Economic calendar: A lot of central bankers to hear

Summary:

• Second-tier data from European economies on Tuesday
• Another report from the US labour market to be released this afternoon
• Fed’s Powell on the agenda, a day before he’ll testify before the House Financial Services Panel

8:00 am BST - Hungarian inflation for June: The consensus calls for a 3.7% YoY increase after a 3.9% YoY rise seen in the previous month. 

9:00 am BST - Italian retail sales for May: The median estimate suggests a 0.6% YoY decline after rising 4.2% YoY in April. 

1:15/1:30 pm BST - Canadian housing starts for June/building permits for May: The Canadian economy has thrived of late and this is especially true when we compare macro releases from there with prints from the US or European economies. This is why market participants are cautious with regard rate cuts in Canada by the year-end assigning roughly 30% odds for a cut by December. If macroeconomic data from Canada keep beating expectations, it could help the Loonie. Expectations point to 208.6k housing starts in June and a 10% MoM decline in building permits in May. 

3:00 pm BST - US JOLTS for May: The employment report for May saw a disappointingly low number of new jobs created in the US economy, at least compared to the consensus, but this was more than reversed in June as the economy produced a stunning number of new jobs (224k) in the non-farm sector. JOLTS data is another element that one needs to take into account when assessing the US labour market. It shows a number of job vacancies created each month and it tells quite a lot about demand for labour. The consensus points to 7473k. 

Central bankers’ speeches:

• 9:00 am BST - ECB’s Visco 

• 9:00 am BST - ECB’s Villeroy

• 1:45 pm BST - Fed’s Powell

• 3:10 pm BST - Fed’s Bullard

• 3:15 pm BST - ECB’s Lane

• 7:00 pm BST - Fed’s Quarles

• 7:20 pm BST - Fed’s Bostic