Last week U.S. data was the main focus. In terms of relative data, retails sales for June were weaker than expected and industrial production and CPI were better than expected. We also saw the Philly Fed survey a touch weaker than the -12.9 forecast and markets ended the week with U.S. second quarter GDP coming in at 1.1%. Aside from data releases, the biggest focus was the rise of soft commodity prices, with the prices of wheat, corn and soybean all touching new highs.
Here are the things to keep an eye on this week:
Monday (July 23rd): China Manufacturing PMI
Tuesday (July 24th): German Manufacturing/Services PMI, Canada Retail Sales, US Flash Manufacturing PMI, New Zealand Trade Balance, Japan Trade Balance, Aussie CPI
Wednesday (July 25th): UK Prelim GDP (q/q), US New Home Sales, New Zealand Rate Statement
Thursday (July 26th): German Gfk Consumer Climate, UK Unemployment Claims, Japan CPI, Japan Retail Sales
Friday (July 27th): UK Nationwide HPI, German Prelim CPI, UK Advance GDP, Revised UofM Sentiment/Expectations
