The Week Ahead: 5th – 8th July 2022

Overview for the Week Ahead

In a holiday-shortened trading week, data from the labour market and a readout from the Fed’s latest policy meeting will be highlights. US Markets were closed on Monday for the July 4th holiday. Americans shopping for July 4 barbecues will pay an average 17% more than last year for items such as burgers and lemonade, according to the American Farm Bureau Federation, an example of the brutal price pressures facing consumers globally.

Still, Jerome Powell’s whatever-it-takes-style message last week may have persuaded bond markets that the U.S. Federal Reserve means business when it comes to stomping on inflation.

June’s all-important jobs report will be released at 15.30 GMT+3 on Friday, forecasts suggesting another 275,000 jobs were created last month, according to data from Bloomberg – a slowdown from the 390,000 jobs created in May but a number that suggests payroll growth continues to charge ahead.

The Labour Department’s monthly jobs report due out Friday will offer a gauge of how the U.S. labour market is holding up against a backdrop of tightening monetary conditions, inflations, and growing warnings of an economic downturn.

This Week’s High Impact Events

The times below are GMT +3.

Tuesday 5th July               

  • 13.00 – UK – BOE Gov. Bailey Speaks

Potential instruments to Trade: GBP Crosses.

Wednesday 6th July

  • 12.00 – EU Economic Forecasts

Potential instruments to Trade: EUR Crosses.

  • 17.00 – US – JOLTS Job Openings & ISM Services PMI

Potential instruments to Trade: USD Crosses.

  • 21.00 – US – FOMC Member Meetings

Potential instruments to Trade: USD Crosses. 

Thursday 7th July

  • Tentative – New Zealand – RBNZ Statement of Intent

Potential instruments to Trade: NZD Crosses. 

  • 15.15 – US – ADP Non-Farm Employment Change

Potential instruments to Trade: USD Crosses. 

  • 15.30 – US – Unemployment Claims

Potential instruments to Trade: USD Crosses. 

  • 17.00 – Canada – IVEY PMI

Potential instruments to Trade: CAD Crosses. 

  • 20.00 – US – FOMC Member Bullard Speaks

Potential instruments to Trade: USD Crosses. 

Friday 8th July

  • 15.30 – Canada – Employment Change & Unemployment Rate

Potential instruments to Trade: CAD Crosses.

  • 15.30 – US – Average Hourly Earnings m/m, Non-Farm Employment Change, & Unemployment Rate

Potential instruments to Trade: USD Crosses.

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