Upcoming economic events 10 July 2024

Time(GMT+0/UTC+0)	State	Importance	Event	Forecast	Previous
01:30		2 points	Building Approvals (MoM) (May)	5.5%	-0.3%
01:30		2 points	CPI (MoM) (Jun)	-0.1%	-0.1%
01:30		2 points	CPI (YoY) (Jun)	0.4%	0.3%
01:30		2 points	PPI (YoY) (Jun)	-0.8%	-1.4%
02:00		3 points	RBNZ Interest Rate Decision	5.50%	5.50%
02:00		2 points	RBNZ Rate Statement	———	———
11:00		2 points	OPEC Monthly Report	———	———
14:00		3 points	Fed Chair Powell Testifies	———	———
14:30		3 points	Crude Oil Inventories	-0.250M	-12.157M
14:30		2 points	Cushing Crude Oil Inventories	———	0.345M
16:00		2 points	Atlanta Fed GDPNow (Q2)	1.5%	1.5%
17:00		3 points	10-Year Note Auction	———	4.438%
18:30		2 points	FOMC Member Bowman Speaks	———	———

Summary of Upcoming Economic Events on July 10, 2024

1. Australia Building Approvals (MoM) (May): Monthly change in the number of new building approvals. Forecast: +5.5%, Previous: -0.3%.
2. China CPI (MoM) (Jun): Monthly change in consumer prices. Forecast: -0.1%, Previous: -0.1%.
3. China CPI (YoY) (Jun): Annual change in consumer prices. Forecast: +0.4%, Previous: +0.3%.
4. China PPI (YoY) (Jun): Annual change in producer prices. Forecast: -0.8%, Previous: -1.4%.
5. RBNZ Interest Rate Decision: Reserve Bank of New Zealand’s decision on the benchmark interest rate. Forecast: 5.50%, Previous: 5.50%.
6. RBNZ Rate Statement: Statement accompanying the RBNZ’s interest rate decision.
7. OPEC Monthly Report: Report detailing OPEC’s outlook on oil production and market conditions.
8. Fed Chair Powell Testifies: Key views on U.S. economic conditions and policies.
9. Crude Oil Inventories: Weekly change in the number of barrels of crude oil held in inventory by commercial firms. Forecast: -0.250M, Previous: -12.157M.
10. Cushing Crude Oil Inventories: Weekly change in crude oil stocks at the Cushing, Oklahoma storage hub. Previous: +0.345M.
11. Atlanta Fed GDPNow (Q2): Real-time estimate of U.S. GDP growth for Q2. Forecast: 1.5%, Previous: 1.5%.
12. 10-Year Note Auction: Reflects investor demand for U.S. 10-year Treasuries. Previous: 4.438%.
13. FOMC Member Bowman Speaks: Additional insights into the Federal Reserve’s policy stance.

Market Impact Analysis

• Australia Building Approvals: Higher approvals indicate strong construction activity, potentially boosting AUD; lower than expected could signal a slowdown.
• China CPI (MoM and YoY): Stable or higher CPI indicates inflationary pressures, affecting the yuan (CNY) and policy expectations; lower CPI might signal economic weakness.
• China PPI (YoY): Higher PPI suggests increasing production costs, potentially boosting the CNY; lower PPI indicates deflationary pressures.
• RBNZ Interest Rate Decision and Statement: No change in rates expected; dovish or hawkish tone in the statement could affect NZD and local markets.
• OPEC Monthly Report: Provides insights on oil production and demand, impacting oil prices and energy stocks.
• Fed Chair Powell: Neutral or dovish testimony could reassure markets; hawkish tone may lead to higher bond yields and lower equities.
• Crude Oil Inventories: Smaller drawdown than forecast could pressure oil prices down; larger drawdown could boost prices.
• Cushing Crude Oil Inventories: Reflects storage levels; impacts oil price volatility.
• Atlanta Fed GDPNow (Q2): Stable GDP estimate supports confidence; significant changes could impact market outlook.
• 10-Year Note Auction: Strong demand supports bonds and lowers yields; weak demand could raise yields and impact equities.
• FOMC Member Bowman: Dovish comments reassure markets; hawkish remarks increase volatility.

Overall Impact

• Volatility: High, with significant potential reactions in equity, bond, and oil markets.
• Impact Score: 7/10, indicating a high potential for market movements.