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The Week Ahead: 12th – 16th July 2021

Overview for the Week Ahead

Inflation will remain in focus this week with investors set to listen closely to comments from New York Federal Reserve Bank President John Williams on Monday, as well as key inflationary data throughout the week, such as the core CPI. 

Powell will testify before the Senate Banking Committee on Wednesday and Thursday, with his testimonies to be scrutinized for any clues on a timeline for asset tapering. Investors also await the U.S. core consumer price index (CPI) for June, due on Tuesday, and the producer price index due later this week. 

The big banks will also kick off the earnings season and space stocks may be active after Richard Branson’s historic suborbital spaceflight. 

This as the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite will all begin the week at record highs. 

Asian shares enjoyed a relief rally on Monday as record highs on Wall Street and policy easing in China helped calm some of the recent jitters on global growth, though plenty of potential pitfalls lay ahead this week. 

China releases figures this week on economic growth, trade, retail sales, and industrial output amid concerns they could underwhelm given the sudden easing in policy last week. 

In Europe, the European Central Bank will update its guidance on the next monetary policy steps in ten days, President Christine Lagarde said earlier in the day. She also hinted that a fresh policy could be introduced in 2022 in support of the European economy. 

This Week’s High Impact Events 

The times below are GMT +3. 

Monday 12^th July    

• 20.01 – US – 10-Year Bond Auction 

Potential instruments to Trade: USD Crosses. 

Tuesday 13^th July 

• 15.30 – US – CPI m/m & Core CPI m/m  

Potential instruments to Trade: USD Crosses.  

• 20.01 – US – 30-Year Bond Auction 

Potential instruments to Trade: USD Crosses. 

Wednesday 14^th July 

• 05.00 – New Zealand – RBNZ Rate Statement & Official Cash Rate 

Potential instruments to Trade: NZD Crosses.  

• 09.00 – UK – CPI y/y 

Potential instruments to Trade: GBP Crosses.  

• 15.30 – US – PPI m/m & Core PPIm/m 

Potential instruments to Trade: USD Crosses.  

• 17.00 – Canada – BOC Monetary Policy Report, BOC Rate Statement, & Overnight Rate 

Potential instruments to Trade: CAD Crosses. 

• 17.30 – US – Crude Oil Inventories 

Potential instruments to Trade: USD & CAD Crosses. 

• 18.00 – Canada – BOC Press Conference 

Potential instruments to Trade: CAD Crosses. 

• 19.00 – US – Fed Chair Powell Testifies 

Potential instruments to Trade: USD Crosses. 

Thursday 15^th July 

• 04.30 – Australia – Employment Change & Unemployment Rate 

Potential instruments to Trade: AUD Crosses. 

• 13.00 – UK – MPC Member Saunders Speaks 

Potential instruments to Trade: GBP Crosses. 

• 15.30 – US – Unemployment Claims, & Philly Fed Manufacturing Index 

Potential instruments to Trade: USD Crosses. 

• 16.15 – US – Industrial Production m/m 

Potential instruments to Trade: USD Crosses. 

• 16.30 – US – Fed Chair Powell Testifies 

Potential instruments to Trade: USD Crosses. 

Friday 16^th July 

• 01.45 – New Zealand – CPI q/q 

Potential instruments to Trade: NZD Crosses. 

• Tentative – Japan – BOJ Policy Rate, Monetary Policy Statement, BOJ Press Conference 

Potential instruments to Trade: JPY Crosses. 

• 15.30 – US – Core Retail Sales, & Retail Sales m/m 

Potential instruments to Trade: USD Crosses. 

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