Following the Fed, the BoJ and the BoE monetary policy decisions last week, the central bank torch will be passed to the RBA and the RBNZ. With regards to the RBA, although the Bank has kept the door for further easing at its latest gathering, we don’t expect a cut to be delivered this time. However, we do expect a cut from the RBNZ, which in June signaled that more easing may be underway, with the forward guidance appearing twice in the statement. As for the economic releases, we get preliminary GDP data for Q2 from Japan and the UK, as well as Canada’s employment report for July.
Monday is a PMI day. During the European morning, we get the final services and composite PMIs for July from the Eurozone member-states from which we got the manufacturing prints last Thursday. At it is always the case, expectations are for the final prints to confirm their preliminary estimates. The UK services PMI is also due to be released and is anticipated to have...
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