Australia trade numbers gets things going

The economic calendar starts to heat up a bit as the summer months continue.

  • The Australian trade numbers kick things off at 9:30 PM ET/0130 GMT. The expectations are for a surplus of A$1B vs A$0.56B last month.
  • German factory orders are due at 2 AM ET/0600 GMT with estimate of 1.9% MoM vs -2.1% last month.
  • Switzerland CPI for June will be released at 3:15 AM ET/0715 GMT. The MoM is estimated to come in flat at 0.0 vs 0.2% last month. YoY is est at 0.3% vs 0.5%. The value is still very low but up from the 2015 low at -1.4% YoY
  • The ECB Monetary Policy meeting accounts will be released at 7:30 AM ET/1130 GMT. This report is a detailed record of the ECB Governing Board's most recent meeting. It provides insights into the economic conditions that influenced the ECB decision on rates/policy
  • Also at 7:30 AM ET/1130 GMT, the Challenger Job cuts will be released. This is the start of the employment statistics for the month. The Non farm payroll and accompanied statistics will be released on Friday. Non farm payroll is expected to increase by 177K vs 138K last month. Challenger job cuts came in at 9.7% last month.
  • The ADP employment chnage will be released at 8:15 AM ET/1215 GMT with estimate of 185K vs 253K last month. The number last month overstated the actually NFP numbers by 115K, making the interpretation more difficult.
  • US trade balance (est -46.3B vs -47.6B) and Canada Trade (-0.50B vs -0.37B) will be released at 8:30 AM ET/1230 GMT.
  • US employment claims are expected to come in unchanged at 244K in the current week
  • The US ISM non-manufacturing index will be released at 10 AM ET/1400 GMT with estimate of 56.5 vs. 56.9.
  • Feds Powell speaks at 10 AM ET/1400 GMT
  • Crude oil inventories are scheduled to be released at 11 AM ET/1500 GMT.

A busy day on the economic calendar and that will lead into Friday when the G20 meeting gets underway, Trump meets with Putin and the US and Canada employment reports will be released (PS BOEs Carney will also speak on Friday which will be of interest to the markets).