Highlights
German manufacturing orders are expected to fall 2.4 percent on the month in June, which would compare with a much higher-than-expected 6.4 percent jump in May.
Industrial production in France is forecast to fall 0.5 percent on the month in July after jumping a surprising 1.2 percent in June while production in Italy is expected to fall 0.4 percent on the month following a sharp 1.6 percent rise in May.
The UK construction sector PMI is seen sliding from June's 48.9 to 48.0 in July.
In the Eurozone, retail sales volumes in June are expected to come in unchanged for a second month in a row. Volumes have not risen since January.
US nonfarm payroll growth in July is forecast at 200,000 versus 209,000 in June, which was very near expectations. Average hourly earnings in July are expected to rise 0.3 percent on the month for a year-over-year rate of 4.2 percent; these would compare with 0.4 and 4.4 percent for the last three reports. July's unemployment rate is expected to hold unchanged at 3.6 percent.
At its latest meeting on July 25-26, the Federal Open Market Committee raised the federal funds target rate by 25 basis points to a range of 5.25 percent to 5.50 percent, as expected. The FOMC statement was virtually unchanged outside of the language regarding the rate move. There was a slight upgrade in the assessment of the economy from modest to moderate, but no change in"elevated" inflation.
In Canada, employment in July is expected to rise 20,500 versus June's much higher-than-expected 59,900. July's unemployment rate is expected to edge higher to 5.5 percent from 5.4 percent in June.
In July, the Bank of Canada raised its policy interest rate -- the target for overnight lending rates -- by another 25 basis points to a fresh 22-year high of 5.00 percent from 4.75 percent during the current tightening cycle that began March last year aimed at bringing elevated inflation back to target. In the labour market, there are signs of more availability of workers, but conditions remain tight, and wage growth has been around 4 percent to 5 percent, the bank said.
Industrial production in France is forecast to fall 0.5 percent on the month in July after jumping a surprising 1.2 percent in June while production in Italy is expected to fall 0.4 percent on the month following a sharp 1.6 percent rise in May.
The UK construction sector PMI is seen sliding from June's 48.9 to 48.0 in July.
In the Eurozone, retail sales volumes in June are expected to come in unchanged for a second month in a row. Volumes have not risen since January.
US nonfarm payroll growth in July is forecast at 200,000 versus 209,000 in June, which was very near expectations. Average hourly earnings in July are expected to rise 0.3 percent on the month for a year-over-year rate of 4.2 percent; these would compare with 0.4 and 4.4 percent for the last three reports. July's unemployment rate is expected to hold unchanged at 3.6 percent.
At its latest meeting on July 25-26, the Federal Open Market Committee raised the federal funds target rate by 25 basis points to a range of 5.25 percent to 5.50 percent, as expected. The FOMC statement was virtually unchanged outside of the language regarding the rate move. There was a slight upgrade in the assessment of the economy from modest to moderate, but no change in"elevated" inflation.
In Canada, employment in July is expected to rise 20,500 versus June's much higher-than-expected 59,900. July's unemployment rate is expected to edge higher to 5.5 percent from 5.4 percent in June.
In July, the Bank of Canada raised its policy interest rate -- the target for overnight lending rates -- by another 25 basis points to a fresh 22-year high of 5.00 percent from 4.75 percent during the current tightening cycle that began March last year aimed at bringing elevated inflation back to target. In the labour market, there are signs of more availability of workers, but conditions remain tight, and wage growth has been around 4 percent to 5 percent, the bank said.
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.
