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Meeting minutes from the Fed and RBA will be
released in the coming week while a series of economic data will be
closely watch, including eurozone and UK inflation
data. China will also share more July numbers including
retail sales and industrial output figures, while
also updating their Loan Prime Rate on Friday.
The spotlight will be on the Fed meeting minutes from the July
27-28 meeting with the timing of the tapering at the top of
everyone's mind. While Fed chair Jerome Powell revealed that
officials had taken a 'first deep dive' into the scaling back of
bond purchases, there were no mentions of any timings. Fed
officials have since engaged in some hawkish talks, which alongside
data surprises, such as last week's US NFP update, sent the US
dollar strengthening. Next week's Fed FOMC minutes could offer some
clues on the Fed's thoughts ahead of the August 26-28 Jackson Hole
Policy Symposium where more details are expected.
UK and eurozone inflation data will be due next week after the
US and China releases this week. July's IHS Markit / CIPS UK
Composite PMI revealed inflationary pressures had hit new record
high, placing the focus on how the official data would fare. This
also comes after the BoE recently revised their inflation forecast
upwards for 2021 to 4%, but maintained a transitory view towards
inflation.
Finally, in Asia Pacific, central bank meetings will be held in
New Zealand and Indonesia. China will also be updating retail sales
and industrial output data for July.
Purchasing Managers' Index™ (PMI™) data are compiled by IHS Markit for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies, and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities.
