Weekly Market Snapshot: Forex, Stocks, Indexes, Bonds, Key Commodities, ETF – 8 July 2024

It looks like being a very interesting week ahead for investors this week with hopes increasing for more rises in the equity market after US employment figures on Friday pushed forward the case for rate cuts in 2024. 

There will once again be a heavy focus on the US economy, with major inflation data due out as well as comments from the Fed Chair Jerome Powell when he testifies to the government. The French elections are due to close out on Sunday night which once again could see some gapping and volatility on the Asian open for the Euro.

Second quarter earnings data reports also kick off this week in the US and investors are hoping that other sectors will show signs of catching up with the ‘Magnificent 7’ and Kiwi markets will come into focus midweek when the RBNZ becomes the first major central bank to make its interest rate call this month.

Here is our highlights table of scheduled risk events in the major economies for the week ahead:  

Sunday  

  • French Parliamentary Elections

Tuesday  

  • Australia – Westpac Business Confidence Sentiment Data 
  • US – Fed Chair Jerome Powell testifies before Senate Banking Committee 
  • US – Treasury Secretary Janet Yellen testifies before House Financial Service Committee 

Wednesday  

  • China – CPI and PPI Data 
  • New Zealand – RBNZ Interest Rate Decision and Statement 
  • US – Fed Chair Jerome Powell testifies before House Financial Services Committee 
  • US – 10-year Bond Auction

Thursday  

  • UK – GDP Data 
  • US – Weekly Unemployment Claims Data 
  • US – CPI Data 

Friday  

  • US – PPI Data 
  • US – Prelim University of Michigan Consumer Sentiment Data 
  • US – Prelim University of Michigan Inflation Expectations Data
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