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European economic calendar
Today, the Eurozone economy remains in the spotlight. Eurozone trade data will be watched in July amid a weak global demand environment and China's economic woes.
Economists predicted that the eurozone trade balance would increase from a deficit of 0.3 billion euros to a surplus of 18.3 billion euros. Export reduction is a price reduction scenario.
The increasing share of the service sector in the economy has reduced the impact of trade data on the euro. The weak business conditions numbers are in line with the latest private sector PMIs.
According to the European economic calendar, none of the members of the Executive Board of the European Central Bank are on the calendar to speak today.
American economic calendar
Philly's Federal Manufacturing Index numbers and US jobless claims will also provide direction. The drop in jobless claims calls into question the theory of a softer US labor market.
We expect jobless claims to beat the Fed's Philly manufacturing data.
It's worth noting that manufacturing sector numbers are unlikely to influence Fed decisions. The manufacturing sector accounts for less than 30 percent of the U.S. economy and is unlikely to dictate the direction of the Federal Reserve's monetary policy. Conversely, tight labor market conditions support further interest rate hikes by the Federal Reserve to curb demand-driven inflation.
Today, the Eurozone economy remains in the spotlight. Eurozone trade data will be watched in July amid a weak global demand environment and China's economic woes.
Economists predicted that the eurozone trade balance would increase from a deficit of 0.3 billion euros to a surplus of 18.3 billion euros. Export reduction is a price reduction scenario.
The increasing share of the service sector in the economy has reduced the impact of trade data on the euro. The weak business conditions numbers are in line with the latest private sector PMIs.
According to the European economic calendar, none of the members of the Executive Board of the European Central Bank are on the calendar to speak today.
American economic calendar
Philly's Federal Manufacturing Index numbers and US jobless claims will also provide direction. The drop in jobless claims calls into question the theory of a softer US labor market.
We expect jobless claims to beat the Fed's Philly manufacturing data.
It's worth noting that manufacturing sector numbers are unlikely to influence Fed decisions. The manufacturing sector accounts for less than 30 percent of the U.S. economy and is unlikely to dictate the direction of the Federal Reserve's monetary policy. Conversely, tight labor market conditions support further interest rate hikes by the Federal Reserve to curb demand-driven inflation.
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