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According to Danske Bank analysts, today’s release of US labour market data for July will be the icing on the cake of this data-intensive week.

Key Quotes

“As markets were left perplexed by the Fed’s hawkish stance earlier this week, focus will now be on macro data from the US in order to assess the Fed’s future actions. Thus, today’s data on change in non-farm payrolls and average hourly earnings could cause another notable move in the markets. We are likely to see a smaller amount of jobs added in July, even lower than the one-year average of 193,000 versus the June figure of 224,000.”

“University of Michigan consumer sentiment index for July will be out late afternoon, possibly confirming that consumer attitudes and expectations are still holding up well on brisk economic growth in the US.”

“June retail sales data from the Eurozone and Italy are due out today. Despite the economic slowdown across Europe, retail growth has been steady and positive, albeit not inspiring enough to boost economic expansion.”