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Brazil Loans Data, ECB Expected To Hike By 25BPs, US Q2 GDP

LATAM
  • Brazil total outstanding loans data for June precedes Mexico unemployment and trade balance data. Later in the day, formal job creation data from Brazil will cross as well as Argentina consumer confidence index for July.
  • The ECB will almost certainly hike by 25bp this week after President Lagarde guided markets to another hike at the June meeting. Although economic activity data has recently weakened and several policymakers have highlighted the lagged impact on the economy of previous policy rate hikes, the labour market remains tight, and inflation is still someway from target.
  • The greenback is weaker against all others in G10 across early Thursday trade, as markets absorb the Fed decision and remain soothed by the general fade in peak Fed market pricing since Powell's press conference. The softer USD has aided gains in EUR/USD, allowing for prices to partially erase the mid-July pullback.
  • Tier one US data also crosses, with advance Q2 GDP from the US as well as weekly jobless claims. Lastly, the earnings cycle continues, with MasterCard, Bristol-Myers Squibb, McDonald's and Ford among the key releases.
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