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Economic calendar: ECB rate decision, US Q2 GDP report

7:44 AM 27 July 2023

  • European indices set for higher opening

  • ECB expected to deliver 25 bp rate hike

  • Flash Q2 GDP report from the United States

European index futures point to a higher opening of the cash session on the Old Continent today. Outcome of the FOMC meeting yesterday wasn't surprising - rates in the United States were increased by 25 basis points as expected and Powell was cautious not to give any clear forward guidance. Investors will hear from another major central bank today - the European Central Bank will announce the rate decision at 1:15 pm BST. Expectations for today's ECB decision are the same as for yesterday's FOMC decision - 25 bp rate hike and emphasis on data-dependance of future decision. 

Nevertheless, some EUR-volatility may arise in response to ECB meeting. Traders should pay special attention to EURUSD in the early afternoon as there will be also some top-tier US data released at 1:30 pm BST, including a flash GDP report for Q2 2023. GDP data is expected to show a slowdown in growth compared to Q1 2023.

8:00 am BST - Spain, unemployment rate for Q2 2023. Expected: 13%. Previously: 13.26%

1:15 pm BST - ECB rate decision

1:30 pm BST - US, jobless claims. Expected: 235k. Previous: 228k

1:30 pm BST - US, durable goods orders for June.

  • Headline. Expected: 0.6% MoM. Previous: 1.8% MoM

  • Ex-transport. Expected: 0.1% MoM. Previous: 0.7% MoM

1:30 pm BST - US, trade balance for June. Expected: -$91.8 billion. Previous: -$91.13 billion

1:30 pm BST - US, GDP report for Q2 2023.

  • GDP growth (annualized). Expected: 1.7%. Previous: 2.0%

  • Core PCE. Expected: 4.0% QoQ. Previous: 4.9% QoQ

3:00 pm BST - US, pending home sales for June. Expected: -0.5% MoM. Previous: -2.7% MoM

3:30 pm BST - EIA report on US natural gas inventories. Expected: +14 bcf. Previous: +41 bcf

Central bankers' speeches

  • 1:45 pm BST - ECB President Lagarde (post-meeting press conference)

Top Wall Street earnings releases

  • Mastercard (MA.US) - before market open

  • AbbVie (ABBV.US) - before market open

  • McDonald's (MCD.US) - before market open

  • Intel (INTC.US) - after market close

  • Ford Motor (F.US) - after market close

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