Quote:
‘I do not object to people looking at their watches when I am speaking. But I strongly object when they start shaking them to make certain they are still going.’ William Norman Birkett (1883-1962)
The News:
Australian Q2 Core Inflation +1.1% Q/Q, +4.4% Y/Y (highest since 1991), vs +1.2% and +4.2% Q1.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
09:30 GB Bank of England’s Minutes of July 9/10th MPC meeting.
09:30 GB June BBA Mortgage Approvals (versus £2.79B May which was the lowest since February 1996).
10:00 EZ15 May Industrial New Orders (-3.3% to +1.0% M/M, -6.5% to +10.5% Y/Y, vs +2.5% and +11.7% April).
11:00 GB July CBI Quarterly Industrial Trends Survey (-16 to +1 versus +1 June).
12:00 CA June CPI (+0.3% to +0.7% M/M, +2.7% to +3.1% Y/Y, versus +1.0% and +2.2% May).
12:00 CA June Core CPI (0% to +0.3% M/M, +1.5% to +1.8% Y/Y, versus +0.3% and +1.5% May).
19:00 US Fed’s Beige Book Survey of economic conditions.
21:00 NZ Reserve Bank of New Zealand decides on interest rates (Official Cash Rate expected unchanged at 8.25%).
The Psychology:
Indian financial markets cheer as ruling coalition party wins confidence vote.
The Risk:
Treasury auctions in US (two-year), Portugal (4.375% 2014) and Germany (new 2040 Bund).
Today’s most interesting chart: Mexican peso
Strongest since October 2002.
