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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.
Wednesday is a light data day in Europe, with mainly second tier releases on offer, including French trade data and Italian retail sales.
The main releases are in North America, with the release of the U.S. JOLTS data and, headlining, the Bank of Canada's policy decision.
Bank of Canada decision (1500BST)
Universal expectations are for the BOC's policy rate to remain at a record low 0.25% and QE to remain at CAD2 billion weekly, our Ottawa bureau notes. The BOC's one-page decision may come with a reference to the unexpected Q2 GDP contraction, though this likely isn't enough to derail an eventual reduction of QE to a reinvestment phase.
The Bank has said it expects conditions to be in place for a rate hike in 2H 2022; the GDP setback isn't dramatic enough to derail that outlook given inflation is above 1-3% target range.
U.S. Job Openings and Labor Turnover Survey - JOLTS (1500GMT)
U.S. job openings are set to dip slightly in July after hitting a record high in June, with Bloomberg forecasting a small decline to 10 million from 10.1 million.
Vacant positions remain plentiful as employers in nearly every industry struggle to find available workers, particularly for in-person opportunities.
The main policymaker appearances Wednesday are likely to be BOE Governor Andrew Bailey and three of his MPC colleagues at the TSC.
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.