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July 4, 2023
July 2023 EVENT
May's ISM Manufacturing PMI printed at 46.9. The consensus forecast for June is 47.2.
Possible influence: Volatile US Dollar, Gold and US Stocks
Possible Influence: Volatile Australian Dollar
The US Federal Open Market Committee of the U.S Federal Reserve will conclude its 2-day meeting to decide on interest rates. The current rate is 5.25% after the bank froze interest rates in June. Most analysts are expecting a 25 basis point increase to 5.50% this month.
Possible Influence: Volatile US Dollar, Stocks, and Commodities
The European Central Bank will meet to discuss interest rates. They are currently at 4.00% and are forecasted to be increased to 4.25%.
Possible Influence: Volatile Euro and European Stocks
The Bank of Japan will meet to set its interest rates. The current rate is -0.10% and is expected to remain the same level.
Possible Influence: Volatile Japanese Yen
The Preliminary reading of 2nd Quarter GDP in the United States is expected to come in at 1.6%. The 1st Quarter’s final GDP reading was 2.0%.
Possible Influence: Volatile US Dollar, Gold and US Stocks
The first of the 2nd Quarter earnings are reported around mid-July. Typically, the big banks are the first to report, with Citigroup, JP Morgan, Wells Fargo, Bank of America and Morgan Stanley all reporting. They are followed by all the major tech companies, including Microsoft, Amazon, Meta and Apple.
Possible Influence: Volatile US Stocks
The War in Ukraine continues with no sign of peace in sight. Ukraine has reportedly begun its long awaited counter-offensive. NATO’s summit will have Ukraine at the top of its agenda.
Possible Influence: Volatile US Dollar, Natural Gas, Wheat, Volatile Russian Ruble, Gold, Oil, Palladium, and US Stocks