Tuesday

Australia rate decision – The Reserve Bank of Australia will announce a decision on what it will raise its cash rate to. How aggressively central banks act to curb inflation will give an idea of how aggressive inflation will be vs how much they are willing to slow down their economies to combat it.

PMIs for euro area, China, India, and others – Purchasing Managers’ Index – Examines whether those buying materials for manufacturing see the global economy as expanding or contracting.

US factory orders, durable goods – A measure of how businesses are producing, and how they view the economic outlook.

Wednesday

FOMC minutes – Details on the discussion of the last rate hike combined with insight into how the Fed is viewing what needs to be done in the future and how those decisions will be made, delivered just ahead of the next Fed meeting and rate hike decision.

US PMIs – Purchasing Managers’ Index – Examines whether those buying materials for manufacturing see the economy as expanding or contracting in the US.

ISM services – Survey of  the services sector designed to show longer term trends toward expansion or contraction performed by the Institute of Supply Management.

JOLTS job openings – Job openings and labor turnover.

Thursday

EIA crude oil inventory report – The Energy Information Administration’s (EIA) measures of the weekly change in the number of barrels of commercial crude oil held by US firms. That influences the price of petroleum products, which affects inflation.

Fed Governor Christopher Waller and St. Louis Fed President James Bullard, scheduled to speak – A member of the Federal Reserve Board of Governors since 2020 and the President of the Federal Reserve Bank of St. Louis maybe give insight into the coming FOMC meeting.

ECB account of its June policy meeting – Some are concerned the European Central Bank is too dovish in its battle with inflation, that will weaken the Euro as inflation gets a freer hand, and that disparity in currency value can affect foreign trade and the domestic economy of Europe.

Friday

US employment report for June – Jobs will be watched closely for any sign of economic slowdowns beginning to put people out of work.