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8 July 2024 | FXGT.com

The week ahead – All Eyes US Inflation Data

Key Upcoming Events: 

  • US Fed Chair Powell Testimony 18:00 (GMT+3) Wednesday 9th July
  • UK GDP 09:00 (GMT+3) Thursday 10th July
  • US Inflation Rate 15:30 (GMT+3) Thursday 10th July
  • Powell’s Testimony: Fed Chair Jerome Powell will testify before the Senate Banking Committee on Tuesday and Wednesday, likely adopting a dovish tone for 2025 rates due to recent soft PCE inflation, ISM reports, and an uptick in the unemployment rate to 4.1%. While his comments are expected to align with his recent remarks at the ECB forum, the Q&A session may provide more clarity on the Fed’s plans.
  • US Consumer Price Index (CPI): The June CPI reading, expected to show a 0.1% month-on-month and 3.1% year-on-year rise, will shape expectations for future Fed rate cuts. Core CPI is anticipated to rise by 0.2%. If inflation continues to slow, it may bolster expectations for rate cuts, impacting the US dollar and market sentiment.
  • RBNZ Interest Rate Decision: The Reserve Bank of New Zealand is expected to maintain its current interest rate, but traders will closely watch for any hawkish hints in the announcement, which could prompt investors to scale back rate cut bets, supporting the New Zealand dollar.
  • US Earnings Season Begins: Earnings season kicks off with major US banks, including JPMorgan and Citigroup, reporting their earnings. Modest growth and stable trading revenues are expected, suggesting limited market volatility. However, these reports will provide valuable insights into the financial sector’s health and market conditions.

This week the markets will be closely following economic data & earnings reports such as:

Monday:

  • US Consumer Inflation Expectations JUN

Tuesday:

  • AU NAB Business Confidence JUN
  • US Fed Chair Powell Testimony

Wednesday:

  • JP PPI JUN
  • NZ RBNZ Interest Rate Decision
  • US Fed Chair Powell Speech
  • OPEC Monthly Report 

Thursday:

  • DE Inflation Rate Final JUN
  • GB GDP MAY
  • US Inflation Rate JUN  
  • Earnings Reports:
    • PepsiCo, Inc.
    • Delta Air Lines, Inc.

Friday:

  • US PPI JUN
  • US Michigan Consumer Sentiment Prel JUL
  • Earnings Reports:
    • JPMorgan Chase & Co.
    • Wells Fargo & Company
    • Citigroup Inc.
    • Fastenal Company

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