The Top 8 Economic Events Happening This Week | July 18-22

What’s happening this week in economics? 🔎

NAGA’s team examines news and trends from around the world. Check out our current overview of important events and releases affecting the forex, stock, and commodities markets this week, Monday, July 18 through Friday, July 22.

👀 Our attention is focused on the following developments:

1) The New Zealand Consumer Price Index (CPI) – (Monday, July 18)

The New Zealand Consumer Price Index (CPI) will be released on Monday, July 18 at 01:45 GMT+3.

In New Zealand, the Consumer Price Index or CPI measures changes in the prices paid by consumers for a basket of goods and services.

The higher the CPI, the higher the inflation. Greater chances of a more restrictive monetary policy. If the CPI figure is higher than predicted, it would be deemed positive for the currency as the regulator is more likely to become more hawkish.

Beware of potential volatility for NZD 🇳🇿

2) The Reserve bank of Australia Policy Meeting Minutes – (Tuesday, July 19)

On Tuesday, July 19, the Reserve bank of Australia Policy Meeting Minutes will be held at 04:30 GMT+3.

The Reserve Bank of Australia (RBA) Monetary Policy Meeting Minutes are a detailed record of the bank's most recent policy-setting meeting, containing in-depth insights into the economic conditions that influenced the rate decision.

The meeting minutes confirm what had been previously said by the country’s main bankers regarding the monetary policy. Traders will be looking at the report in order to determine if there are any concrete indications of how the regulator may alter its policy over the next 1-4 months.

Beware of potential volatility for AUD and AUS200 🇦🇺

3) The Bank of England Governor Speech – (Tuesday, July 19)

On Tuesday, July 19, the Bank of England Governor Speech will be held at 20:45 GMT+3.

Bank of England Governor Andrew Bailey is speaking at a press conference following the U.K. central bank’s latest monetary policy decision. In a widely expected move, policymakers at the BOE voted for a consecutive rate hike at a time when millions of U.K. households are grappling with skyrocketing living costs.

The governor of the central bank also may provide further clarification ahead of tomorrow’s CPI release.

Beware of potential volatility for GBP and FTSE100 🇬🇧

4) The Consumer Price Index (United Kingdom) – (Wednesday, July 20)

The Consumer Price Index (United Kingdom) will be released on Wednesday, July 20, at 09:00 GMT+3. Consumer Price Indices (CPI), is the main UK domestic measure of inflation for macroeconomic purposes. The CPI is a measure of consumer price inflation produced to international standards and in line with European regulations. The CPI is the inflation measure used in the Government’s target for inflation.

The inflation rate in the UK has been one of the highest from the world’s G7, and the central bank has already given indications of further rate hikes. But this will also depend on the latest inflation rate.

Beware of potential volatility for GBP and FTSE100 🇬🇧

5) The Canada Consumer Price Index (CPI) – (Wednesday, July 20)

The Canada Consumer Price Index (CPI) will be released on Wednesday, July 20, at 15:30 GMT+3.

The Consumer Price Index (CPI) is an indicator of changes in consumer prices experienced by Canadians. It is obtained by comparing, over time, the cost of a fixed basket of goods and services purchased by consumers. Since the basket contains goods and services of unchanging or equivalent quantity and quality, the index reflects only pure price change.

A higher CPI figure will increase the chances of stronger rate hikes. So, higher than the predicted figure is positive for the currency.

Beware of potential volatility for CAD and Canadian Stocks 🇨🇦

6) The Bank of Japan Economic Outlook and Policy Statement – (Thursday, July 21)

The Bank of Japan Economic Outlook and Policy Statement will be released on Thursday, July 21 (no exact time confirmed).

The Bank of Japan Monetary Policy Statement contains the outcome of the BoJ’s decision on asset purchases and commentary about the economic conditions that influenced their decision.

Depending on the outlook and comments made by the central bank will determine how much volatility this economic release will cause. If specific negative or positive comments are made it may potentially further pressure or support the Yen.

Beware of potential volatility for JPY and NIKKEI225 🇯🇵

7) The ECB Refinancing Rate and Monetary Policy Statement + ECB Press Conference – (Thursday, July 21)

The ECB Refinancing Rate and Monetary Policy Statement + ECB Press Conference will be held on Thursday, July 21, at 15:15 and the Conference at 15:45 – 16:00 GMT+3.

The main refinancing rate or minimum bid rate is the interest rate which banks do have to pay when they borrow money from the ECB. Banks do so when they are short on liquidates. Accordingly, investors will be monitoring what is said by the President regarding inflation and the European Economy.

Beware of potential volatility for EUR and European Stock/Indices 🇪🇺

8) The US Services PMI – (Friday, July 22)

The Prelim Consumer Confidence will be released on Friday, July 22, at 16:45 GMT+3.

The US Services PMI (Purchasing Managers Index) is based on data collected from a representative panel of over 400 private sector companies covering transport and communication, financial intermediaries, business and personal services, computing & IT and hotels and restaurants.

The Purchasing Manager Index is a survey which is completed by 400 purchasing managers. It is deemed a significant economic release which can create volatility. It is important the figure is not declining and remains above 50.0.

Beware of potential volatility for US Dollar and US Stocks 🇺🇸

That's it for this week! 👋

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