Friday’s US nonfarm payrolls data will be key indication of how the recovery in the US labor market is progressing, will also be in focus interest rate decisions by the ECB, the BoE and the Reserve Bank of Australia
Monday, July 1
Japan is to release data on manufacturing and service sector activity, an important indicator of economic health. China is to release both official and private sector reports on manufacturing activity, leading indicators of economic health. Switzerland is to release its SVME purchasing managers’ index, a leading indicator of economic health. The UK is to produce its manufacturing PMI, as well as data on net lending to individuals and mortgage approvals. The euro zone is to release official data on the unemployment rate and on consumer price inflation, which accounts for the majority of overall inflation. Markets in Canada are to remain closed for a national holiday. In the US, the Institute of Supply Management is to produce a report on manufacturing activity, a leading economic indicator.
Tuesday, July 2
The RBA is to announce its benchmark interest rate. The rate announcement is to be accompanied by the bank’s rate statement, which contains important insights into current and future economic conditions from the bank’s perspective. In the euro zone, Spain is to release official data on the change in the number of people unemployed. The UK is to publish its construction PMI, a leading indicator of economic health. The US is to release official data on factory orders, a leading indicator of production.
Wednesday, July 3
Australia is to produce official data on retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity, as well as a report on the trade balance. The euro zone is also to release official data on retail sales, while Spain and Italy are to produce data on service sector activity. The UK is to release data on service sector activity, a leading economic indicator. Canada is to produce government data on the trade balance, the difference in value between imports and exports. The US is to release the ADP report on nonfarm payrolls, which leads the closely watched government report by two days. The US is also to release the weekly government report on initial jobless claims, one day ahead of schedule, as well as data on the trade balance. The ISM is to produce a report on US service sector activity.
Thursday, July 4
Australia is to publish government data on building approvals, a leading indicator of future construction activity. The ECB is to announce its benchmark interest rate. The announcement is to be followed by what will be a closely watched press conference with President Mario Draghi. In addition, the BoE is to announce its benchmark interest rate. Markets in the US are to remain closed for the Independence Day holiday.
Friday, July 5
The Swiss National Bank is to release data on foreign currency reserves, which offers an insight into the scale of the bank’s currency market operations. Switzerland is also to release a report on consumer inflation. Germany is to produce official data on factory orders, a leading indicator of production. Canada is to release government data on the change in the number of people employed and the unemployment rate, a leading economic indicator, as well as the Ivey PMI. The US is to round up the week with the closely watched government report on nonfarm payrolls, the unemployment rate and average hourly earnings.