Economic calendar: Oil inventories and Canadian PMI

Summary:

  • A release on US crude inventories to be among top important today
  • Canadian Ivey PMI for July on the calendar too
  • Some central bankers on the agenda as well

8:00 am BST - Retail sales from Czech Republic for June

8:00 am BST - Industrial production from Hungary for June

1:00 pm BST - Minutes from the latest Hungarian central bank meeting

3:00 pm BST - Canadian Ivey PMI for July: In the previous month, the index fell quite notably to 52.4 from 55.9. However, one needs to be aware that this index tends to be volatile from month to month, hence one should not draw too far-reaching conclusions from a single reading. 

3:30 pm BST - Crude inventories: The API report released on Tuesday showed a 0.5 million barrels increase of US inventories last week, that was well above the consensus suggesting a more than 3 million barrels pick-up. In turn, expectations ahead of the governmental data today point to a 2.5 million barrels decline in case of oil, a 1.2 million barrels decline in case of gasoline and a small 0.2 million barrels increase when it comes to distillate. 

Central bankers’ speeches:

  • 2:30 pm BST - Fed’s Evans

  • 9:10 pm BST - RBNZ’s Orr

  • 10:30 pm BST - RBA’s Bullock

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