More big tech earnings and the U.S. jobs report for July will be the main highlights in the week ahead. Investors will also be focusing on the Bank of England’s latest rate decision and economic data out of the Eurozone and China.
Friday’s U.S jobs report is expected to show that the economy added 184,000 jobs in July, while the unemployment rate remained at a historical low of 3.6% and average hourly earnings cooled.
The resilience of the labour market has been a key factor in shaping the view that the economy is heading towards a so-called soft landing of cooling inflation and strong growth.
Investor confidence received a boost last week when Fed Chair Jerome Powell said the central bank’s staff no longer forecasts a U.S. recession and that inflation had a shot of returning to its 2% target without high levels of job losses.
The Eurozone is to release a preliminary estimate of July inflation and second quarter GDP on Monday that will be closely watched amid debate over whether the European Central Bank may raise interest rates again at its next meeting in September.
Have your trading charts ready for a very busy week!
This Week’s High Impact Events
The times below are GMT +3.
Monday 31st July
· No High Impact Events Today
Tuesday 1st August
· 07.30 – Australia – Cash Rate, RBA Rate Statement
Potential instruments to Trade: AUD Crosses.
· 17.00 – US – ISM Manufacturing PMI, JOLTS Job Openings
· 15.30 – US – Average Hourly Earnings m/m, Non-Farm Employment Change, Unemployment Rate
Potential instruments to Trade: USD Crosses.
· 17.00 – Canada – Ivey PMI
Potential instruments to Trade: CAD Crosses.
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