Upcoming Key Events This Week

China GDP, Industrial Production, and Retail Sales – 3:00am BST: Concerns are growing amongst traders that the Chinese economy may be slowing more than expected after disappointing inflation readings last week. These new updates will be crucial for traders of commodities, China A50, and Hong Kong 50 indices. Any prints below expectations will increase calls for more stimulus from the PBOC, which has so far been reluctant to act.
Fed Chairman Powell Speech – 5:00pm BST: Powell’s speech comes shortly after weaker inflation data, making his comments particularly significant for market sentiment. Traders will be looking for insights into the Fed’s future policy direction.

USD Retail Sales – 1:30pm BST: With the US economy showing signs of slowing due to higher interest rates and weaker ISM business activity readings, this release will be closely watched. A reduction in consumer spending could support a Fed rate cut in September, boosting stock indices while weakening the dollar.
CAD Inflation Data (CPI) – 1:30pm BST: Analysts are debating whether the Bank of Canada will cut rates again in July following signs of a cooling labor market. This CPI release will be key for the BoC’s decision-making and will influence USDCAD trading.
NZD Inflation Data (CPI) – 11:45pm BST: After a dovish stance from the RBNZ at their recent rate meeting, this inflation print will be critical for determining the future direction of NZDUSD.

GBP Inflation Data (CPI) – 7:00am BST: With the Bank of England nearing its first interest rate cut of 2024, persistent inflation has kept them in a holding pattern. This CPI data, along with the wage growth update on Thursday, will significantly influence BoE policy decisions on August 1st, impacting GBPUSD and the UK 100 index.
USD Building Permits – 1:30pm BST: The health of the housing market will be gauged from this data, which is a key economic indicator.
USD Industrial Production – 2:15pm BST: This release will provide insights into the performance of the manufacturing sector, influencing economic forecasts and market sentiment.
FOMC Member Waller Speaks – 2:35pm BST: Comments from Waller will be monitored for any indications of future Federal Reserve policy directions.

AUD Employment Data – 2:30am BST: This employment update is crucial for the Reserve Bank of Australia’s policy considerations, with strong data potentially impacting the ASX 200 index and AUDUSD.
GBP Claimant Count Change and Average Earnings Index – 7:00am BST: These updates will provide important insights into the UK labor market’s health, influencing BoE policy expectations and GBPUSD movements.
ECB Interest Rate Decision and Press Conference – 1:15pm / 1:45pm BST: The ECB is expected to maintain interest rates unchanged. Traders will focus on President Lagarde’s comments for guidance on future monetary policy, affecting EURUSD and European indices.
USD Unemployment Claims – 1:30pm BST: Weekly claims data will offer further insights into the US labor market, impacting economic sentiment.
Philly Fed Manufacturing Index – 1:30pm BST: This index will provide insights into manufacturing sector conditions in the Philadelphia region.
FOMC Member Daly Speaks – 11:05pm BST: Remarks from Daly will be watched for additional perspectives on the Federal Reserve’s policy outlook.

JPY Inflation Data (CPI) – 12:30am BST: Traders are hopeful for another small rate hike by the BoJ in July, contingent on higher wages driving inflation. This release will be crucial for the direction of the Japan 225 index and USDJPY.
GBP Retail Sales – 7:00am BST: Retail sales data will offer insights into consumer spending trends in the UK, influencing GBPUSD and the UK 100 index.
CAD Retail Sales – 1:30pm BST: This release will be key for understanding economic conditions in Canada and could affect USDCAD trading.
FOMC Member Williams Speaks – 3:40pm BST: Williams’ remarks will be observed for further guidance on the Federal Reserve’s monetary policy.