Economic calendar: Avalanche of crucial data

Summary:

  • PMIs from European economies
  • US manufacturing ISM
  • BoE rate decision, Czech Republic central bank to decide on rates as well

8:00 am BST - manufacturing PMIs for July: Indices from Poland, Hungary and Norway

8:15/8:30 am BST - manufacturing PMIs for July: Indices from Spain/Czech Republic, Switzerland

8:45/8:50/8:55/9:00 am BST - manufacturing PMIs for July: Indices from Italy/France/Germany/EMU, it is worth noting that there will be final readings except Italy from where no preliminary readings are offered. The same concerns Spain from where we are not offered preliminary PMIs. 

9:30 am BST - manufacturing PMI for July from the UK: The index for the United Kingdom is expected to have fallen to 47.6 from 48. The data is unlikely to exert a larger reaction on the pound given the fact that GBP traders are awaiting the BoE rate decision which will be much more important. 

12:00 pm BST - BoE rate decision: Nobody expects changes in either rates or other settings of monetary policy in the UK at today’s meeting. On the other hand, market-based expectations suggest the BoE could choose to cut rates by the year-end assigning 50% chance for such a scenario. Along with today’s decision an inflation report as well as minutes from the meeting will be released. Mark Carney will talk to journalists at 12:30 pm. 

12:00 pm BST - Czech Republic rate decision: The consensus points to a stable main rate at 2%. 

12:30 pm BST - Challenger report from the US on planned layoffs for July

1:30 pm BST - initial jobless claims: The consensus points to a slight uptick to 214k from 206k last week. 

2:30 pm BST - manufacturing PMI from Canada for July: Candian economic releases have been surprising to the upside lately, hence market participants could watch carefully if this trend has been kept in this case. 

2:45/3:00 pm BST - manufacturing PMI/ISM from the US for July: The Fed did what it had to do and has become yet more data-dependent. As a result, each incoming reading will be important in assessing the probability of further rate cuts there. The consensus for PMI points to 50 (final), and for ISM points to 52. 

Daily summary: Mixed moods on stock markets, the dollar remains strong
3 markets to watch next week
Coronavirus: market update
BREAKING: U.S. durable goods orders below expectations
Crypto newsletter: Downward momentum hits pause
When performing transactions in the OTC Forex market, the possibility of making a profit is inextricably linked with the risk of losses.