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MNI GLOBAL MORNING BRIEFING: JOLTS in Focus

MNI (London)

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

DateGMT/LocalImpactFlagCountryEvent
02/08/20220430/1430***AU RBA Rate Decision
02/08/20220600/0700*UK Nationwide House Price Index
02/08/20220900/1000**UK Gilt Outright Auction Result
02/08/2022-***US Domestic-Made Vehicle Sales
02/08/20221255/0855**US Redbook Retail Sales Index
02/08/20221400/1000US Chicago Fed's Charles Evans
02/08/20221400/1000**US housing vacancies
02/08/20221400/1000**US JOLTS jobs opening level
02/08/20221400/1000**US JOLTS quits Rate
02/08/20221700/1300USCleveland Fed's Loretta Mester
02/08/20222245/1845US St. Louis Fed's James Bullard

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