German Ifo survey for June and the US new home sales for May. As for the Ifo survey, no forecasts are currently available for neither the expectations nor the current assessment indices. With regards to the US new home sales, expectations are for a 1.5% mom increase after a 1.5% slide in April.
Tuesday looks to be a quiet day as well. The most important item on the agenda is the US Conference Board consumer confidence index for June, which is expected to have remained unchanged at 128.0...
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