Highlights
US retail sales are forecast to rise 0.5 percent on the month amid a pickup in unit vehicle sales and higher fuel prices, accelerating from a modest 0.3 percent rise in the May data that mostly showed broad and welcome strength despite the soft headline.
Industrial production is expected to be unchanged on the month in June after May's 0.2 percent decline that was pulled down by mining, specifically energy production. Manufacturing output is also expected to be flat after a 0.1 percent rise in the prior month.
Business inventories in May are expected to rise 0.2 percent to match a 0.2 percent build in April.
The US housing market index is expected to continue its recovery but only by 1 point, to 56 in July after rising 5 points in June to a much better-than-expected 55.
Canadian inflation is forecast to have eased further in June, mostly thanks to the base-year effect of last year's spike in energy and commodities prices. The total consumer price index is expected to show a slower 3.0 percent rise on the year, down from 3.4 percent in May and 4.4 percent in April and a recent peak of 8.1 percent hit in June 2022. The year-over-year increase in the core CPI, which excludes food and energy, is expected to slow further to 3.7 percent from 4.0 percent.
Last week, the Bank of Canada raised its policy interest rate by another 25 basis points to a fresh 22-year high of 5.00 percent. Governor Tiff Macklem said monetary policy is working as price gains are slowing overall, but he warned that underlying inflationary pressures are proving more stubborn.
In New Zealand, too, inflation is easing. The consumer price index is forecast to rise a quarterly 0.9 percent in the second quarter for a year-over-year rate of plus 5.9 percent. These would compare with respective first-quarter rates of 1.2 and 6.7 percent.
Industrial production is expected to be unchanged on the month in June after May's 0.2 percent decline that was pulled down by mining, specifically energy production. Manufacturing output is also expected to be flat after a 0.1 percent rise in the prior month.
Business inventories in May are expected to rise 0.2 percent to match a 0.2 percent build in April.
The US housing market index is expected to continue its recovery but only by 1 point, to 56 in July after rising 5 points in June to a much better-than-expected 55.
Canadian inflation is forecast to have eased further in June, mostly thanks to the base-year effect of last year's spike in energy and commodities prices. The total consumer price index is expected to show a slower 3.0 percent rise on the year, down from 3.4 percent in May and 4.4 percent in April and a recent peak of 8.1 percent hit in June 2022. The year-over-year increase in the core CPI, which excludes food and energy, is expected to slow further to 3.7 percent from 4.0 percent.
Last week, the Bank of Canada raised its policy interest rate by another 25 basis points to a fresh 22-year high of 5.00 percent. Governor Tiff Macklem said monetary policy is working as price gains are slowing overall, but he warned that underlying inflationary pressures are proving more stubborn.
In New Zealand, too, inflation is easing. The consumer price index is forecast to rise a quarterly 0.9 percent in the second quarter for a year-over-year rate of plus 5.9 percent. These would compare with respective first-quarter rates of 1.2 and 6.7 percent.
Definition
Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.
Description
Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.
