Here are some of the important economic data that will be the focus of the market throughout the week.
US Inflation Data (Tuesday 8.30pm): Being the focus of the central bank, consumer price index data will provide an indication of the inflation rate in the United States (US). Expectations of a decline in reading figures for June will put pressure on the US dollar.
RBNZ Policy Meeting (Wednesday 10.00am): The central bank of New Zealand (RBNZ) continues to be expected to maintain interest rates at 0.25% for the July edition meeting. Still, investors are waiting for clues on policy changes after there were expectations last week that the RBNZ would implement policy tightening.
UK Inflation Data (Wednesday 2.00pm): After the UK consumer price index data rose above the previous 2.0% level, it is expected that the uptrend will continue for the June reading. However, data figures are likely to decline again in the next reading as economic opening plans are hampered by the contagion of viral infections in the UK.
BOC Policy Meeting (Wednesday 10.00pm): The central bank of Canada is likely to keep interest rates at a low of 0.25%. Investors will expect a positive -tone statement from the central bank after last week's encouraging Canadian jobs data report.
Australian Employment Data Report (Thursday 9.30am): The downward forecast for job growth in Australia for June to 20,300 from 115,200 the previous month is seen to have a depreciating effect on the Aussie dollar. The unemployment rate is expected to decline.
UK Employment Data Report (Thursday 2.00pm): The labor sector in the UK is seen to be showing good growth with the latest expectation for the 3 -month average income index to rise to 7.2% from 5.6%.
BOJ Policy Meeting (Friday): Friday’s Asian session will focus on Japan’s central bank monetary policy meeting. As usual, no changes in interest rates and policies are expected by investors.
US Retail Sales Data (Friday 8.30pm): Data readings for retail sales rates in the United States are expected to recover after recording a decline last May.
