5th August 2019 – 9th August 2019
• USD ISM Manufacturing PMI The ISM Non-Manufacturing Index released by the Institute for Supply Management (ISM) shows business conditions in the US non-manufacturing sector. It is worth noting that the non-manufacturing sector does not influence. This forward-looking survey for America’s largest sector usually serves as a hint toward the Non-Farm Payrolls. This time, the data is published after the event, allowing it to stand on its own. Services have been growing at a satisfactory pace in June, with a score of 55.1 points – significantly above the 50-point threshold that separates contraction and expansion. A slowdown may be seen now. • AUD RBA Interest Rate Decision RBA Interest Rate Decision is announced by the Reserve Bank of Australia. If the RBA is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the AUD. After two rate cuts, the Reserve Bank of Australia is likely to leave the interest rate unchanged at 1% now. Despite the Fed cut, Governor Phillip Lowe and his colleagues are set to pause and leave some ammunition for worse times. While the RBA would like to see a lower unemployment rate, inflation has come out above expectations and allows for higher rates. • NZD RBNZ Interest Rate Decision RBNZ Interest Rate Decision is announced by the Reserve Bank of New Zealand. If the RBNZ is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the NZD. The Reserve Bank of New Zealand rate decision significantly depends on the jobs report, but there is a substantial chance that Governor Adrian Orr and his colleagues will cut interest rates after May’s 25bp reduction from 1.75% to 1.50% and the pause in June. The RBNZ will have responded to recent trade tensions and the Fed’s rate cut, as well as some domestic concerns. • JPY Gross Domestic Product The Gross Domestic Product released by the Cabinet Office shows the monetary value of all the goods, services and structures produced in Japan within a given period of time. GDP is a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. • GBP Gross Domestic Product The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. This Gross Domestic Product (GDP) report is for the full second quarter of the year, making it more impactful than the monthly releases. The British economy expanded by a robust pace of 0.5% in the first quarter of 2019 – but this growth was mostly driven by preparations for Brexit – that did not happen at the original March 29th date. Economic indicators for the second quarter have shown a significant slowdown and some fear the economy has suffered from contraction – opening the door to a recession. The pound and also the euro may be impacted by the data.Monday
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