Deutsche Bank's analysts note that the May consumer credit in the U.S. is the only data on Monday and away from that euro-area finance ministers gather in Brussels.
- “Tuesday: The focus will likely be on the Fedspeak with Bullard and Bostic due to speak, while Quarles is due to make the keynote address on stress testing at a conference. Powell will also make introductory comments at said conference. Away from that, the only data of note is the June NFIB small business optimism reading and May JOLTS report in the US. Elsewhere, the ECB’s Visco and Lane are due to speak. Euro-area finance ministers will continue their meetings in Brussels.
- Wednesday: The big focus will be Fed Chair Powell’s testimony before the House Financial Services Committee on monetary policy and the state of the US economy. Late evening we’ll also get the FOMC minutes from the June meeting. As for data, June CPI and PPI in China will be out early morning while the highlights in Europe include May industrial production readings from France and the UK along with May GDP and trade data in the latter. May wholesale inventories data in the US is also due to be released. Other events to note include a speech from the BoE’s Tenreyro and the BoC monetary policy meeting.
- Thursday: Fed Chair Powell will testify to the Senate Banking Committee while other scheduled Fed speakers include Williams, Bostic, Barkin, Quarles and Kashkari. The data highlight is the June CPI report in the US while final June CPI revisions will be made in Germany and France. Jobless claims data will also be out in the US. Meanwhile, the BoE will publish the latest financial stability report, ECB will release the latest meeting minutes and the OPEC oil market report will be released.
- Friday: Data highlights include June trade data in China and June PPI in the US. We’ll also get May industrial production for the euro area and May industrial production in Japan. The ECB’s Visco is also due to speak while over at the BoE Carney and Vlieghe are due to speak.”