Economic calendar | July 11 – July 15

Monday, July 11

Once again, the macroeconomic calendar on Monday is completely empty, so market participants will have the opportunity to calmly prepare for the upcoming trading week, which promises to be quite busy. Attention can only be attracted by the speech of the head of the Bank of England.

Tuesday, July 12

Tuesday is also not rich in economic publications. It is worth paying attention only to the index of economic sentiment from ZEW in Germany and the eurozone for July. Otherwise, the calendar is completely empty again.

Wednesday, July 13

All the fun starts on Wednesday. First, you should pay attention to the board meeting of the Reserve Bank of New Zealand, during which the refinancing rate may be increased from 2.0% to 2.5%. And this will contribute to the growth of the New Zealand dollar. 

Then statistics on industrial production in the UK and the eurozone will be published. In both cases, it is predicted not just a slowdown in growth, but with a high probability even a decline in annual terms. So during the European trading session, the euro and the British pound will be under pressure.

The main event of the day will be the publication of inflation data in the United States. Analysts expect it to grow from 8.6% to 8.8%. The high level of inflation is already a big problem for monetary regulators around the world, and the fact of its acceleration only forces central banks to revise economic forecasts in the direction of deterioration. Therefore, the dollar will be under strong pressure on Wednesday and will noticeably fall in price. 

And the Canadian dollar will be the leader of growth in the middle of the week, as it will receive support from the Bank of Canada's decision to raise the refinancing rate from 1.50% to 2.25%.

Thursday, July 14

Thursday may start with a decline in the Australian dollar, which will also be under pressure from inflation data. The growth rate of consumer prices in Australia could accelerate from 6.7% to 6.8%, and this could turn into a protracted recession. However, at the end of the day, the Australian dollar may recover somewhat against the background of the weakening of the US dollar. 

The fact is that the producer price index in the United States should grow from 10.8% to 10.9%. And since this indicator is ahead of inflation, it means that it will continue to grow. 

Friday, July 15

On Friday, retail sales data in the United States will be of interest. It is expected that their growth rate should slow down from 8.1% to 6.5%. And this indicates a decline in consumer activity, which is the main engine of the American economy. 

Thus, these data will be just another confirmation that the American economy is heading for recession. Pressure on the US currency will increase at the end of the week after the release of data on industrial production, the growth rate of which should slow down from 5.4% to 4.8%.