Last week, we received a range of key data from the US economy, the Fed's stance, and reports from BigTech companies. However, the market sell-off was triggered only after lower NFP data on Friday. This week will be somewhat less intense in terms of macro publications but just as intense in terms of quarterly reports.
Today, we will get the US ISM data for non-manufacturing sector. After clearly weak data from the manufacturing sector, the market is waiting for confirmation of whether the services sector will follow the same path.
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Open account Try demo Download mobile app Download mobile appOn Tuesday, the Reserve Bank of Australia (RBA) will decide on the level of interest rates. Expectations are for the current level of 4.35% to be maintained. However, the bank's rhetoric, which will influence expectations for future cuts, will be more important. So far, the Bank has maintained a fairly hawkish stance. Given the recent lower inflation data showing that concerns about exceeding the target were unfounded, the RBA may take a slightly more dovish stance, which could trigger bigger moves in the Australian dollar.
Today, we will also get final PMI data for the services sector for July from the Eurozone countries. Expectations point to confirmation of the very weak preliminary Flash data from mid-July. Additionally, we will get data from the German economy, including factory orders, industrial production, and CPI.
In addition to macro data, this week earning reports from another 77 companies from the SP500 index(US500) are published, including Uber, Airbnb, Caterpillar, Walt Disney, and Paramount Global.
Detailed weekly calendar:
August 5: Monday
- 09:00 AM BST - Eurozone, PMI data for services for July
- 09:30 AM BST - UK, PMI data for services for July
- 03:00 PM BST - USA, ISM PMI data for services for July
August 6: Tuesday
- 05:30 AM BST - Australia, RBA decision
- 10:00 AM BST - Eurozone, retail sales for June
- 01:30 PM BST - USA, foreign trade balance for June
- 09:40 PM BST - USA, API crude oil inventory data
August 7: Wednesday
- 00:00 AM BST - China, foreign trade balance for July
- 00:45 AM BST - New Zealand, Q2 labor market data
- 03:30 PM BST - USA, DOE crude oil inventory data
August 8: Thursday
- 03:00 AM BST - Australia, Bullock's speech from the RBA
- 01:30 PM BST - USA, jobless claims
- 03:30 PM BST - USA, EIA natural gas inventory data
August 9: Friday
- 02:30 AM BST - China, CPI inflation for July
- 07:00 AM BST - Germany, CPI inflation for July
- 01:30 PM BST - Canada, labor market data for July
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