• UK Chancellor Rishi Sunak will publish his summer statement today
• EIA weekly report is expected to show 3.4 million barrels decline
Economic calendar is quite light with EIA Crude Oil Inventories report and UK’s supplementary budget being the two noteworthy events scheduled for today. The Chancellor’s supplementary budget is set to update the nation on the state of the UK economy while also announcing new stimulus measures aimed at supporting the country’s post-coronavirus economic recovery. British Pound might tumble if the Chancellor’s stimulus measures fail to impress investors.
Notable releases during European session:
12:00 BST - UK supplementary budget
12:00 BST - US MBA mortgage applications. Previous: -1.8%
12:00 BST - US MBA mortgage applications. Previous: -1.8%
During US session investors will get to know:
15:30 BST - EIA Crude Oil inventories report. Expected – 3.4 mln barrels. Previous: -7.2mln barrels
Apart from that, ECB Vice-President Luis De Guindos is scheduled to speak at 15:00 BST
