| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 03:00 | New Zealand | Expected Annual Inflation 2y from now | Quarter III | 3.3% | | 3.1% |
| 05:00 | Japan | Eco Watchers Survey: Current | July | 52.9 | | 43.8 |
| 05:00 | Japan | Eco Watchers Survey: Outlook | July | 47.6 | | 42.8 |
| 05:45 | Switzerland | Unemployment Rate (non s.a.) | July | 2.0% | | 2.0% |
During today's Asian trading, the US dollar consolidated against major currencies amid a lack of new catalysts.
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 Friday, the index rose by 0.88% on the background of US labor market data, which supported expectations of further rate hikes by the Federal Reserve System (Fed).
The number of jobs in the US economy increased by 528 thousand in July, according to data from the Ministry of Labor. According to the revised data, in June the indicator increased by 398 thousand, and not by 372 thousand, as previously reported. Experts expected an increase in the number of jobs in July by 250 thousand.
Market participants expect that the Fed will raise the rate by another 75 basis points following the meeting in September. The chairman of the Federal Reserve Bank of Cleveland, Loretta Mester, said last week that the Fed needs to continue raising interest rates until inflation begins to slow down.
Gradually, investors are turning their attention to the US inflation data, which will be released on Wednesday. The consumer price index is expected to have risen by a relatively insignificant 0.2% after an increase of 1.3% in June. But the sharp slowdown in July will be mainly due to lower energy prices. The core index, which does not include food and energy, is expected to slow more modestly and grow by 0.5% compared with 0.7% in June, which will serve as a reminder that inflation is unlikely to go away quietly. While price pressures on goods in general are easing as spending shifts towards services and supply chain tensions ease, service sector inflation shows little sign of slowing.