- Australia's GDP exceeds expectations on an annual basis
- U.S. trade balance data for June
- U.S. ISM Services Index
- Interest rate decisions in Canada and Poland
Today's macroeconomic calendar is filled with several important events. So far, we have already received Australia's Q2 GDP data for this year. The data confirmed a strong economy and sustained export demand for both products and services, driving the Australian economy. Despite 12 interest rate hikes, the economy continues to show resilience and growth.
In the second half of the day, we will get several pieces of U.S. macro data. First, the trade balance for June will be published. A deficit of -$68 billion is expected. Next, the ISM Non-Manufacturing Index will be published. Sub-indices for employment, prices, and business activity will be particularly noteworthy. The last readings showed consistently solid data well above 50 points; however, it is expected that the non-manufacturing sectors will slowly begin to follow weaker data from the industry.
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Open account Try demo Download mobile app Download mobile appIn Canada and Poland, decisions on interest rates will be published. The Bank of Canada (BoC) is expected to keep the main interest rate at 5.00% — the highest since the first half of 2001 after 25 bp hikes in June and July. Meanwhile, in Poland, the consensus expects a 25 bp rate cut to 6.50% — the first this year after the end of the rate-hike cycle. Based on a Bloomberg survey, among 36 polled economists, 21 expect a cut, and 15 expect the interest rates to remain the same.
Detailed calendar for the day:
1:30 PM BST, USA - Trade balance for June:
- Expected deficit of -$68 billion compared to a deficit of -$65.5 billion the previous month
3:00 PM BST, Canada - Interest rate decision, rates expected to remain at 5.00%
11:00 AM-3:00 PM BST, Poland - Interest rate decision, 25 bp rate cut to 6.50% expected
3:00 PM BST, USA - ISM Non-Manufacturing Index for August:
- Expectations: 52.5; Previously 52.7
- Employment Index: Previously 50.7
- Price Index: Previously 56.8
- Business Activity: Previously 57.1
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