Economic calendar: Polish zloty awaits labour market data

Summary

- Polish wage growth expected to rebound after major dip in June
- CAD awaits manufacturing sales data
- Oil traders higher ahead of stockpiles data

9:00 am BST - Poland, labour market report for July. Poland has been much more resilient to the ongoing economic slowdown than, for example, countries from the Western Europe. Macroeconomic data is superb and the economic growth remains robust. However, wage growth unexpectedly dipped in June and markets are eager to see whether it was just a one-off event. Market consensus hints at wage growth accelerating to 7.1% YoY and employment growth slowing from 2.8% YoY to 2.7% YoY.

1:30 pm BST - Canada, manufacturing sales for June. The latest data from the Canadian economy was mixed - labour market data disappointed while PMIs showed a small beat. Manufacturing sales print for June is expected to show a 1.8% MoM decline. However, the reading is unlikely to trigger a bigger price move or trend reversal. Such a move may be trigger on 4th of September when Bank of Canada announces rate decision.

9:30 pm BST - API report on oil inventories. The recent drone attack on Saudi oil facilities conducted by Yemeni rebels reminded investors that the situation in the Gulf region remains tense. Oil prices moved higher in response to this news. The manner in which the situation develops may have major implications for the oil market. However, until that happens traders should focus on regular inventories data. Today’s API report is expected to show a 0.5 million barrel increase.

Central bank speakers

- 2:30 pm BST - Riksbank’s Jochnick
- 9:30 am BST - Fed’s Daly