ECB Muller says confidence growth in Sep cut but after that is less certainEU commission chief says must play stronger role in defenceAUD the strongest and CHF the weakestJapan’s MOF reports zero yen intervention from July 30 to Aug 28Eurozone flash HICP YY 2.2% vs 2.2% expectedECB Kazaks says open to discussing a September cutBoE consumer credit 1.215B vs 1.300B expectedSpanish current account balance 5.02B vs 5.56B priorChina regulator to guide Alibaba towards better compliance and service qualityGerman Unemployment Rate 6.0% vs 6.0% expectedECB Rehn says falling growth and inflation makes case for a Sep rate cutWhat are money markets expecting from September’s central bank decisionsECB’s Schnabel urges caution and emphasizes data-driven policySwiss KOF indicator 101.6 vs 100.6 expectedFrench producer prices YY -5.4% vs -6.0% priorFrench GDP QQ final 0.2% vs 0.3% expectedFrench prelim HICP YY 2.2% vs 2.1% expectedWhat are the main events for today?Deepening downturn expected in China’s property market for 2024-2025UK nationwide house prices YY 2.4% vs 2.9% expectedGerman import prices MM -0.4% vs 0.0% expectedJapan housing starts YY -0.2% vs -0.1% expectedJapan construction orders YY 62.8% vs -19.7% priorBofA looking for EUR outflows and USD inflowsMostly messy day for sentiment so farWhat do we have coming up for the calendar today
Markets:
CAD leads, CHF lags on the dayEuropean equities higher;
S&P 500 futures up 0.44%US 10-year yields flat at
3.856% Gold
down 0.05% to $2,519WTI
crude up 0.29% to $76.18Bitcoin
up 0.19% to $59,474
It was a quiet session with subdued moves across the markets. The newsflow was once again a bit dull as the only notable release was the Eurozone Flash CPI which came out in line with estimates.
ECB speakers continue to support a September cut, which is fully priced in anyway, but they emphasize data dependency for the next cuts. The attention will now switch to the US PCE report due in an hour but it’s unlikely to trigger big moves unless we get strong deviations from the expected figures.
It’s all about the next week as we will get many top-tier economic indicators and the most important NFP report of the year.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
