| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 01:30 | Australia | Trade Balance | June | 15.016 | 14 | 17.67 |
| 06:00 | Germany | Factory Orders s.a. (MoM) | June | -0.2% | -0.8% | -0.4% |
During today's Asian trading, the US dollar consolidated against major currencies, while investors are preparing for the announcement of the results of the meeting of the Bank of England and the publication of a key report on the US labor market.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) fell by 0.06%. On Wednesday, the index rose by 0.22%.
As for the meeting of the Bank of England, according to most analysts, the Central Bank will raise the rate by 50 basis points at once, from the current 1.25% to 1.75% per annum, against the background of high inflation in the country. If expectations are met, the rate of rate increase will be the highest in 27 years. Since December last year, the Bank of England has raised interest rates for 5 meetings in a row by 25 basis points.
Meanwhile, tomorrow the US Department of Labor will publish data on the labor market for July. Analysts predict that the unemployment rate remained at 3.6%, and the number of nonfarm payrolls increased by 250 thousand after an increase by 372 thousand in June.
This data may influence the policy of the Federal Reserve System, which is trying to solve a difficult task - to slow down the record inflation in 40 years, without causing a recession in the United States.
Market participants are increasingly inclined to believe that the Federal Reserve will gradually slow down the pace of interest rate increases. According to FedWatch, the market sees a 42 percent probability of another 75 basis point rate hike in September, and the probability of a 50 bps rise is estimated at 56%.