FOMC PREVIEW (WED)

Ahead of the 'blackout' window, Fed Chair Jerome Powell had the opportunity to guide market pricing for the 18th September FOMC, but struck an upbeat tone on the economy, essentially signalling that he was comfortable with market pricing which is weighted in favour of a 25bps rate cut to 1.75-2.00%, as opposed to the more aggressive 50bps, which some members of the FOMC have called for (voter James Bullard argued a cut of that magnitude would help align rates with the market). No doubt,...

• MON: Japanese GDP, Germany Trade Balance, UK Industrial & Manufacturing Production, Construction Output, Trade Balance, EZ Sentix Investor Confidence,
• TUE: Chinese & Norwegian Inflation, Norges Bank Regional Survey, UK Labour Market Report, US NFIB Small Business Optimism, Canadian Housing Starts, Building Permits, US JOLTS
• WED: Swedish CPI, US PPI, Wholesale Trade Sales, Polish Rate Announcement, OPEC Monthly Report
• THU: Swedish...

• SUN: NZ Trade
• MON: UK Bank Holiday, German IFO, US Durables, Dallas Fed Manufacturing Business Index
• TUE: German GDP (2nd), Hungarian Rate Decision, US House Price Index, S&P Case-Shiller, CB Consumer Confidence, Richmond Manufacturing Index
• WED: GFK Consumer Climate, EZ M3 Money Supply, Israeli Rate Decision
• THU: NZ ANZ Business Confidence, Australian CAPEX, German Import Prices, Norwegian GDP, German...

• MON: Japanese Trade Balance, EZ CPI,
• TUE: Swiss Trade Balance, German PPI, Norwegian GDP, Canadian Manufacturing Sales, RBA Minutes
• WED: Norwegian Unemployment, South African CPI, Canadian CPI, US Existing Home Sales, FOMC Minutes
• THU: EZ & US Manufacturing, Services and Composite PMIs, Swedish Unemployment, EZ Consumer Confidence, NZ Retail Sales, ECB Minutes
• FRI: Japanese National CPI, Canadian Retail Sales, US...

• MON: N/A
• TUE: German CPI, UK Labour Market Report, German ZEW, US CPI.
• WED: Australian Wage Price Index, Chinese Industrial Production, Retail Sales, German GDP, Swedish CPI, UK CPI, PPI and RPI, EZ GDP.
• THU: Australian Employment Report, Norges Bank, UK Retail Sales, US Philly Fed, NY Empire State Manufacturing, Retail Sales, Industrial Production.
• FRI: OPEC Monthly Report, Eurozone Trade Balance, US Building...

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• MON: UK Mortgage Lending and Approvals, Dallas Fed Manufacturing Index
• TUE: Japanese Unemployment and Industrial Production, Australian Building Approvals, German Import Price Index and GFK Consumer Climate, Eurozone Consumer Confidence (F),...

• MON: Germany IP; BOI; Aus NAB confidence; China social financing.
• TUE: EIA STEO; US JOLTs.
• WED: Powell testimony; FOMC mins; BOC MPR; China CPI; UK GDP, trade data, IP.
• THU: US CPI; OPEC MOMR, Sweden CPIF.
• FRI: China trade.

• SUN: Istabul Election re-run
• MON: German Ifo Survey
• TUE: RBNZ Monetary Policy meeting, Hungarian Central Bank Monetary Policy meeting, US Consumer Confidence, New Home Sales, Meeting minutes
• WED: US Durable Goods
• THU: Banxico Monetary Policy meeting, US GDP Final, Core PCE (Final), EZ Sentiment
• FRI: G20, Japanese CPI and Unemployment, UK GDP, US Consumption and Uni. Of...

• MON: US hearing on further China tariffs.
• TUE: RBA Minutes, German ZEW Sentiment, EZ CPI (Final), US Housing Starts.
• WED: FOMC Monetary Policy meeting, CBRT Summary of the MPC meeting, BCB Monetary Policy meeting, Japan Trade Balance, UK & Canada CPI.
• THU: BOE, BOJ, Norges Bank, Bank of Indonesia, UK Retail Sales, US Philly Fed.
• FRI: EU Summit (EU top jobs decisions to be made), Quadruple Witching, Japanese CPI,...

• WEEKEND: G20 finmin/cbank heads meet.
• MON: US to impose tariffs on Mexico; UK Tory leadership campaign starts; Japan GDP; UK GDP, Manufacturing; Canada housing.
• TUE: EIA STEO, UK jobs report
• WED: China CPI, US CPI, CBRT.
• THU: OPEC MOMR.
• FRI: IEA oil report, CBR.

G20 FINMIN/CBANKS HEAD MEETING (WEEKEND):

Ahead of the leaders’ summit on 28-29 June, G20 finance ministers and central bank officials will meet on the weekend at Fukuoka in...

• MON: Swiss CPI, Turkish CPI, EZ, US/UK mfg PMI, US ISM mfg, construction spending, NZ trade
• TUE: RBA, UK cons PMI, EZ CPI & unemployment, US factory orders, Aus GDP
• WED: EZ, UK & US services PMI, EZ PPI, retail sales, US ADP, ISM non-mfg, NBP, Aus Trade
• THU: German factory orders, RBI & ECB, EZ employment & GDP (F), US trade, unit labor costs, nonfarm productivity, Canadian trade
• FRI: Swiss unemployment, German & French trade, German IP, US & Canadian labor market...

• MON: UK and US Market Holiday.
• TUE: Hungary rate decision.
• WED: BOC rate decision, German Jobs Report, Richmond Fed.
• THU: Aussie Building Approvals, CAPEX; NZ Budget; US GDP, Pending Home Sales.
• FRI: Japanese jobs data, Tokyo CPI, industrial output; BOK rate decision; German retail sales, CPI; US personal spending, core PCE, Michigan; Canadian GDP

• MON: Norway GDP.
• TUE: OPEC MOMR, Swedish CPIF, Germany ZEW Survey, China IP, UK jobs data, BCB mins.
• WED: US retail sales, IEA Oil Market Report, EZ GDP (2nd reading), Germany Prelim GDP, Canadian CPI, US IP.
• THU: Banxico, Aus jobs data, Indonesian rate decision, Eurogroup meeting.
• FRI: EZ CPI (Final), US auto tariff decision.

• Monday: UK Holiday
• Tuesday: RBA Monetary Policy Meeting, EIA Short-Term Energy Outlook, Australian Retail Sales and Trade Balance, German Industrial Orders and Output, Japan returns from Golden Week Holiday
• Wednesday: RBNZ Monetary Policy Meeting, Brazilian Central Bank Monetary Policy Meeting, JMMC Meeting, China Trade Balance
• Thursday: Norges Bank Monetary Policy Meeting, US International Trade
• Friday: UK...

• Sunday: Spanish Election.
• Monday: EZ consumer confidence; US PCE/personal spending.
• Tuesday: German unemployment; EZ flash Q1 GDP, regional EZ CPIs; Canada GDP; US consumer confidence, pending home sales, Chicago PMI; NZ employment.
• Wednesday: Europe Labour Day Holiday; UK, US mfg PMI; US ADP employment, construction spending, ISM mfg, FOMC.
• Thursday: China Caixin mfg PMI; EZ mfg PMI; UK construction PMI;...

• Mon: Easter.
• Tue: Flash PMIs, EZ flash consumer confidence.
• Wed: BOC rate decision, ECB bulletin.
• Thu: BoJ rate decision, Riksbank & CBRT rate decisions, US durable goods.
• Fri: Japanese labour data & retail sales, US advance GDP, Final Michigan confidence.
• Sun: Spanish General Election.

• Monday: US Factory Orders
• Tuesday: EU General Affairs Council, EIA STEO
• Wednesday: FOMC Minutes, ECB, OPEC MOMR, UK GDP, US CPI, Trump to meet South Korea President Moon, EU Brexit Summit
• Thursday: IEA Oil Market Report, Indian Elections Start, US PPI
• Friday: Revised Brexit date (TBC), Eurozone Industrial Production, Uni of Mich (prelim)

• Monday: ISM Mfg, Mfg PMIs, EZ CPI, US Retail Sales, Construction Spending.
• Tuesday: RBA, EZ Unemployment, US Durable Goods.
• Wednesday: Services PMI; ISM non-Mfg; China Vice Premier Liu travels to US for trade talks; Aus Trade Balance; US ADP.
• Thursday: RBI, US Challenger Job Cuts, US and Canadian Labour Market Reports.
• Friday: No major releases.

• Monday: US New Home Sales, Apple Event.
• Tuesday: US Durable Goods, Case Shiller, Consumer Confidence.
• Wednesday: RBNZ.
• Thursday: SARB, US GDP (final), Eurozone final Consumer Confidence, US Pending Home Sales, Banxico, Japan Labour market & Retail Sales.
• Friday: UK was scheduled to withdraw from EU; UK GDP; US PCE; Canada GDP; Uni of Michigan (final).

• Monday: Eurogroup meeting
• Tuesday: Brexit Meaningful Vote (TBC), ECOFIN meeting, UK GDP, US CPI
• Wednesday: Eurozone Industrial Production, US PPI
• Thursday: BoJ Rate Decision, US Retail Sales
• Friday: Eurozone CPI (final), NY Fed Mfg, Uni of Michigan (Prelim), US JOLTS (Jan), US Industrial Production

• Mon: US Construction Spending (Dec)
• Tue: RBA, Spanish Parliament dissolves, EZ final PMIs, EZ Retail Sales, US ISM non-Mfg, PMIs, US New Home Sales (Dec)
• Wed: BoC, Fed's Beige Book, Aussie GDP, US & Canada Trade Balance (Dec), US Factory Orders, US New Home Sales (Jan)
• Thu: ECB, Aussie Retail Sales & Trade Balance, US & Canada Trade Balance (Jan)
• Fri: US & Canadian Labour Market Report

Monday: US Wholesale Inventories

• Monday:
• Tuesday: UK Labour Market Report, RBA Minutes, German ZEW Survey, Japan Trade Balance
• Wednesday: FOMC Minutes, US Housing Starts, US Building Permits, Eurozone Consumer Confidence (Flash)
• Thursday: ECB Mins, Aussie Labour Report, Philly Fed, US Existing Home Sales, US & Eurozone Markit Flash PMIs, Japan CPI
• Friday: Eurozone CPI (Final), Riksbank Minutes

• Mon: China Caixin Services PMI, UK GDP, Eurogroup meeting
• Tue: OPEC Monthly Report, RBNZ Interest Rate Decision, Japanese PPI
• Wed: Riksbank Interest Rate Decisions, UK CPI, EU Industrial Production, US CPI, Japanese GDP
• Thu: Brexit Meaningful Vote, Indonesian Interest Rate Decision, US PPI, Eurozone GDP & Employment, China Trade Balance
• Fri: China CPI, UK Retail Sales, Eurozone Trade Balance, NY Empire State Manufacturing Index, Uni of Michigan

• Monday: Turkish CPI, UK Construction PMI, Eurozone PPI, US Factory Orders
• Tuesday: Australian Trade, RBA Rate Decision, Eurozone (F), UK and US Services PMIs, Eurozone Retail Sales, Canadian Trade, US ISM Non-Manufacturing,
• Wednesday: US Trade, Australian Jobs Report
• Thursday: BoE Rate Decision, Minutes & QIR, RBI & Banxico Rate Decision,
• Friday: German Trade, Norwegian GDP, Canadian Jobs