Economic calendar: US GDP in the spotlight

Summary:

  • US GDP for Q2 seems to be the main event today
  • Second-tier readings before the US data comes out

7:45 am BST - French PPI for June

8:30 am BST - Swedish retail sales for June: The consensus points to a 1% MoM increase compared to a 2% MoM decline in the prior month. 

11:30 am BST - Russian central bank rate decision: A 25 bps rate cut to 7.25% is expected.

1:30 pm BST - US GDP for Q2: The US economy is expected to have grown 1.8% QoQ in annualized term over the three months through June, that’s a significant slowdown from 3.1% seen in the first three months of the year. On the other hand, a substantial rebound is anticipated to have taken placed on the private consumption front (up to 4% from 0.9%). At the same time, GDP deflator - the broadest indicator of inflation - is forecast to have quickened to 1.9% from 0.6% previously. Although the data will shed more light on the US economic outlook, it will not have any impact on the Fed's decision next week. 

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