In the US, the attention will turn to Fed FOMC meeting minutes from the July meeting with investors looking for any clues if the latest 75bps point hike was the last of such a magnitude. Looking further, retail sales figures are set to remain weak as surge in consumer prices is slowly impacting the purchasing power. Also it would be interesting to follow housing data with building permits, housing starts, and existing home sales taking the central stage. Other important releases include industrial production and New York Emire State and Philadephia Fed Manufacturing Indexes.
Elsewhere in America, the Canada CPI due on Tuesday will be closely watched, a first-tier release that could offer clues about the Bank of Canada's rate path.
Across the Atlantic, the United Kingdom economic calendar is packed with key releases including unemployment figures, inflation data, retail sales, Gfk consumer confidence, and public sector net borrowing. Figures from the ONS are likely to show the UK's inflation rate accelerated to a new four-decade high of 9.8% in July and retail sales probably declined for the third consecutive month. Meanwhile, the unemployment rate is seen holding steady at 3.8% in the second quarter.
Also, Euro Zone will see a second estimate of second-quarter GDP and the final reading of July's inflation rate. At the same time, German investor morale is expected to improve slightly from an over 10-year low hit in July. Other key economic data include Eurozone balance of trade, current account and construction output; Germany producer and wholesale prices; Spain foreign trade; Poland and Netherlands second-quarter GDP figures; Switzerland industrial production and balance of trade. On the monetary policy front, the Norges Bank is expected to raise its benchmark interest rate by another 50 bps when it meets on Thursday, as inflation rose more than expected to a 34-year high of 6.8% in July. On the other hand, the Central Bank of Turkey is seen leaving its benchmark interest rate unchanged at 14 percent for an eighth straight month.
In Australia, unemployment rate figures for July will be releases and the RBA will divulge minutes from its August meeting, sharing insights behind the central bank’s 50bps rate hike. In the meantime, the RBNZ is expected to raise its official cash rate by 50bps.
In Asia, Japan will kick-off a busy week of macroeconomic releases with preliminary Q2 GDP data, set to show a 0.6% quarterly rebound after the slight contraction in Q1. Investors also await Japanese consumer price data for July, as inflation has surpassed the BoJ’s 2% target in the past three months. In China, industrial production for July will give further insights on how the economy has recovered from strict Covid lockdowns in the second quarter, followed by releases of retail sales, the unemployment rate, and foreign direct investment. Elsewhere in Asia, the Thai GDP is set to continue to expand in Q2. Also, the Bangko Sentral ng Pilipinas is expected to keep its hawkish stance and raise its key overnight borrowing rate by 50bps, its sharpest rate hike since 2018.