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The most important economic events expected this week 20 to 24 July 2020
This week includes PMI indices in the US, UK and Eurozone. These indicators are important measures of the strength of the manufacturing and services sectors. In addition, the central banks of Japan and Australia will release the minutes of their policy meetings.
The Bank of Japan kept the policy balance rate unchanged at -0.10%. The bank's economic outlook was pessimistic, but the US dollar against the Japanese yen did not show much reaction.
In the U.S., initial jobless claims fell slightly to 1.30 million, down from 1.31 million previously. The total number of claims is more than 32 million, as the employment situation remains bleak.
RBA Monetary Policy Minutes: Tuesday, 4:30. The Reserve Bank of Australia will release the minutes of the policy meeting last week. The record tone can affect the AUD / USD movement.
American Unemployment Claims: Thursday, 15:30. Initial job claims in the United States continue to decline, albeit at a slow rate. Unemployment claims fell to 1.30 million, down from 1.31 in the previous version. Another slight decrease is expected in the upcoming release, with an estimate of 1.28 million.
UK Manufacturing PMI: Friday, 11:30. The Manufacturing PMI came in at 50.1 in June, just above the 50.0 mark, which separates deflation from expansion. The initial estimate for July stands at 52.0.
Eurozone PMI indices: Friday 10:30 for the entire eurozone. In Germany and the Eurozone, the Manufacturing PMI rose sharply in May, but it is still in the deflation zone. The German PMI increased from 36.6 to 45.2, while the Eurozone rose from 39.4 to 47.4. The French manufacturing PMI improved to 52.3, indicating expansion. In Germany and the Eurozone, early July readings are expected to improve but remain in the deflation zone, with estimates of 48.0 and 49.6, respectively. In the services sector, the German PMI is expected to rise to 50.1 just above the 50.0 threshold, which separates deflation from expansion. The Eurozone is expected to improve to 51.0 and the French to 52.3.
UK Services PMI: Friday, 11:30. After showing a deep contraction in April with only 12.3 reading, the index recovered. In June, the index improved to 47.0 and the initial estimate for July at 51.1, indicating a slight expansion.
US Manufacturing PMI: Friday, 16:45. The PMI has not published a reading showing the expansion (above 50.0) since February. The index improved to 49.8 in June, up sharply from 39.8 previously. The bullish trend is expected to continue, with an estimate of 52.0.
US Service PMI: Friday, 16:45. In June, the PMI increased from 36.9 to 47.9. The estimate for July stands at 51.0.
**All times are KSA
