Good Morning Traders!
It is Thursday the 27th of July and here are some things to look out for.
Sentiment
A gauge of the dollar fell for the third day, extending Wednesday’s 0.3% drop, when Federal Reserve Chief Jerome Powell’s comments bolstered bets that the US tightening cycle is near an end. Now economic data is in the driver’s seat, with the potential to push market volatility near historic levels before the Fed’s next meeting in September. Later on Thursday, when officials are anticipated to announce a quarter-point increase, interest switched to the European Central Bank's rate decision. Prior to the announcement, the euro increased 0.2% against the pound to 0.8580, while bonds remained stable. Treasuries were mixed with two-year yield slipped 2bps to 4.83% and 10-year yield up 1 bp at 3.87%. The Federal Reserve’s own economists have joined the group of private-sector forecasters who are rethinking their calls for a recession this year, or becoming more confident the US will skirt a downturn altogether.
Docket
08:15 AM ET
ECB Interest Rate - Median Forecast: 4.25% | Prior: 4% | Range: 4.25% / 4.25%
ECB Deposit Rate - Median Forecast: 3.75% | Prior: 3.5% | Range: 3.75% / 3.75%
ECB Rate Statement
08:30 AM ET
US Durable Goods June
Median Forecast: 1.2% | Prior: 1.8% | Range: 7% / -2%
Core Durable Goods - Median Forecast: 0.1% | Prior: 0.7% | Range: 0.5% / -1.1%
US GDP QoQ Advance 2Q
Median Forecast: 1.8% | Prior: 2% | Range: 3% / 0.8%
US Core PCE Prices Advance 2Q
Median Forecast: 4% | Prior: 4.9% | Range: 4.2% / 3.9%
US Jobless Claims for the week
Initial Claims - Median Forecast: 235K | Prior: 228K | Range: 260K / 220K
Continued - Median Forecast: 1.750M | Prior: 1.754M | Range: 1.77M / 1.73M
08:45 AM ET
ECB Press Conference with President Lagarde
10:00 AM ET
US Pending Home Sales Change MoM for June
Median Forecast: -0.5% | Prior: -2.7% | Range: 2% / -2%
11:30 AM ET
US 4-Week Bill Auction
13:00 PM ET
Fed Meeting on Large Banks
Earnings
16:00 PM ET
Intel Q2 23 Earnings
Estimated EPS: $0.04 | Estimated Revenue: $12.04 bln
