Look ahead: Powell; UK retail; Australia consumer confidence; API crude oil inventories
Federal Reserve Chair Jerome Powell's semi-annual Congressional testimony, Australian consumer confidence ahead of the Reserve Bank of New Zealand's rate decision keep traders on their toes.
API crude oil inventories will be key in a week when traders watch Hurricane Beryl’s progress across the United States.
(AI Video Summary)
Earnings season kickoff
In the financial "Look ahead" to Tuesday, 9 July, Angeline Ong from IG highlights the kickoff of earnings season, expected speeches from Federal Reserve (Fed) Chair John Powell, and various economic data releases. Key points include the BRC retail index from the UK, EUR/GBP currency pair consolidation influenced by Keir Starmer's recent political activities, and the EUR/USD pair's reaction to French election outcomes.
Hurricane Beryl’s market disruptions
The US faces potential volatility with expected updates on API crude oil inventories amid Hurricane Beryl’s disruptions. Chris Vecchio from tastylive speculates on a cautious, yet non-committal dovish stance from Powell in response to recent labor market softening, setting up anticipation for potential interest rate cuts. The bond market's response to upcoming auctions amid oil price flux due to the hurricane may signal inflation expectations impacting Fed policy.
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