In the European session we will get the German CPI readings and the Eurozone Flash Q2 GDP report. Although we might see a market reaction, it shouldn't be sustained as the market will look towards the more imp Eurozone Flash CPI report tomorrow.
In the American session we have the US Consumer Confidence and the US Job Openings. The data shouldn't change much in terms of policy expectations but a big dip in the present situation index in the Consumer Confidence report might spook the markets
14:00 GMT/10:00 ET - US June Job Openings
The US Job Openings are expected at 8.030M vs. 8.140M prior. Job openings have been on a steady downtrend since peaking in March 2022 and they are getting close to the pre-pandemic level. This is good news for the Fed as the labour market continues to rebalance via less job availability rather than more layoffs. Nonetheless, the labour market is a spot to keep an eye on carefully in this part of the cycle.
14:00 GMT/10:00 ET - US July Consumer Confidence
The US Consumer Confidence is expected at 99.5 vs. 100.4 prior. The last report saw a slight dip in confidence although the index has been in a range since 2022. Dana M. Peterson, Chief Economist at The Conference Board said: “Confidence pulled back in June but remained within the same narrow range that’s held throughout the past two years, as strength in current labour market views continued to outweigh concerns about the future. However, if material weaknesses in the labour market appear, Confidence could weaken as the year progresses.”
