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HomeWeekly newsKey Events in the Week Ahead: US CPI, PPI, UK GDP, Powell...

Key Events in the Week Ahead: US CPI, PPI, UK GDP, Powell Speech, and US jobs data highlight the releases and events.

Key Events is expected to be more tranquil in terms of data, with the main event being the US CPI.

Monday – July 08

US

  • 10:00 AM                Employment Trends for June
  • 3:00 PM                  Consumer Credit for May

Global

  •  Japan Wage data.

Other events

SEMICon West, 7/9-7/11

Tuesday – July 09

Powell speech

Fed Chair Powell is set to testify to the Senate Banking Committee and House Financial Services Committee, focusing on the monetary policy trajectory following the recent NFP report.

The market will focus on the Q&A session following Powell’s opening remarks, with recent data suggesting a dovish stance.

US

  • 6:00 AM   NFIB Small Business Optimism for June
  • 7:45 AM  ICSC Weekly Retail Sales
  • 8:55 AM         Johnson/Redbook Weekly Sales
  • 1:00 PM   US Treasury to sell $58B in 3-year notes
  • 4:30 PM   API Weekly Inventory Data

Global

  • US NFIB Small Business Optimism Index
  • Fed Chair Powell Testimony.

Other Key Events:

  • SEMICon West, 7/9-7/11
  • China CPI M/M and Y/Y and PPI Y/Y for June


Wednesday –July 10

RBNZ

The RBNZ is expected to maintain interest rates at 5.5%, with the market anticipating 41 bps of easing by the end of the year.

Key Events on watch

US

  • 7:00 AM MBA Mortgage Applications Data
  • 10:00 AM          Fed’s Powell to testify at House Panel
  • 10:00 AM             Wholesale Inventory M/M for May
  • 10:30 AM             Weekly DOE Inventory Data
  • 1:00 PM   US Treasury to sell $39B in 10-year notes
  • 2:30 PM               Fed’s Goolsbee, Bowman Give Opening Remarks at Childcare Event

Global

  • Japan PPI,
  • China CPI
  • RBNZ Policy Decision
  • Fed Chair Powell Testimony

Other Key Events:

  • SEMICon West, 7/9-7/11
  • 16th Annual CEO Investor Summit 2024 – San Francisco
  • China Imports/Exports/Trade Balance data for June

Thursday – July 11

US CPI

The US CPI Y/Y is expected to be 3.1% higher than the prior year, while the M/M measure is 0.1% higher. If the Fed receives a positive report, it is expected to be more dovish at the next meeting.

US Jobless Claims

The US Jobless Claims report shows steady Initial Claims at cycle lows, while Continuing Claims have been rising, indicating low layoffs and subdued hiring. Initial Claims are expected to be 240K this week, while Continuing Claims are expected to be 1860K.

Key Events on watch

USA

  • 8:30 AM                   Consumer Price Index (CPI) M/M
  • 8:30 AM                   Consumer Price Index (CPI) Y/Y
  • 8:30 AM  CPI Core (ex: food & energy) M/M for June
  • 8:30 AM  CPI Core (ex: food & energy) Y/Y for June
  • 8:30 AM                   Weekly Jobless Claims
  • 8:30 AM                   Continuing Claims
  • 10:30 AM                 Weekly EIA Natural Gas Inventory Data
  • 11:00 AM                 Cleveland Fed CPI for June
  • 11:30 AM                 Fed’s Bostic Speaks in Moderated Q&A
  • 1:00 PM                   Fed’s Musalem Speaks in Q&A on Economy
  • 1:00 PM   US Treasury to sell $22B in 30-year notes
  • 2:00 PM                   Federal budget for June

Global

  • UK GDP
  • US CPI
  • US Jobless Claims

Friday –July 12

US PPI

The US PPI Y/Y is expected to rise by 2.3%, while the M/M measure is expected to decrease by 0.1%. However, the sentiment will be set by the CPI report.

Key Events on watch

USA

  • 8:30 AM               Producer Price Index (PPI) M/M
  • 8:30 AM               Producer Price Index (PPI) Y/Y
  • 8:30 AM   PPI Core (ex: food & energy) M/M for June
  • 8:30 AM PPI Core (ex: food & energy) Y/Y for June
  • 10:00 AM            University of Michigan Confidence, July-Prelim
  • 10:00 AM            University of Michigan 1-yr and 5-yr inflation
  • 12:00 AM  WASDE Ag report for July             
  • 1:00 PM              Baker Hughes Weekly rig count data

Global

  • New Zealand Manufacturing PMI
  • US PPI
  • US University of Michigan Consumer Sentiment

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The US PPI Y/Y is expected to rise by 2.3%, while the M/M measure is expected to decrease by 0.1%. However, the sentiment will be set by the CPI report.

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