Here are some of the important economic data that will be the focus of the market throughout this week.
MONDAY (July 15, 2024)
New York Manufacturing Index (8.30 PM) - The survey of the manufacturing sector in New York is in focus at the beginning of the week which will influence the movement of the US dollar. This data also provides an indication of the current economic health, spending and investment activities.
TUESDAY (July 16, 2024)
Canadian Inflation Data (8.30 PM) – Canada's consumer price index to be published could help Canada's central bank to assess inflation indicators and set their monetary policy. Canada's expected increase in monthly inflation for June is expected to be slower.
US Retail Sales Data (8.30pm) - The rate of sales in America which is expected to contract in June could add further pressure on the US dollar after last week's key data indicators came in with less encouraging readings.
UK Inflation Data (2.00pm) – Being a compass to the central bank of England, the latest UK inflation figures will be watched. Forecasts for a June inflation drop would suggest monetary policy tends to be on track for easing.
THURSDAY (July 18, 2024)
Australian Employment Data (9.30am) – Employment growth in Australia in June is expected to be lower than the previous month while the unemployment rate is predicted to rise. This bodes poorly for Australia and could put pressure on the Aussie dollar.
UK Jobs Data (2.00pm) – The UK's 3-month average wages index is expected to fall while the number of jobless benefit claims for June fell again after a big jump in the previous month.
ECB Policy Meeting (8.15pm) – The European central bank is expected to keep interest rates unchanged at 4.25% at its latest meeting this week. The follow-up speech by the President will be watched for an assessment of the current level of the economy and further indications of monetary policy.
FRIDAY (July 19)
UK Retail Sales Data (2.00pm) – Set to put pressure on Pound trades at the end of the week, UK monthly sales rates in June are likely to contract after a positive reading the previous month.
Canadian Retail Sales Data (8.30 PM) – Canada is also forecast to present a poor reading for sales rates for May. Indications of declining economic activity will prompt the central bank to loosen monetary policy and will have the effect of a fall in the value of its currency.
