PriceAction Ltd. Market Report (July 18 – July 22) & Upcoming Events, July’22

Jul 18, 2022

CPI q/q (NZD)

CPI qq

Jul 19, 2022

Russia Restarts Nord Stream 1 gas Flows (ALL)

After a 10-day shutdown, the Russian-led gas pipeline operator Nord Stream resumed pumping gas through the Nord Stream 1 pipeline to Germany on Thursday morning, initially quelling Europe’s concerns that the maintenance period would be extended.

In the first half of the trading day, prices for the August spot gas futures contract traded on the TTF platform in the Netherlands dropped. Later, though, they rebounded to trade at €154 ($157) per megawatt as the market anticipated official verification of Nord Stream 1’s incoming flow amount.

Nominations on the Nord Stream 1 pipeline for gas flows from Russia into Germany were at 29,284,591 kW/h for 0600-0700 CET, from zero previously, data from the operator’s website showed.

UK Interest Rates Rising to 1.75% in August (GBP)

Andrew Bailey talks about the impact of four recent shocks on our economy. These shocks have pushed inflation up, he says, but we will set monetary policy to bring it back down to our target. 

July 20, 2022

Lavrov says Russia Aims to Go Beyond Donbass (All)

The geographical objectives of the “special operation” in Ukraine have altered, according to Sergei Lavrov, the director of the Russian Foreign Ministry. As per him, Russia is interested in seizing further territory in addition to the so-called DPR and LPR. If the West continues to equip Ukraine with “long-range weaponry,” Lavrov said, the geographical objectives would be expanded.

CPI m/m  (CAD)

In June, the annual rate of consumer inflation increased to 8.1%, after an increase of 7.7% in May. This was the greatest annual change since January 1983. The June acceleration was mostly due to increased fuel costs, but price increases were widespread, with seven of eight key components increasing by 3 percent or more.

July 21, 2022

Monetary Policy (JPY)

The Bank of Japan upped its inflation prediction on Thursday, but kept ultra-low interest rates and warned of dangers to a weak economy, solidifying its status as an outlier in a worldwide tide of central bank policy tightening.

Monetary Policy (EUR)

In accordance with its strong commitment to its price stability mission, the Governing Council has taken further crucial actions to ensure that inflation returns to its 2 percent objective over the medium term. The Governing Council resolved to increase the three main ECB interest rates by 50 basis points and adopted the Transmission Protection Instrument (TPI).

ECB: Supply Chain Disruptions (EUR)

The European Central Bank will hike interest rates until inflation returns to its objective of 2%, according to ECB President Christine Lagarde, in an interview published on Friday by Germany’s Funke Mediengruppe.

It was Lagarde’s most public pledge to combating inflation, which reached 8.6 percent in the eurozone last month, amid mounting worries of a recession in the EU as a consequence of Russia’s invasion of Ukraine.

July 22, 2022

French Economy Heads Towards Stagnation (EUR)

After June’s considerable slowdown, France’s July ‘flash’ PMI data showed additional growth momentum erosion. Weakening demand conditions dragged on the economy, with the first drop in private sector new business since February 2021. Businesses should commit more resources to lowering backlogs, which fell in July for the first time in 15 months.

German Flash Services PMI (EUR)

S&P Global’s July ‘flash’ PMI® data revealed a decline in Germany’s economy, the first in 2022 and the weakest in over two years. Latest data shows declines in domestic and international demand due to an uncertain economic climate, supply bottlenecks, and tight client budgets.

First time since May 2020, the height of the COVID outbreak, future expectations are negative.

Flash Services PMI (USD)

According to S&P Global’s ‘flash’ PMI™ data, US private sector companies contracted in July for the first time since June 2020. The decline in production signaled a lack of economic momentum not seen since COVID-19 lockdowns in 2009. The decline was driven by a sharp reduction in service sector activity, albeit manufacturing output also dropped.

The Flash US PMI Composite Production Index showed 47.5 in July, down from 52.3 in June, signaling private sector output decline. Both manufacturers and service providers reported lower demand since May 2020, when the epidemic began.

Russian Missiles Slam Odesa Port (ALL)

Russian missiles targeted Odesa on Saturday, the Ukrainian military claimed, endangering an agreement to reopen grain shipments from Black Sea ports and relieve global food shortages created by the conflict.

Volodymyr Zelenskyy said the strike demonstrated Moscow couldn’t be trusted to fulfill the pact. The Ukrainian military told Suspilne that the rockets did not do substantial damage, and a cabinet official said preparations continued to restore grain shipments from Black Sea ports.


July 26, 2022

CB Consumer Confidence (USD)

BOE Gov Bailey Speaks (GBP)

July 27, 2022

CPI q/q (AUD)

July 28, 2022

FOMC Press Conference (USD)

Advance GDP q/q (USD)

July 29, 2022

Core PCE Price Index m/m (USD)

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