Here are some of the important economic data that will be the focus of the market throughout this week.
UK Jobs Data (Tuesday 2.00pm): The Pound is expected to be under pressure this week with expectations of a decline in the UK jobs data report for June. The weakening overall reading of the data will hamper the central bank of England's (BOE) plans for monetary policy tightening.
German Economic Sentiment ZEW Survey (Tuesday 5.00 PM): The economic outlook in Europe is expected to still not show light with several factors still weighing on the economy. Projections for the latest survey data are still at contractionary levels.
Canadian Inflation Data (Tuesday 8.30 PM): Canada's consumer price index data reading will be monitored by the Canadian central bank for further monetary policy setting after the market witnessed an aggressive rate hike of up to 100 basis points by the Bank of Canada (BOC) earlier.
Central Bank of New Zealand Policy Meeting (Wednesday 10.00 AM): The Reserve Bank of New Zealand (RBNZ) is expected to increase interest rates by 25 basis points to 3.00%, maintaining the pace of interest rate hikes since August last year.
UK Inflation Data (Wednesday 2.00 PM): In a move to continue interest rate hikes, the Bank of England (BOE) is seen to be evaluating the latest UK inflation data readings. Annual inflation readings that are predicted to increase, will prompt the central bank to increase interest rates and impact the Pound's movements in the market.
US Retail Sales Data (Wednesday 8.30pm): The sales rate in the United States for July is forecast to decline, following a drop in the inflation rate from a 40-year high as readings published last week.
Minutes of the FOMC Meeting (Thursday 2.00 AM): The market will examine the details of the latest FOMC meeting after the interest rate hike of 75 basis points was implemented for 2 consecutive meetings by the Federal Reserve (Fed). Investors will want to see any early indications of policy-setting for the September meeting based on the published minutes.
Australian Jobs Data (Thursday 9.30am): After an improvement in the June data reading, employment growth in Australia in July is expected to be slower. Meanwhile, the unemployment rate is predicted to remain at 3.5%.
