Here are some of the important economic data that will be the focus of the market throughout this week.
European Manufacturing & Services PMI data (Monday 4.00 PM): The current health of the European economy will be assessed through the reading of this important sector especially in Germany by comparing the figures for July with the previous month.
UK Manufacturing & Services PMI data (Monday 4.30pm): The latest readings for these two key sectors in the UK are forecast to be mixed with expectations of a slight decline in July.
US Manufacturing & Services PMI data (Monday 9.45pm): The US dollar currency will be driven by the reaction to the release of this data at the opening of trade earlier in the week.
US Consumer Confidence Data (Tuesday 10:00 PM): A survey of 3,000 households in the US can give an idea of the current level of spending which is an indication of the current development of economic activity.
Australian Inflation Data (Wednesday 9.30am): Australia's consumer price index reading will be watched by the central bank in setting further monetary policy. The inflation rate is predicted to decrease slowly.
FOMC meeting (Thursday 2.00 am): Being the main focus event this week, the Federal Reserve (Fed) is expected to raise interest rates by 25 basis points to 5.50%. A follow-up speech by Chairman Jerome Powell will drive the direction of the US dollar towards the end of the week.
ECB Policy Meeting (Thursday 8.15 PM): As signaled by the European central bank before, interest rate hikes will continue at the latest meeting with an expected increase of 25 basis points to 4.25%.
US GDP data (Thursday 8.30 PM): Assessing the growth of the US economy, the initial reading for the growth of the second quarter of 2023 will be watched by the market. The forecast growth figure is slightly lower to 1.7% compared to 2.0% for the previous quarter.
BOJ Policy Meeting (Friday): Japan's central bank remains forecasted with a low inflation rate at -0.10% while follow-up remarks by the governor will be monitored for any indication of a change in monetary policy.
US Consumer Personal Expenditure Data (Friday 8.30 PM): The US PCE index data reading is also one of the important indicators for the central bank to assess the current inflation situation of consumers in the previous month. The forecast numbers for July are slightly down.
