G20 and key US data drives markets 2
- GBP - Services PMI: 53.4
- USD - FOMC Meeting Minutes
- AUD - Trade Balance: 2.47B
The Federal Reserve June minutes were released yesterday evening. The minutes showed a split between members on their inflation outlook and interest rate plans. The details of the meeting, where the FOMC raised interest rates to 1.25%, also showed that several officials wanted to announce a start to the process of reducing the Fed’s large portfolio of bonds and mortgage-backed securities by August, however some members wanted to wait till December. It was a relatively quiet event, with limited market movement during the release.
Due to the successful test launch of an intercontinental ballistic missile capable of reaching U.S mainland, the United Nations Security Council have now called for an emergency meeting. North Korean leader Kim Jong Un bragged about sending U.S president Donald trump more “Gifts” implying potentially more missile launches. Later on, this week we have the G20 Summit in Germany which president Trump and Chinese counterpart Xi Jinping will attend. North Korea's actions are expected to be a dominant topic.
- USD - ADP Non-Farm Employment Change
- CAD - Trade Balance
- USD - Unemployment Claims
Today’s economic docket is jam packed with high tier data. Firstly, we gain an insight into Friday’s non-farm payrolls as the ADP private jobs number is released. Shortly after, US jobless claims hit the wires and the all important ISM non-manufacturing PMI is posted from the States, forecast at 56.6.