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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.
Both UK and Canadian June inflation prints will take the spotlight Wednesday.
UK CPI (0700 BST)
The June report will likely see no relief for UK inflation, set to accelerate 0.2pp to +9.3% y/y in the headline number, with monthly price growth remaining on par with May at +0.7% m/m. With the Ofgem price cap to increase again in October, peak UK inflation is expected to be delayed towards the end of the year.
The core reading will be closely watched, anticipated to edge down 0.1pp to +5.8% y/y. This would be the second month of deceleration and would signal easing price pressures.
The RPI and Output PPI should see no signs of easing, with inflation in retail and at the factory gate to continue to tick up by 0.1pp and 0.3pp to +11.8% y/y and 16.0% y/y respectively. Upside surprises for inflation will likely push the BOE to hike 50bp in the August meeting.
German PPI (0700 BST)
A small 0.1pp uptick to a fresh record high of +33.7% y/y is expected for German factory-gate inflation.
Canada CPI (1330 BST)
A less modest acceleration is on the cards for Canadian inflation, which is forecasted at +8.4% y/y in June, up a hot 0.7pp from May. Relief could be seen in the month-on-month reading, expected to slow 0.5pp to +0.9% m/m.
Growing energy and food price pressures will again be the key drivers, as well as continued reopening effects.
Eurozone Flash Consumer Confidence (1500 BST)
The flash estimate sees Eurozone consumer sentiment sliding further into deep pessimistic territory in July. A 1.3-point slump to -24.9 is the consensus expectation. As soaring inflation continues to crush consumer’s financial outlooks, the ECB is set to hike 25bp tomorrow. Markets will be paying close attention to signals for a larger-than-50bp hike at the following meet.
Source: MNI / Bloomberg
With the ECB in their blackout period ahead of tomorrow’s meeting and the US and BOE seeing a quiet summer week, there are no key policymaker appearances on today’s schedule.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 20/07/2022 | 0600/0700 | *** |  | UK | Consumer inflation report |
| 20/07/2022 | 0600/0700 | *** | | UK | Producer Prices |
| 20/07/2022 | 0600/0800 | ** |  | DE | PPI |
| 20/07/2022 | 0800/1000 | ** |  | EU | EZ Current Acc |
| 20/07/2022 | 0830/0930 | * | | UK | ONS House Price Index |
| 20/07/2022 | 1100/0700 | ** |  | US | MBA Weekly Applications Index |
| 20/07/2022 | 1230/0830 | * |  | CA | Industrial Product and Raw Material Price Index |
| 20/07/2022 | 1230/0830 | *** | | CA | CPI |
| 20/07/2022 | 1400/1600 | ** | | EU | Consumer Confidence Indicator (p) |
| 20/07/2022 | 1400/1000 | *** | | US | NAR existing home sales |
| 20/07/2022 | 1430/1030 | ** | | US | DOE weekly crude oil stocks |
| 20/07/2022 | 1530/1130 | * | | US | US Treasury Auction Result for Cash Management Bill |
| 20/07/2022 | 1700/1300 | ** | | US | US Treasury Auction Result for 20 Year Bond |
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.