The talks over the Greek debt crisis have started to subside, even though the drama continues. But for now, Grisis averted. The U.S.-Iran deal is also a big headline that also created some waves in the financial markets mainly in oil. Following these two news items, market volatility is likely to subside in the coming days. This week’s agenda include: U.S. new home sales, minutes of last RBA’s meeting, GB net borrowing, U.S. existing home sales, Japan’s trade balance, and Canada’s retail sales. So let’s examine the economic calendar for the week of July 20th to 24th:
(All times GMT):
Monday, July 20th
00:30 – Minutes of Reserve Bank of Australia’s Monetary Policy Meeting: The Reserve Bank of Australia didn’t change its cash rate, which is still set at 2%;
Tuesday, July 21st
09:30 – Great Britain Public Sector Net Borrowing: Based on last month’s report, public net borrowing reached a surplus of 9.4 billion pounds; this measures the gap between spending and income for public corporations, the central government and local governments; current expectations are for a modest decline in the surplus to 8.6 billion pounds;
00:30 – Australia’s CPI: According to the last quarterly report, the CPI reached 0.2%, Q-o-Q. The current expectations are for the next report to show a 0.8% quarterly gain;
04:05 –Governor Stevens speaks: Reserve Bank of Australia Governor will speak at the Anika Foundation Luncheon, in Sydney;
Wednesday, July 22nd
09:30 –MPC Asset Purchase and Rate Votes: In the last MPC meeting, the Bank left its rate at 0.5% and the asset purchase program at £375 billion; the BOE isn’t expected to change its policy anytime soon;
15:00 – U.S. Existing Home Sales: This report will pertain to the U.S. existing home sales for June 2015; in the previous May report, the number of homes sold fell to a seasonally adjusted annual rate of 5.34 million houses; the current expectations are for the annual rate to rise to 5.40 million houses;
15:30 – U.S Crude Oil Stockpiles Weekly update: The EIA (Energy Information Administration) will release its weekly report on the U.S oil and petroleum stockpiles for the week ending on July 17th;
23:50 – Japanese Trade balance: In April 2015 the Japanese trade balance reached a 0.18 billion yen deficit (seasonally adjusted figures). Japan is among the leading importers of commodities, including crude oil and gold; the trade balance could offer information vis-à-vis Japan’s developments in its demand for goods and services;
Thursday, July 23rd
09:30 – Great Britain Retail Sales: According to last month’s report, retail sales in Great Britain rose by 0.2%;
13:30 – Canada Core Retail Sales: In the previous report regarding May 2015, manufacturing sales fell by 0.6%; current estimates are for a 0.7% gain in the next report;
13:30 – U.S. Jobless Claims Weekly Report: This weekly report will pertain to the changes in the initial jobless claims for the week ending on July 17th; in the recent report, jobless claims slightly rose to 281K; the expectations are for this number to slightly rise to 285K;
15:30 – EIA U.S. Natural Gas Storage: The EIA weekly update of the U.S. natural gas market will refer to the latest changes in natural gas production, storage, consumption and rates as of July 17th;
02:45 – China’s Markit Flash Manufacturing PMI: In the previous estimate, the PMI was still below 50 at 49.6; current estimates are for the PMI to inch up to 49.8;
Friday, July 24th
09:00 – Flash German, French and Euro Zone Manufacturing PMI: In the previous June update, France’s PMI increased again to 50.5 i.e. the manufacturing conditions are now expanding. Germany’s PMI rose to 51.9 – the industry is expanding faster. This time, the estimates are for the German PMI to inch up again to 52.1;
15:00 – U.S. New Home Sales: This report will refer to June 2015; in the recent report (opens pdf), the sales of new homes rose to an annual rate of 546,000; current estimates are for a modest fall to an annual rate of 543,000;
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