PA Market Report: Overview (July 25- July 29) & Upcoming Events August’22

July 25, 2022

Russia’s Gazprom Update

Russia is not interested in a complete gas supply cutoff to Europe. However, It Halts One More Engine At Nord Stream 1 Gas Pipeline. Gas Flows To Decline To 33 Mln Cubic Metres Per Day Via Nord Stream 1 From July 27.

EUR/USD Outlook (All)

  1. EUR/USD moved between gains and losses at the start of the week amid conflicting price action drivers.
  2. The euro can’t take much advantage of the U.S. dollar’s softness as news that Gazprom will further reduce gas exports to the Eurozone weighs on sentiment.
  3. In terms of the next catalysts to keep an eye on, the FOMC decision will steal the limelight this week.

July 26, 2022

CB Consumer Confidence (USD)

The Index now stands at 95.7 (1985=100), down 2.7 points from 98.4 in June. The Present Situation Index—based on consumers’ assessment of current business and labour market conditions—fell to 141.3 from 147.2 last month. The Expectations Index—based on consumers’ short-term outlook for income, business, and labour market conditions—ticked down to 65.3 from 65.8.

July 27, 2022

CPI q/q (AUD)

  1. The Consumer Price Index (CPI) rose 1.8% this quarter.
  2. Over the twelve months to the June 2022 quarter, the CPI rose 6.1%.
  3. The most significant price rises were new dwelling purchases by owner-occupiers (+5.6%), automotive fuel (+4.2%), and furniture (+7.0%).

Durable Goods Orders Rise (USD)

Durable Goods Orders in the US increased by 1.9%, or by $5 billion, on a monthly basis in June to $272.6 billion, the monthly data published by the US Census Bureau revealed on Wednesday. This reading came in much better than the market expectation for a decrease of 0.4%.

July 28, 2022

FOMC Press Conference (USD)

Federal Reserve Chair Jerome Powell is set to deliver the largest back-to-back rate increase in decades on Wednesday, with investors seeking signs he is open to shifting to smaller moves from September.

The Federal Open Market Committee is expected to raise rates by 75 basis points for a second straight meeting, the most aggressive tightening since the 1980s. The decision will be announced at 2 p.m. in Washington. No quarterly forecasts will be released and Powell will hold a press conference 30 minutes later.

China warns the USA

China warned on Wednesday (Jul 27) that Washington would “bear the consequences” if US House Speaker Nancy Pelosi visits Taiwan, with tensions soaring between the two countries. A possible visit by Nancy Pelosi – yet to be confirmed by the senior Democrat has stirred alarm in President Joe Biden’s administration, which fears the trip may cross red lines for China.

Advance GDP q/q  (USD)

According to the “advance” estimate released by the Bureau of Economic Analysis, GDP decreased at an annual rate of 0.9% in the second quarter of 2022. In the first quarter, real GDP decreased 1.6%.

The GDP estimate released today is based on source data that is either incomplete or subject to further revision by the source agency. The “second” estimate for the second quarter, based on more complete data, will be released on August 25, 2022.

July 29, 2022

Core PCE Price Index m/m (USD)

Personal income increased by $133.5 billion in June, according to estimates released today by the Bureau of Economic Analysis. DPI increased by $120.4 billion and PCE increased by $181.1 billion. The PCE price index increased 1.0%. Excluding food and energy, the PCE price index increased 0.6%. Real DPI decreased 0.3% in June and real PCE increased 0.1%; goods increased 0.1% and services increased 0.1%.

USDJPY: 133.87 – 0.3%


August 1, 2022

ISM Manufacturing PMI (USD)

August 2, 2022

RBA Rate Statement (AUD)
JOLTS Job Openings (USD)

August 3, 2022

Employment Change q/q (NZD)
CPI m/m (CHF)
ISM Services PMI (USD)

August 4, 2022

BOE Monetary Policy Report (GBP)
Official Bank Rate (GBP)

August 5, 2022

RBA Monetary Policy Statement (AUD)
Average Hourly Earnings m/m (USD)

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