Week Ahead Calendar 20th July – 26th July

20th July 2020

After last week’s data deluge the macro data calendar is much lighter this week, at least until Friday when the Eurozone and UK are due to release preliminary PMI data for July. The UK will also publish June retail sales figures. However, a number of policy-members from the European Central Bank, Reserve Bank of Australia and Bank of England are due to speak and the special European Council Summit is ongoing.


Monday 20th July 

European Union: Special European Council Summit. This summit of EU leaders started on Friday, centring on discussions about a € 750bn recovery fund, but with no agreement reached over the weekend the summit has re-started today.

Eurozone: European Central Bank board members de Guindos and Lane to speak.

United Kingdom: Bank of England MPC members Haldane and Tenreyro to speak.


Tuesday 21st July 

Australia: Minutes of Reserve Bank of Australia policy meeting and RBA Governor Lowe to speak.


Wednesday 22nd July 

Australia: Retail sales (June). Retail sales rose a record 16.9% mom in May.

United States: Existing home sales (June). 


Thursday 23rd July

United Kingdom: Bank of England MPC member Haskel to speak.

United States: Initial jobless claims (week ending 23rd July). The number of people claiming unemployment benefits for the first time has been falling since the record-high of 6.9 million in the week to 2nd April but is expected to have stabilised in the week to 23rd July to 1.3 million.

New Zealand: Trade balance (June). The 3-month rolling merchandise trade surplus hit a record-high of NZD 3.3bn in May, which arguably provided some support to the Kiwi Dollar, but analysts forecast a NZD 1.33bn deficit in June.


Friday 24th July

United Kingdom: Retail sales (June). Retail sales rose a record 12% mom in May, albeit from very a depressed base, and likely rose further in June as the UK lockdown was further unwound. 

Eurozone: Composite PMI (July, preliminary data). This indicator of economic activity rebounded sharply in May-June from a record low of 13.6 in April and the consensus forecast is that the index rose further in July to 51.1 – the kind of levels which prevailed in late-2019 and early 2020.

United Kingdom: Composite PMI (July, preliminary data). As in the case of the Eurozone this index rose rapidly in May and June (to 47.7) and it likely rose further in July.

United States: Existing home sales (June).