Economic calendar: Michigan data in the spotlight

Summary

- US housing market data expected to improve against June
- More weakness expected from the Michigan data
- Norges Bank Deputy Director to deliver a speech

1:30 pm BST - US, Housing market data for July. Data from the US housing market has been quite disappointing as of late but one should keep in mind that further rate cuts could reverse this trend. Housing starts for July are expected to come in at 1.257 million against 1.253 million in the previous month (0.2% MoM) while building permits are seen jumping from 1.232 million in June to 1.270k in July (3.1% MoM)

3:00 pm BST - US, UoM consumer sentiment for August. The US retail sales print released yesterday hinted at a higher than expected spending of the US consumers, what is a good sign for the economy. However, another disappointing reading of the industrial production was also released. Preliminary Michigan indices for August will be interesting as they will show how sentiment balances amid recent de-escalation of the trade war and poor domestic data. Market consensus points to another drop from 90.5 pts to 89 pts.

Central bank speakers scheduled for today
- 12:45 pm BST - Norges Bank Deputy Director Matsen

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