The Week Ahead

Read about upcoming market-moving events and plan your trading week

Week commencing 29 July

Chris Beauchamp's insight

This week starts off quietly, but rapidly builds into an avalanche of economic data and earnings reports. On the economic side of the ledger, the Federal Reserve (Fed) and Bank of England (BoE) will both make their latest decisions on monetary policy; the former is expected to hold rates but a cut is highly-anticipated from the latter. US jobs data dominates the second half of the week.
Another busy week of earnings lies ahead, including tech heavyweights Microsoft, Meta, Apple and Amazon, while in the UK bank reporting continues with HSBC and Barclays, plus oil groups BP and Shell, and pharmaceutical giant GlaxoSmithKline (GSK).

Economic reports

Monday
Tuesday
Wednesday
Thursday
Friday
Weekly view

None

9am – German gross domestic product (GDP) (quarter 2 (Q2), preliminary): growth forecast to be 0.4% year-over-year (YoY) and 0.1% quarter-over-quarter (QoQ), from -0.2% and 0.2%. Markets to watch: EUR crosses

10am – eurozone GDP (Q2, preliminary): growth expected to be 0.7% YoY and 0.2% QoQ, from 0.4% and 0.3%. Markets to watch: EUR crosses

1pm – German consumer price index (CPI) (July, preliminary): prices forecast to rise 2.2% YoY and 0.2% month-over-month (MoM), from 2.2% and 0.1%. Markets to watch: EUR crosses

3pm – US consumer confidence (July): previous reading 100.4. Markets to watch: USD crosses

2.30am – Australia monthly inflation indicator (June): prices expected to have risen 3.7%, down from 4% in May. Markets to watch: AUD crosses

2.30am – China PMI (July): manufacturing PMI was 49.5 in June and non-manufacturing 50.5. Markets to watch: CNH crosses

5am – Bank of Japan rate decision: rates expected to be held at 0.1%. Markets to watch: JPY crosses

8.55am – German unemployment (July): expected to hold at 6%. Markets to watch: EUR crosses

10am – eurozone inflation (July, flash): prices to rise 2.4% YoY from 2.5% and 0.1% MoM from 0.2%. Markets to watch: EUR crosses

1.15pm – US ADP employment report (July): jobs growth expected to be 140K from 150K. Markets to watch: US indices, USD crosses

2.45pm – US Chicago PMI (July): previous reading 47.4. Markets to watch: USD crosses

3pm – US pending home sales (June): sales to rise 1% YoY. Markets to watch: USD crosses

3.30pm – US EIA crude oil inventories (w/e 26 July): stockpiles fell by 3.7 million barrels in the previous week. Markets to watch: Brent, WTI

7pm – US FOMC rate decision: no change in rate expected from current 5.5%. Markets to watch: US indices, USD crosses

2.45am – China manufacturing PMI (July): index expected to fall to 51.4. Markets to watch: CNH crosses

12pm – Bank of England rate decision: rates expected to be cut by 25 basis point (bps), to 5%. Markets to watch: GBP crosses

1.30pm – US initial jobless claims (w/e 27 July): claims expected to rise to 241K from 235K. Markets to watch: USD crosses

3pm – US ISM manufacturing PMI (July): previous reading 48.5. Markets to watch: USD crosses

1.30pm – US non-farm payrolls (July): payrolls forecast to rise by 190K, down from 206K. Unemployment rate to hold at 4.1%, earnings to rise 0.3% MoM and 3.9% YoY, in line with last month. Markets to watch: US indices, USD crosses

Monday

None

Tuesday

9am – German GDP (Q2), preliminary): growth forecast to be 0.4% YoY and 0.1% QoQ, from -0.2% and 0.2%. Markets to watch: EUR crosses

10am – eurozone GDP (Q2, preliminary): growth expected to be 0.7% YoY and 0.2% QoQ, from 0.4% and 0.3%. Markets to watch: EUR crosses

1pm – German CPI (July, preliminary): prices forecast to rise 2.2% YoY and 0.2% MoM, from 2.2% and 0.1%. Markets to watch: EUR crosses

3pm – US consumer confidence (July): previous reading 100.4. Markets to watch: USD crosses

Wednesday