Week to Aug 23rd

Trump tariff tweets, Muted FOMC Minutes, Sterling rally on Brexit hopes

Mon Aug 19

Today President Trump tweeted “we are doing very well” with the China trade talks, and there was a temporary reprieve for Huawei. This slight thaw kept markets up, and saw bond yields rise from last week’s lows. The 10-year was up 6.6bp. Equities and Oil carried on rising. The dollar was up evenly against all currencies, with CAD notably lower. Gold was down in line with the dollar, and bonds down in line with the equity move.

Tuesday August 20

As Italy’s government teetered on the brink of collapse, indices pulled back today after a three-day winning streak. All markets were down, particularly of course Italy with MIB down 1.1%. The FTSE fade was also notable as GBP joined other currencies rallying against USD. Gold and bonds rose for the same reason as yesterday as DXY gave up 0.21%. Oil was flat on the day.

Wednesday August 21

Markets recovered again today on strong earnings from retailers TGT and LOW, the former rising 20%. Indices were all up. USD was generally up (DXY +0.11%), except against CAD which outperformed after the Canadian inflation beat at 1230. Gold and bonds again moved in line, and Oil faded after a spike up following the EIA beat at 1430. The FOMC minutes were as generally expected and did not move the market.

Thursday August 22

Another directionless day as markets awaited Jackson Hole. SPX and NDX were slightly down with DJIA slightly up due to a rally in BA. DAX and EUR rallied briefly following the important German Manufacturing PMI beat at 0800, but ended the day lower. Today DXY shedded 0.05% but in reality was up generally against currencies and Gold. The reason was a strong rally in GBP up over 1% on Boris Johnson meeting European leaders and hopes of a Brexit deal.

Friday August 23

Today should have been all about Jackson Hole but it wasn’t. Fed Chair Powell’s speech was overshadowed by a curiously timed 4-tweet tirade by President Trump against China, ‘ordering’ US companies to repatriate their manufacturing jobs, and saying further tariffs would be announced later. The effect was brutal. SPX dropped 2.6% in a couple of hours, with similar moves seen around the world. 

Normally, bad tariff news has no effect or even helps USD. Not today. DXY fell 0.96%, it’s largest one-day move since Jan 12, 2018 - a day of index ATHs and a three-year dollar low. This ‘equities and currency’ panic, where both fall sharply together (like FTSE and GBP on Brexit day), is always followed by a swift recovery in one or the other sooner or later.

Obviously Gold and JPY soared, but so did every other currency, as Oil and yields fell sharply with equities. Immediately after the bell the President announced a 10% increase in certain China tariffs, causing even further fading in the small Friday AH market.

WEEKLY PRICE MOVEMENT

In this risk-off week, NDX fared worst amongst indices. EURCAD was the strongest pair, up 1.75%. FANGs are more volatile than NDX as a whole, and fared worse, with NFLX the biggest loser. A very flat week from crypto, we have rarely seen BTC move less than 1% in a week.

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day.

NEXT WEEK (all times are GMT)

(Calendar High volatility items are in bold)

• Trade war hots up
• Germany, Japan, Eurozone inflation
• US and Canada GDP
• End of calendar month

Monday August 26

Markets will be reacting the the G7 conference, and of course President Trump’s late Friday announcements on tariffs, and his flip-flop position on this over the weekend. The Durable/Capital Goods print moved markets notably last month, maybe it will do so again. Markets are closed in the UK, so expect reduced forex volatility as London is the centre for forex.

22:45 NZD Imports/Exports/TB (Sunday)

05:00 JPY Japan Leading Economic Index

08:00 EUR Germany IFO Business Sentiment

12:30 USD Chicago Fed National Activity Index 

12:30 USD Durable/ND Capital Goods (NDC e0.0% p1.5%)

23:50 JPY Japan Large Retailers' Sales

Tuesday August 27

With no particular news, markets are still likely to be dominated by the trade war. Note there are also US-Japan and US-EU trade talks this week. There is a rate decision on HUF, hold expected.

06:00 EUR Germany 19Q2 Final GDP

13:00 USD US Home/Housing Price Indices

14:00 USD US Consumer Confidence

Wednesday August 28

Another quiet day with only Germany providing planned news. There is a rate decision on ILS, hold expected.

06:00 EUR Germany Gfk Consumer Confidence Survey

09:40 EUR DE10Y Bond Auction

Thursday August 29

The heaviest news day of the week with US GDP and PCE dominating. Remember PCE is the Fed’s preferred gauge of inflation.

07:55 EUR Germany Unemployment Rate/Change

09:00 EUR Eurozone Business Climate

12:00 EUR Germany Preliminary CPI (YoY e1.3% p1.1%)

12:30 CAD Canada Current Account

12:30 USD US Jobless Claims

12:30 USD US GDP 19Q2 Prelim (Annualised e2.0% p2.1%)

12:30 USD US PCE QoQ

14:00 USD US Pending Home Sales (MoM)

22:45 NZD NZ Building Permits s.a. (MoM)

23:01 GBP UK GfK Consumer Confidence

23:30 JPY Tokyo CPI (Core YoY e0.8% p0.9%)

23:30 JPY Japan Jobs/Unemployment

23:50 JPY Japan Retail Trade

Friday August 30

The final day of the week and calendar month may bring additional volatility in equities and also in USDCAD after the GDP print.

06:00 EUR Germany Retail Sales (MoM)

09:00 EUR Eurozone Unemployment Rate

09:00 EUR Eurozone CPI (YoY e1.1% p1.0%)

12:30 USD US Personal Spending

12:30 USD US PCE MoM/YoY

12:30 CAD Canada 19Q2 Final GDP (QoQ e0.7% p0.4%)

13:45 USD Chicago PMI

14:00 USD Michigan CSI

his report is published every week as an email by MatrixTrade.com - you can sign up to receive it here. This blog is supported solely by advertising, so if any of the ads interest you, please click on them. If you want notification when the blog is updated, please follow me on Twitter, Facebook, Stocktwits, TradingView or Linkedin (all open in separate windows). Details of how I compile the report are here.

Week to Aug 16th

US delays some tariffs, 2/10 yield curve finally inverts, Textbook whipsaw week

Mon Aug 12

Trade war concerns continued to weigh on equities today, with SPX down 1.2%. Other world indices followed suit. The most severe move, though, was in yields, with the US 10-year falling 9bp to a new low of 1.65%, as investors moved from equities to bonds.

Risk instruments Gold and JPY were up, as was GBP, but a sharp weekend drop in EUR left DXY up 0.35%. Oil was surprisingly unaffected, and up slightly on the day.

Tuesday August 13

It’s all about the trade war, and this was proved today as President Trump announced (exactly as the US opened) that the additional tariffs on China would be delayed until December 1st. Markets reacted very strongly, as you can see from the charts above. SPX added 2% instantly, and a similar reaction was seen in all equity markets, which recovered Monday’s losses and then some.

Note what matters. DAX was up 0.6% and this was on a day that German inflation failed to beat estimates, and the ZEW Economic Sentiment estimate at 0900 came in at -44.1 (vs est -28.5), a new low.

In a textbook risk-on reaction, Gold, JPY and bonds instantly collapsed. A similar instant spike was seen in the commodity group, AUD, CAD and Oil. The effect was barely noticeable in EUR and GBP as these are not really considered to be risk on or off vis-a-vis the dollar. Both the European currencies were down on the day, coupled with the JPY move, added 0.45% to DXY.

Wednesday August 14

Before the bell today, the long-feared 2/10 yield curve inversion (the 10-year yield was lower than the 2-year) happened for the first time in 12 years. It had actually gone positive again by the time the market opened, but the move was enough to continue the whipsaw. Equity markets which all fell heavily, more than erasing Tuesday’s gains.

Everything went risk off again. Gold, JPY and bonds were sharply back up, AUD, CAD and Oil were equally sharply back down, and yields fell 12bp to a new low of 1.59%. Again the only quiet areas were EUR and GBP, the latter staying flat after the UK inflation beat at 0830.

Thursday August 15

Another bond record today, as the US 30-year bond yield fell under 2% for the first time since records began in the 1970s, and the UK equivalent fell to below 1% for the first time. Nevertheless, after the wild volatility of the last few days, equity markets took a breather. SPX was slightly up after the Retail Sales beat at 1230. The UK equivalent print at 0930 also beat, which was enough to send oversold GBP climbing, which inevitably depressed FTSE. NKY was also flat, but DAX fell.

The other components of DXY all fell, giving the basket a green candle (up 1.21%) for the day. The 10-year yield fell again, briefly touching the psychological 1.5% level. Oil was slightly down on the day, and Gold was slightly up.

Friday August 16

Markets recovered on Friday after a news report in Der Spiegel that Germany was prepared to run a budget deficit and increase debt and spending. DAX naturally rallied, and recoveries were seen in all equity markets. 

A smaller risk-on more today saw Gold, JPY and bonds fall slightly, and AUD, CAD and Oil rise. Further GBP gains and EUR decline saw a flat dollar overall.

WEEKLY PRICE MOVEMENT

The GBP recovery meant FTSE was the weakest index this week, and EURGBP was the weakest currency. A pullback was seen in crypto. FANGs followed the general trend, except for AAPL which outperformed.

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day.

NEXT WEEK (all times are GMT)

(Calendar High volatility items are in bold)

• Jackson Hole Symposium
• Earnings season ends
• FOMC Minutes week
• Minimal other US data

Monday August 19

A quiet Monday as is often the case, although the weekend may bring market-gapping news. Chinese ‘BAT’ stock BIDU reports after the bell. Markets are closed in Colombia.

23:50 JPY Japan Imports/Exports/TB (Sunday)

09:00 EUR Eurozone CPI

Tuesday August 20

The final DJIA component HD reports before the bell, which pretty much completes the Q2 earnings season. No other US news today. Markets are closed in Hungary and Estonia.

01:30 AUD RBA Meeting Minutes

06:00 EUR Germany PPI

14:00 NZD NZ GDT Milk Index

22:00 USD Fed Quarles speech

Wednesday August 21

Another slow day for releases as markets await the FOMC minutes and Jackson Hole. Markets are closed in the Phillippines, Morocco and Bangladesh.

08:30 GBP UK PSBR

12:30 CAD Canada CPI (BoC Core YoY p2.0%)

14:00 USD US Existing Home Sales (MoM)

18:00 USD FOMC Minutes

22:00 AUD Aus Commonwealth Bank Manuf PMI

Thursday August 22

Main news of the day is the German Manufacturing PMI which has been falling for months. The annual Kansas Fed Symposium at Jackson Hole, Wyoming starts today, although it the arrival day, and only plenary speechs are expected, and probably after the market closes. There is a rate decision on IDR.

07:30 EUR Germany Markit PMIs (Manuf e43.0 p43.2)

08:00 EUR Eurozone Markit PMIs (Composite e52.1 p51.5)

11:30 EUR ECB MPC Minutes

12:30 USD US Jobless Claims

13:45 USD US Markit PMIs

23:30 JPY Japan National CPI

Friday August 23

The main day of the Jackson Hole symposium, with Fed Chair Powell speaking at 14:00. Note that Jackson Hole continues into Saturday, when the G7 Group meeting starts in France. There are therefore several possible new items over the weekend which may affect the market on Monday. Note that London is closed on Mon 26th, which may mute forex volatility.

00:00 USD Jackson Hole Symposium (all day)

12:30 CAD Canada Retail Sales (MoM, p-0.1%)

14:00 USD US New Home Sales (MoM)

14:00 USD Fed Chair Powell speech (at Jackson Hole)

This report is published every week as an email by MatrixTrade.com - you can sign up to receive it here. This blog is supported solely by advertising, so if any of the ads interest you, please click on them. If you want notification when the blog is updated, please follow me on Twitter, Facebook, Stocktwits, TradingView or Linkedin (all open in separate windows). Details of how I compile the report are here.

Week to Aug 9th

Worst day of 2019 on Monday, Surprise NZD 50bp cut, GBP and FTSE both fade

Mon Aug 05

Today was the worst day of 2019 for indices, SPX was down 3% at the close, and carried on falling throughout the Tuesday Asian session, the largest 24 hour drop since the 5/6 Feb 2018 collapse. It touched a low in Asia of 5.43% down on Friday’s close. This was generally blamed on the Trump tariff tweet of last week coming immediately after the rate cut, although not helped by the bad miss on the US Non-Manuf PMI at 14:00 (53.7 vs 55.1). Services are supposed to be strong in the US (tech etc.)

DXY was similarly affected, down 0.71% at the close (the worst day since Jan 25 2019), and a low of 0.92% in the Asian session. EUR and JPY were around 1% up, but CAD and GBP hardly moved, and AUD fell 0.6% even against the weaker dollar. Gold was up in line with the dollar, Oil down in line with equities, and yields down in line with both.

Tuesday August 06

After such a large drop on Monday, indices rebounded about a quarter of the drop, as did DXY although only CAD was notably down, following Oil which continued to slide. EUR, GBP, AUD were more or less flat, and risk-off markers Gold, JPY and bond prices (inverse to yields) were up again. The AUD rate hold had no effect.

Wednesday August 07

A quieter day today as volatility receded, with SPX and DJIA more or less flat, but an advance for NDX and European indices. The dollar (and yields) were fairly flat as well with a slight advances in JPY balancing a pullback in Oil-linked CAD. Oil was at one point down 5.5%, but found June support around $51 and rebounded. 

The big news was the 50bp rate cut in New Zealand, when only 25bp was expected, which triggered an immediate 2.5% drop in the kiwi, and a sympathetic 1.5% fade in AUD. The Aussie recovered to close flat. The Antipodean currencies are not, of course, part of the DXY basket.

Thursday August 08

The recovering SPX and DJIA passed into last weekend’s gap territory. This is known as an ‘air pocket’, ie there is no resistance. The indices advanced evenly and closed the gap by the end of the day. Foreign indices followed suit. Some attributed this to the Chinese Trade Balance beat, although the move only really took off when the US cash session opened. Also today the PBoC allowed USDCNY to rise above 7.0, a significant roundpoint, marking an 11-year low for the renminbi.

A small aside, renminbi or “people’s currency” is the currency, yuan is the unit of account. Most other countries use the same word for both, the nearest example is sterling and pound in the UK. So you wouldn’t say ‘a thousand renminbi’, but you could say ‘the yuan is weak’.

Yet another dollar indecision day, with a slight move down (in yields as well) with the heavily DXY-weighted euro balancing moves up in JPY and CAD. AUD performed surprisingly well up 0.73%, possibly due to Gold pushing through the $1500 barrier for the first time in six years. 

Friday August 09

President Trump told reporters he was not ready to make a deal with China yet, and indices pulled back again today, although there was a partial recovery towards the US close. Of course, like all week, movement has been also a technical whipsaw following the enormous move on Monday. The dollar was well down (DXY -0.55%), and would have been more if GBP had not cratered again, as PM Johnson and allies rhetoric increases fears of a no-deal Brexit, and GBP keeps sliding towards 1.20 ‘Brexit floor’ and important psychological points, as it also tends to EURGBP parity. This ended the week with DXY down 1.09%, The yen was of course up, but despite all this, other risk indicators were contrarian: Gold was down, and yields and Oil were both up.

WEEKLY PRICE MOVEMENT

The Monday rout recovered to various degrees, but Brexit-troubled FTSE for once did not benefit from sterling weakness, and fell the most. Buying EURNZD would have been the best forex trade. BTC continued to rise, although not joined by ETH. FANGs are more volatile than NDX and therefore fell more, with NFLX the worst performer.

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day.

NEXT WEEK (all times are GMT)

(Calendar High volatility items are in bold)

• All eyes still on China
• US and UK inflation
• More European GDP
• Retail earnings, retail sales

Monday August 12

There are several possible USTR announcements in the tariff saga this week, but there are no exact schedules. Markets are closed in India and Turkey. Scheduled news is light, as is often the case on Mondays. 

22:45 NZD NZ Electronic Card Retail Sales (Sunday)

18:00 USD US Monthly Budget Statement

22:00 AUD RBA Kent speech

Tuesday August 13

US and Germany inflation are the key prints today. Otherwise, we continue to listen for trade war remarks or tweets.

06:00 EUR Germany CPI (YoY e1.1% p1.1%)

08:30 GBP UK AHE (e3.7% p3.4%)/UnEmpl (e3.8% p3.8%)

09:00 EUR Germany/EU ZEW Economic Sentiment (Germany e-22.3 p-24.5)

12:30 USD US CPI (MoM Core e0.2% p0.3%)

Wednesday August 14

Eurozone and German GDP will inevitably weigh on EUR today, but UK inflation probably more so, given GBP recent volatility to the downside. NDX heavyweight CSCO reports after the bell.

00:30 AUD Aus Westpac Consumer Confidence

01:30 AUD Aus Wage Price Index (QoQ)

02:00 CNY China Retail Sales/Industrial Production

02:00 CNY China NBS Press Conference

06:00 EUR Germany 19Q2 Preliminary GDP (QoQ e-0.1% p0.4%)

07:30 AUD RBA Debelle speech

08:30 GBP UK CPI (YoY e2.0% p2.0%)

09:00 EUR Eurozone 19Q2 Preliminary GDP (e0.2% p0.2%) 

15:30 WTI EIA Oil Stock

23:00 AUD RBA Debelle speech

Thursday August 15

The day starts with DJIA component WMT earnings, and Bitcoin mining chip maker NVDA reports after the bell. There are rate decisions on NOK and MXN. Markets are closed in some European countries for Assumption Day (but not the UK and Germany), and also in India and South Korea.

01:30 AUD Aus NFP/UnEmp (NFP e26.8k p0.5k)

08:30 GBP UK Retail Sales

12:30 USD US Retail Sales (Control Group e0.3% p0.7%)

12:30 USD US Jobless Claims/Unit Labor Costs/Productivity

12:30 USD Philly Fed Manufacturing Survey

13:15 USD US Industrial Production (MoM)

22:30 NZD NZ Business PMI

Friday August 16

Today is monthly OpEx, so expect heightened volatility. The main event is the increasingly important semi-monthly Michigan Consumer Sentiment report.

07:00 CNY China FDI

12:30 USD US Building Permits/Housing Starts

14:00 USD Michigan CSI (e97.7 p98.4)

This report is published every week as an email by MatrixTrade.com - you can sign up to receive it here. This blog is supported solely by advertising, so if any of the ads interest you, please click on them. If you want notification when the blog is updated, please follow me on Twitter, Facebook, Stocktwits, TradingView or Linkedin (all open in separate windows). Details of how I compile the report are here.

Week to Aug 2nd

First rate cut for over a decade, Risk off on tariff tweet, GBP collapses

Mon Jul 29

In the absence of any specific news, which is often the case on Mondays, US equity markets slipped slightly from Friday’s highs, where other world markets advanced, in particular FTSE, which was up 1.82%, its best day in six months, mainly on currency, but also strong gains from LSE.L (up 15%) and JE.L (up 25%) on merger news, and AZ.L (up 4%) and VOD.L (up 6.4%) on earnings.

The currency market was directionless, with slight moves in EUR and Gold (up), AUD and JPY (down), but the big mover was GBP, down 1.33% as new PM Johnson’s bold ’no-deal’ Brexit plans continued. Oil was up, but yields were flat.

Tuesday July 30

Today President Trump criticised China’s intransigence in the trade talks (ie saying a deal is less likely/further away). Markets were down again, with DAX coming off particularly sharply, after the Eurozone Business Climate at 0900 and German inflation print at 1200 missed. (CPI 1.1% v 1.3% est).

DXY was completely flat, with a further 0.46% fade in GBP balancing slight gains in other currencies and Gold. Oil followed the weaker dollar and yields had a second flat day.

Wednesday July 31

The long awaited Fed rate cut came today, and it was only 25bp, and Chair Powell made it clear this was an “insurance” cut, and not a start of a series of easing moves. As you know from previous reports, some people were hoping for 50bp. Equity markets, which had been flat, fell on the news, and USD appreciated sharply (DXY +0.50%) with all currencies, Gold and Oil down. Yields fell 5bp on bond/stock rotation.

Thursday August 01

Today was most unusual. Markets quickly recovered from yesterday’s sharp move (and USD similarly gave up its gains), only for everything to change again when President Trump tweeted his plans to impose yet more tariffs on $300bn of Chinese goods. SPX moved from a +1% to -1% position in minutes. World equities followed suit, this time NKY showing the biggest move.

The USD reaction was pure risk-off. DXY was up 0.18% because EUR moved little, and GBP and CAD hardly at all. AUD fell sharply along with indices. However there was a huge move up in JPY (up 1.3%)  and Gold (up 2%), classic risk-off instruments. Oil had its worst day for nearly three years, falling 7.4% at one point, to close 5.9% down. Similarly yields fell nearly 12bp, the largest one-day drop for 15 months.

Friday August 02

The rout continued today, with all markets falling, ignoring the normally very important NFP print, although this unusually (and must be for the first time in years) came in exactly as estimated at 164k, as did the the AHE and unemployment figures. Other currencies followed the yen and Gold and all moved upwards against USD. DXY was down 0.3%. Yields continued down to touch 1.846%, a level not seen since the day of Trump’s election. Oil made a slight recovery.

WEEKLY PRICE MOVEMENT

Markets all fell on the ‘hawkish’ rate cut and the Trump tariff tweet. DAX fared worst losing 4.41%. Risk off yen and Brexit GBP meant a GBPJPY short would have made you 3.61%, the largest weekly forex move for years. A relatively quiet week in crypto, and the FAANG stocks all suffered more than NDX itself, with AMZN losing most.

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day.

NEXT WEEK (all times are GMT)

(Calendar High volatility items are in bold)

• Aus and NZ rate decisions
• Further trade war news expected
• China inflation and trade figures
• Will UK GDP help sterling?

Monday August 05

The only releases today are PMIs. Of more interest is any retaliation to Trump’s tariff tweet on Thursday. The president mollified his position with a tweet on Saturday saying things are going “very well” with China. The weekend proprietary market run by British broker IG Markets didn’t buy it, with DJIA down another 80 points.

Fed Brainard (voter) speaks today, but only on payment systems. Also today are USTR hearings on EU Airbus subsidies, and EU/|US talks continue this week.

There is a rate decision on RON. Markets are closed in Canada, and also in Ireland, Croatia, Iceland, Barbados and Ghana.

01:45 CNY Caixin Services PMI

07:55 EUR Germany Markit PMI Composite

08:30 GBP UK Markit Services PMI

13:45 USD US Markit Services/Composite PMIs

14:00 USD ISM Non-Manufacturing PMI (e55.1 p55.1)

22:45 NZD Employment Change Q2 (e0.4% p-0.2%)

Tuesday August 06

No US news today, but DJIA high-flyer DIS reports after the bell. The company has come long way from Mickey Mouse recently with Avengers: Endgame the highest grossing movie of all time, and their planned Netflix-killer streaming service. The stock is of course already up 30% this year .

01:30 AUD Aus Imports/Exports/TB

04:30 AUD RBA Rate Decision/Statement (e1.0% hold)

06:00 EUR Germany Factory Orders s.a. (MoM)

14:00 NZD NZ GDT Milk Index

16:00 USD Fed's Bullard speech

20:30 WTI API Oil Stock

Wednesday August 07

Fed Evans (voter) speaks today. There are also a rate decisions on INR and THB. Markets are closed in Colombia, Bolivia and Jamaica.

02:00 NZD RBNZ Rate Decision/Statement (e1.25% p1.50%)

03:00 NZD RBNZ Governor Orr Presser

06:00 EUR Germany Industrial Production s.a. (MoM)

07:30 EUR ECB Coeuré speech

14:00 CAD Canada Ivey PMI

14:30 WTI EIA Oil Stock

21:30 AUD RBA Bullock speech

Thursday August 08

The main event today is probably the Chinese trade figures. Despite the trade war, the trade balance keeps on rising. There is a rate decision on PHP. Markets are closed in Tanzania.

02:00 CNY China Imports/Exports/TB

12:30 USD US Jobless Claims

23:30 AUD RBA Governor Lowe speech

23:50 JPY Japan 19Q2 Preliminary GDP (QoQ e0.1% p0.6%)

Friday August 09

Chinese inflation and UK GDP are the main events today. The Canadian NFP comes a week after the US. Markets are closed in Singapore, South Africa, and Namibia. There are elections in Argentina this weekend.

01:30 AUD RBA MPC Statement

01:30 CNY China CPI (YoY e2.7% p2.7%)

06:00 EUR Germany Trade Balance s.a.

08:30 GBP UK 19Q2 Preliminary GDP (QoQ e0.0% p0.5%)

08:30 GBP Manufacturing/Industrial Production

12:30 USD US PPI

12:30 CAD Canada NFP/AHE/UnEmp (NFP e10k p-2.2k)

This report is published every week as an email by MatrixTrade.com - you can sign up to receive it here. This blog is supported solely by advertising, so if any of the ads interest you, please click on them. If you want notification when the blog is updated, please follow me on Twitter, Facebook, Stocktwits, TradingView or Linkedin (all open in separate windows). Details of how I compile the report are here.