Here are some of the important economic data that will be the focus of the market throughout the week.
US Consumer Confidence Data (Tuesday 10.00pm): The reading, which is an indicator of consumer spending in the United States (US), is expected to decline slightly in July, likely due to the re-emergence of the Covid-19 virus.
Australian Inflation Data (Wednesday 9.30am): The Australian consumer price index for reading for the second quarter is expected to register a slight increase over the previous month. A positive reading will encourage a more optimistic view of the central bank in setting monetary policy.
Canadian Inflation Data (Wednesday 8.30pm): The inflation rate in Canada for the June reading is not expected to post an encouraging reading. However, if the published figures rise higher, it will provide a boost in value for the Canadian dollar in the market.
FOMC Meeting (Thursday 2.00 AM): Being the main focus event this week is the outcome of the FOMC meeting with investors still puzzled over the steps the Federal Reserve (Fed) will take in setting their policy. The US dollar will have a big impact after the data is published.
US GDP Data (Thursday 8.30pm): After rising to 6.4% for the first quarter, growth for Gross Domestic Product for the second quarter of the United States is projected to be high at 8.5%. The reading this time is an initial reading for the second quarter that will have a greater impact than the second and final readings.
European Inflation Data (Thursday 5.00pm): The consumer price index to measure the initial reading of the annual inflation rate in Europe is expected to rise to 2.0% from 1.9% the previous reading. Weak readings will add further pressure on the movement of the Euro after the central bank maintained a loose policy.
