Economy

Economic Calendar: Indonesia, Turkey, South Africa and the EU to hike rates this week

Mon 18 Jul 22, 11:58am (AEST)
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Key Points

  • Thursday is packed with interest rate decisions
  • US policymakers enter blackout period ahead of the Fed's July interest rate decision
  • Russia is expected to cut interest rates by 50 bps, to below pre-invasion levels

Thursday is stacked with interest rate decisions from Japan, Indonesia, Turkey, South Africa and the EU. The central banks will put together a rather interesting combination of those hiking aggressively, only just starting to hike and not doing anything. 

US policymakers have entered a blackout period that prevents them from publicly speaking in the lead up to the Fed’s July interest rate decision.

Regional rundown

US: Not much on the economic data front. Investors will be paying close attention to quarterly earnings from names including Goldman Sachs, Johnson & Johnson, Netflix, Tesla and American Express.

EU: The ECB is expected to raise interest rates for the first time since 2011. Consensus expects a 25 bps hike, but a more supersized hike could be on the cards. Elsewhere, a scheduled maintenance for the Nord Stream 1 pipeline, which transports 55bn cubic metres a year of gas from Russia to Germany, is expected to exacerbate ongoing energy concerns

UK: Plenty of economic data this week. Economists expect another hot inflation reading on Wednesday, coming in at 9.2% in June, up from 9.1% in May

Russia: The Russian central bank is expected to cut interest rates by 50 bps to 9.0% on Friday, taking rates to below pre-invasion levels

Key economic events

Monday, July 18

  • 8:45 am: New Zealand Inflation Rate Q2

Tuesday, July 19

  • 11:30 am: RBA Meeting Minutes

  • 4:00 pm: UK Unemployment Rate (May)

  • 7:00 pm: Eurozone Inflation Rate (June)

  • 10:30 pm: US Building Permits and Housing Starts (June)

Wednesday, July 20

  • 4:00 pm: Germany Producer Price Index (June)

  • 4:00 pm: UK Inflation Rate (June)

  • 10:30 pm : Canada Inflation Rate (June)

Thursday, July 21

  • 1:00 pm: Japan Interest Rate Decision

  • 5:30 pm: Indonesia Interest Rate Decision

  • 9:00 pm: Turkey Interest Rate Decision

  • 10:15 pm: Eurozone Interest Rate Decision

  • 11:00 pm: South Africa Interest Rate Decision

Friday, July 22

  • 4:00 pm: UK Retail Sales

  • 8:39 pm: Russia Interest Rate Decision

 

Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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