The upcoming week will see the UK and the eurozone release consumer inflation data. As well, Japan releases GDP for the second quarter.
In the Eurozone, CPI was revised to 0.4%, up a notch from 0.3%. The core reading came in at 1.2%, confirming the initial read.
British inflation levels moved higher in July. Consumer inflation climbed to 1.0%, up from 0.6% beforehand. The core reading also pointed higher, rising from 1.4% to 1.8%. Both releases beat expectations.
Japan’s economy lurched lower in Q2, falling 7.8%. The estimate stood at 7.5%. This reflected the strict lockdown measures in April and May which paralyzed the economy.
- Bank of Japan Core CPI: Tuesday, 5:00. This is the preferred inflation gauge of the Bank of Japan, so investors will be monitoring it carefully. The index ticked up to 0.1%, up from 0.0% beforehand. Little change is expected in the June release.
- German GDP: Tuesday, 6:00. The German economy plunged 10.1 in the second quarter, reflective of the enormous damage caused by Covid-19. The final reading is expected to confirm the initial read.
- US GDP: Thursday, 12:30. The initial estimate for GDP in Q2 came in at a staggering -32.9%. The second estimate is expected in at -32.5%, so the market reaction to the reading is expected to be muted.
- French GDP: Friday, 6:45. The previous release of Q2 growth data was dismal, with a reading of -13.2%. This release will likely confirm the initial figure.
- Canada GDP: Friday, 12:30. Canada releases GDP on a monthly basis. In May, the economy showed a gain of 4.5%, bouncing back from a sharp decline of 11.6% a month earlier. Another gain is projected for June, with an estimate of 5.2%.
- All times are GMT