Economic releases from Canada, the U.K., Eurozone, and U.S. will shape expectations ahead of the July FOMC meeting.
Markets will focus on Canadian inflation data on Monday, with CPI m/m expected to decline 0.2% after a 1.0% rise in May. Median and trimmed CPI y/y are forecast to hold steady at 2.1% and 2.0%, respectively, while common CPI y/y is seen easing to 2.5% from 2.7%. Cooling energy costs are expected to weigh on headline inflation, though food prices remain elevated.
Tuesday brings New Zealand CPI and U.K. labor market data, including the claimant count change and average earnings index 3m/y. Wednesday’s U.K. inflation report and Thursday’s ECB policy announcement will be key, alongside Australian employment figures. Friday’s releases include Japan’s national core CPI, flash PMIs for the U.K., Eurozone, and U.S., and U.S. new home sales.
The Fed’s blackout period has begun, shifting attention to economic data ahead of the July FOMC meeting. Traders will assess whether cooling inflation trends persist, particularly in Canada and the U.K., while the ECB’s decision may signal future rate moves.