Markets have summed up the results: the past trading week on global markets was marked by a series of significant economic releases, interest rate decisions, as well as important indicators of the U.S. economy.
Canada:
● Raw Material Price Index (Month-over-Month) (June). Actual figure: 2.7% / Forecast: -0.1% / Previous: -0.4%. The index rose sharply, surpassing expectations and suggesting renewed price pressure in the commodities market.
New Zealand:
● Trade Balance (Month-over-Month) (June). Actual figure: 142M / Forecast: 1.020M / Previous: 1.082M. A much lower-than-expected surplus negatively affected the NZD.
United Kingdom:
● Bank of England Governor Bailey's Speech. Comments from Bank of England Governor Bailey were a focal point for the market.
United States:
● 12:30 p.m.: Fed Chair Powell spoke. Powell maintained a hawkish tone on interest rates, despite signs of cooling inflation. This supported the USD.
Singapore:
● Core CPI (Year-over-Year) (June). Actual figure: 0.8% / Forecast: 0.9% / Previous: 0.8%. The slightly weaker-than-expected reading could weigh on the SGD.
United States:
● Existing Home Sales (June). Actual figure: 3.93M / Forecast: 4.00M / Previous: 4.04M. Sales declined and missed forecasts, pointing to ongoing weakness in the housing sector.
● Crude Oil Inventories. Actual figure: -3.169M / Forecast: -1.400M / Previous: -3.859M. Oil inventories fell more than expected, providing strong support to oil prices.
Japan:
● Trade Balance (June). Actual figure: 153.1B / Forecast: 353.9B / Previous: -638.6B. A weaker-than-expected surplus weighed on the JPY.
Germany:
● Gfk German Consumer Climate (August). Actual figure: -21.5 / Forecast: -19.4 / Previous: -20.3. German consumer climate index came in worse than forecasts, signaling a worsening of sentiment.
Eurozone:
● Manufacturing PMI (July). Actual figure: 49.8 / Forecast: 49.7 / Previous: 49.5. Still below 50, suggesting contraction, despite a modest beat.
● Services PMI (July). Actual figure: 51.2 / Forecast: 50.6 / Previous: 50.5. The services sector showed resilience, outperforming forecasts.
● ECB Interest Rate Decision (July). Actual figure: 2.00% / Forecast: 2.00% / Previous: 2.00%. The ECB held rates steady, in line with expectations.
United States:
● Manufacturing PMI (July). Actual figure: 52.7 / Forecast: 52.7 / Previous: 52.9. Manufacturing PMI matched forecasts but slightly declined from the previous value.
● Initial Jobless Claims. Actual figure: 217K / Forecast: 227K / Previous: 221K. Initial jobless claims fell more than expected, indicating a strengthening US labor market.
● New Home Sales (June). Actual figure: 627K / Forecast: 649K / Previous: 623K. New home sales came in below forecasts but above the previous value.
United Kingdom:
● Core Retail Sales (Month-over-Month) (June). Previous: -2.8%. The upcoming release will offer insights into UK consumer spending trends.
707