Erik Schafhauser Zürich

Morning Brew July 23 2021

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Good Morning,

Markets were fairly quiet yesterday and overnight. The ECB delivered the expected dovish comments and the new framework is likely to cause a delay in rate hikes. There was little market reaction, EURUSD could rise briefly to 1.1840 but then retreated. US Initial Jobless claims t came a little higher than expected.

US Equities could rise minutely and continue to trade friendly after the close, EURUSD is trading at 1.1765 and the USD Index at 92.85. Gold and Silver are currently trading 25.25 and 1800. EURUSD formed a so called death cross, where the 50 day Moving average crosses the 200 day from above to below. Bitcoin and Oil moved little.

Today we are expecting international PMIs as the key events, next week will be busy with earnings by the tech giants, the German IFO Monday, US Durable goods on Tuesday, the FOMC on Wednesday, Inflation numbers from Canada, Germany, and GDP numbers from the US and the EU.

The International Monetary Fund stated yesterday the U.S. Federal Reserve has been "highly effective" at managing the COVID-19 crisis and supporting recovery with its commitment to overshoot a 2% inflation target in the near term.

British consumers were their most confident in July since before the coronavirus pandemic

Intel Corp stated it was facing supply chain constraints disappointed  in it`s sales outlook.

Twitter Inc on Thursday reported higher revenue growth and could rise 5% in after the close.

Local Date

Local Time

Country/Region

Indicator Name

Period

Reuters Poll

23 Jul 2021

01:00

Australia

Mfg PMI Flash

Jul

23 Jul 2021

01:00

Australia

Services PMI Flash

Jul

23 Jul 2021

01:00

Australia

Comp PMI Flash

Jul

23 Jul 2021

08:00

United Kingdom

Retail Sales MM

Jun

0.4%

23 Jul 2021

08:00

United Kingdom

Retail Sales Ex-Fuel MM

Jun

0.6%

23 Jul 2021

08:00

United Kingdom

Retail Sales YY

Jun

9.6%

23 Jul 2021

09:15

France

Markit Mfg Flash PMI

Jul

58.4

23 Jul 2021

09:15

France

Markit Serv Flash PMI

Jul

58.7

23 Jul 2021

09:15

France

Markit Comp Flash PMI

Jul

58.5

23 Jul 2021

09:30

Germany

Markit Mfg Flash PMI

Jul

64.2

23 Jul 2021

09:30

Germany

Markit Service Flash PMI

Jul

59.1

23 Jul 2021

09:30

Germany

Markit Comp Flash PMI

Jul

60.8

23 Jul 2021

10:00

Euro Zone

Markit Mfg Flash PMI

Jul

62.5

23 Jul 2021

10:00

Euro Zone

Markit Serv Flash PMI

Jul

59.5

23 Jul 2021

10:00

Euro Zone

Markit Comp Flash PMI

Jul

60.0

23 Jul 2021

10:30

United Kingdom

Flash Composite PMI

Jul

61.7

23 Jul 2021

10:30

United Kingdom

Flash Manufacturing PMI

Jul

62.5

23 Jul 2021

10:30

United Kingdom

Flash Services PMI

Jul

62.0

23 Jul 2021

14:00

Brazil

IPCA-15 Mid-Month CPI

Jul

0.64%

23 Jul 2021

14:30

Canada

Retail Sales MM

May

-3.0%

23 Jul 2021

15:45

United States

Markit Comp Flash PMI

Jul

23 Jul 2021

15:45

United States

Markit Mfg PMI Flash

Jul

62.0

23 Jul 2021

15:45

United States

Markit Svcs PMI Flash

Jul

64.8

26 Jul 2021

02:30

Japan

Jibun Bank Mfg PMI Flash

Jul

26 Jul 2021

10:00

Germany

Ifo Business Climate New

Jul

102.5

26 Jul 2021

10:00

Germany

Ifo Curr Conditions New

Jul

101.5

26 Jul 2021

10:00

Germany

Ifo Expectations New

Jul

103.0

26 Jul 2021

16:00

United States

New Home Sales-Units

Jun

0.800M

27 Jul 2021

14:30

United States

Durable Goods

Jun

2.1%

27 Jul 2021

16:00

United States

Consumer Confidence

Jul

125.8

28 Jul 2021

03:30

Australia

CPI QQ

Q2

0.7%

28 Jul 2021

03:30

Australia

CPI YY

Q2

3.8%

28 Jul 2021

03:30

Australia

RBA Weightd Medn CPI QQ

Q2

0.5%

28 Jul 2021

03:30

Australia

RBA Weightd Medn CPI YY

Q2

1.7%

28 Jul 2021

03:30

Australia

RBA Trimmed Mean CPI QQ

Q2

0.5%

28 Jul 2021

03:30

Australia

RBA Trimmed Mean CPI YY

Q2

1.6%

28 Jul 2021

14:30

Canada

CPI BoC Core YY

Jun

28 Jul 2021

14:30

Canada

CPI BoC Core MM

Jun

28 Jul 2021

20:00

United States

Fed Funds Tgt Rate

28 Jul

0-0.25

28 Jul 2021

20:00

United States

Fed Int On Excess Reserves

28 Jul

29 Jul 2021

08:00

United Kingdom

Nationwide house price mm

Jul

29 Jul 2021

08:00

United Kingdom

Nationwide house price yy

Jul

29 Jul 2021

09:30

Sweden

GDP QQ Prelim

Q2

29 Jul 2021

09:30

Sweden

GDP YY Prelim

Q2

29 Jul 2021

09:55

Germany

Unemployment Chg SA

Jul

29 Jul 2021

09:55

Germany

Unemployment Rate SA

Jul

5.8%

29 Jul 2021

11:00

Euro Zone

Consumer Confid. Final

Jul

29 Jul 2021

13:00

Brazil

IGP-M Inflation Index

Jul

29 Jul 2021

14:00

Germany

CPI Prelim YY

Jul

3.2%

29 Jul 2021

14:00

Germany

HICP Prelim YY

Jul

3.0%

29 Jul 2021

14:30

United States

GDP Advance

Q2

8.0%

29 Jul 2021

14:30

United States

Initial Jobless Clm

19 Jul, w/e

30 Jul 2021

01:30

Japan

Jobs/Applicants Ratio

Jun

1.10

30 Jul 2021

01:30

Japan

Unemployment Rate

Jun

3.0%

30 Jul 2021

01:50

Japan

Industrial O/P Prelim MM SA

Jun

5.0%

30 Jul 2021

07:30

France

GDP Preliminary QQ

Q2

0.8%

30 Jul 2021

08:00

Germany

GDP Flash QQ SA

Q2

2.1%

30 Jul 2021

08:00

Germany

GDP Flash YY NSA

Q2

10.0%

30 Jul 2021

08:00

Denmark

Unemployment Rate

Jun

30 Jul 2021

08:45

France

CPI (EU Norm) Prelim YY

Jul

30 Jul 2021

09:00

Spain

Estimated GDP QQ

Q2

2.1%

30 Jul 2021

09:00

Switzerland

KOF Indicator

Jul

30 Jul 2021

09:00

Switzerland

Official Reserves Assets CHF

Jun

30 Jul 2021

09:00

Austria

GDP Growth QQ Prelim

Q2

30 Jul 2021

10:00

Italy

GDP Prelim QQ

Q2

1.3%

30 Jul 2021

10:00

Italy

GDP Prelim YY

Q2

15.8%

30 Jul 2021

11:00

Italy

CPI (EU Norm) Prelim MM

Jul

30 Jul 2021

11:00

Italy

CPI (EU Norm) Prelim YY

Jul

30 Jul 2021

11:00

Euro Zone

HICP Flash YY

Jul

2.0%

30 Jul 2021

11:00

Euro Zone

HICP-X F&E Flash YY

Jul

0.9%

30 Jul 2021

11:00

Euro Zone

GDP Flash Prelim YY

Q2

13.2%

30 Jul 2021

11:00

Euro Zone

GDP Flash Prelim QQ

Q2

1.5%

30 Jul 2021

11:00

Euro Zone

Unemployment Rate

Jun

7.9%

30 Jul 2021

12:00

Italy

CPI (EU Norm) Prelim MM

Jul

30 Jul 2021

12:00

Italy

CPI (EU Norm) Prelim YY

Jul

30 Jul 2021

14:30

United States

Consumption, Adjusted MM

Jun

0.5%

30 Jul 2021

14:30

Canada

GDP MM

May

30 Jul 2021

16:00

United States

U Mich Sentiment Final

Jul

81.3

(Refinitiv)

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