The economic calendar for the Asian session on Wednesday July 31

Key economic releases for July 31, 2019

• ANZ business confidence for July. 9 PM ET, 0100 GMT. No estimate. Last month -38.1
• China manufacturing PMI for July, 9 PM ET/0100 GMT. Estimate 49.6 versus 49.4 last month
• China nonmanufacturing PMI for July, 9 PM ET/0100 GMT. Estimate 54.0 versus 54.2 last month
• China composite PMI for July, 9 PM ET/0100 GMT. Last month 53.0
• Australia CPI 2nd quarter QoQ, 9:30 PM ET/0130 GMT. Estimate 0.5% versus 0.0% last month
• Australia CPI 2nd quarter YoY, estimate 1.5% versus 1.3% last month
• Australia trimmed mean QoQ. Estimate 0.4% versus 0.3% last month
• Australia trimmed mean YoY. Estimate 1.5% versus 1.6% last month
• Australia private sector credit for June MoM, 9:30 PM ET/0130 GMT. Estimate 0.3% versus 0.2% last month
• Australia private sector credit for June YoY. 9:30 PM ET/0130 GMT. Estimate 3.5% versus 3.6% last month

Both the China PMI data and the quarterly CPI data for Australia are potential market moving releases.

The China PMI has been below the 50 level the last two months, with 5 of the last 7 months below the expansion/contraction line (of 50) The low for 2019 was 49.2 in February. The 2019 high was at 50.5 in March 2019.

The CPI data for the 1Q surprised to the downside (estimate was for 0.2% it came in at 0.0%. The trimmed mean QoQ was also lower than expectations at 0.3% versus 0.4% expected. Both are expected to be higher this month but YoY levels will still be below the 2% targets at 1.5% for both.