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What to Watch - Week of 22 July

It’s expected to be a quiet week on the local docket but plenty to digest on the global stage. Second quarter GDP figures in the US are released on Thursday, as the Fed goes quiet ahead of their 31 July meeting. Focus for investors though will be on earnings ahead of heavy hitters Alphabet and Tesla who report this week.

Taylor Nugent | Markets Research

Past Week

  • Australian employment growth remained strong in June, but the unemployment rate has continued to edge gradually higher in trend terms amid high participation and strong population growth.
  • NZ CPI and UK CPI and labour market data did little to shift near term central bank expectations.
  • US Retail Sales saw Q2 consumption expectations marked a little higher.
  • The ECB was on hold as expected, with market pricing around 80% chance of a September cut.

Week ahead

  • Nothing of note on the Australian Calendar
  • Quiet in NZ as well with Merchandise Trade (Monday)
  • S&P Global preliminary PMIs are on Wednesday.
  • US Q2 GDP (Thursday) is expected to pick up a little from Q1, while expectations are for core PCE of 0.2% m/m (Friday).
  • Earnings season continues, with Alphabet and Tesla of note (both Tuesday). The Fed goes quiet ahead of their 31 July meeting.
  • Markets have grown increasingly confident the BoC will cut on Wednesday, currently about 90% priced.
  • Japan Tokyo CPI (Friday) is the final prices data ahead of the 31 July BoJ

View full report here

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NAB Markets Research

Our markets team is keeping clients informed with award-winning in-depth analysis on the Australian economy, foreign currency, fixed income, credit and commodities markets.