Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
The day ahead sees limited data, with only the June JOLTS report in the afternoon of interest.
Reserve Bank of Australia (0530 BST)
The RBA met earlier Tuesday, and hiked in line with the consensus expecting a 50bp increase in the OCR to1.85%. Looking ahead, the RBA said its "expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path. The size and timing of future interest rate increases will be guided by the incoming data and the Board's assessment of the outlook for inflation and the labour market."
UK Nationwide House Price Index (0700 BST)
Another uptick in house prices is anticipated in the July nationwide report. This sees a +0.2% m/m increase translating into a +11.4% y/y price growth rate, a 0.7pp acceleration on the June rate. The latest report hinted at tentative signs of a slowing housing market, as interest rates rise and mortgage approvals ease to pre-pandemic levels.
US JOLTS Report (1500 BST)
US job openings are forecast to slow by around 250k to 11 million in the June JOLTS report. This would be the lowest print since November last year but remains historically very high. US job openings peaked at a historic high of 11.9 million in March and have been easing since as the labour market shows signs of being beyond peak tightness.
Following the Fed’s 75bp hike last week, they remain set to prioritise talking inflation, which hit an over 40-year high of 9.1% in June.
Today’s policymaker schedule is all US based with the BOE and ECB in the bank holiday period. Chicago Fed's Charles Evans, Cleveland Fed's Loretta Mester and St. Louis Fed's James Bullard are all due to speak.
Source: Bureau of Labor Statistics US
| Date | GMT/Local | Impact | Flag | Country | Event |
| 02/08/2022 | 0430/1430 | *** |  | AU | RBA Rate Decision |
| 02/08/2022 | 0600/0700 | * |  | UK | Nationwide House Price Index |
| 02/08/2022 | 0900/1000 | ** | | UK | Gilt Outright Auction Result |
| 02/08/2022 | - | *** |  | US | Domestic-Made Vehicle Sales |
| 02/08/2022 | 1255/0855 | ** | | US | Redbook Retail Sales Index |
| 02/08/2022 | 1400/1000 | | US | Chicago Fed's Charles Evans | |
| 02/08/2022 | 1400/1000 | ** | | US | housing vacancies |
| 02/08/2022 | 1400/1000 | ** | | US | JOLTS jobs opening level |
| 02/08/2022 | 1400/1000 | ** | | US | JOLTS quits Rate |
| 02/08/2022 | 1700/1300 | | US | Cleveland Fed's Loretta Mester | |
| 02/08/2022 | 2245/1845 | | US | St. Louis Fed's James Bullard |
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.