12/7: BOC Interest Rate Decision to Affect the CAD
THU 13/7: U.S. PPI to Affect the USD
FRI 14/7: U.S. Core Retail Sales to Affect the USD
Last Week’s Recap – European Markets edge lower
E.U. Markets rallied at the beginning of last week but dipped after Tuesday as profit taking and losses in healthcare and utility stocks dragged most indices lower. It should be noted however, that the markets enjoyed some support on upbeat results from a British housebuilder and on rallying mining firms which helped limit losses. On Wednesday, Independence Day celebrations in the U.S. kept trading activity muted, while geopolitical tensions continued to heat up. In the energy markets, oil prices posted their longest stretch of gains in over five years last week after the chief executive of the International Energy Agency said he expects global oil markets to rebalance in the second half of 2017.*
Important Events and News Releases that will Define this Week’s Markets:
WED 12/7- BoC Interest Rate Decision to Affect the CAD
Markets will be focusing on the BoC’s interest rate decision which is due to be announced at 14:00 GMT this Wednesday. It should be noted that the Bank of Canada has kept key interest rates unchanged at 0.5 percent since July 2015. Consensus is that the BoC governing members will vote for yet another “no change” at this week’s meeting. It should be noted however, that should the BoC lift rates unexpectedly this Wednesday, the CAD pairs could edge significantly higher.*
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THU 13/7 – U.S. PPI to Affect the USD
The Producer Price Index (PPI), a leading indicator of consumer price inflation was unchanged for May, coming in at 0.0% and disappointing forecasts. Consensus is that the US PPI will come in at -0.1% for June which is expected to have a negative impact on the USD crosses. June’s PPI data will be released this Thursday at 12:30 GMT.*
FRI 14/7 – U.S. Core Retail Sales to Affect the USD
U.S. core retail sales recorded their biggest drop in 16 months to -0.3% for May, according to data from the commerce department. June’s data is expected to be released this Friday at @12:30 GMT with forecasts pointing to a 0.2% reading which could push the USD crosses higher.
View all Important economic releases & events this week: