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Tuesday, July 11
2:00am GBP: Claimant Count Change (Actual: 20.5K, Previous: -13.6K)
2:00am GBP: Average Earnings Index 3m/y (Actual: 6.8%, Previous: 6.5%)
5:00am EUR: German ZEW Economic Sentiment (Actual: -10.7, Previous: -8.5)
10:00pm NZD: Official Cash Rate (Actual: 5.50%, Previous: 5.50%)
10:00pm NZD: RBNZ Rate Statement
11:10pm AUD: RBA Gov Lowe Speaks
Tuesday, July 11
2:00am EST GBP: Claimant Count Change (Actual: 20.5K, Previous: -13.6K)
On Tuesday, July 11, at 2:00 am EST, the Office for National Statistics is set to release the Claimant Count Change data for the United Kingdom. The figure, which shows a change of 20.5K, indicates the variation in the number of people claiming unemployment-related benefits during the previous month. An 'actual' figure less than the 'forecast' is considered beneficial for the currency. This data is released monthly, roughly 16 days after the month ends, and is typically seen as the first indication of the employment situation, a month ahead of the Unemployment Rate release. Despite being generally seen as a lagging indicator, the number of unemployed people is a crucial signal of overall economic health, as consumer spending highly correlates with labor-market conditions. It also plays a significant role in shaping the country's monetary policy. The next release of this data is scheduled for August 15, 2023. This data is also referred to as Jobless Claims or Unemployment Change.
2:00am GBP: Average Earnings Index 3m/y (Actual: 6.8%, Previous: 6.5%)
5:00am EUR: German ZEW Economic Sentiment (Actual: -10.7, Previous: -8.5)
10:00pm NZD: Official Cash Rate (Actual: 5.50%, Previous: 5.50%)
On Tuesday, July 11, at 10:00 pm EST, the Reserve Bank of New Zealand (RBNZ) is expected to release its Official Cash Rate (OCR), which currently stands at 5.50%. The OCR is the interest rate at which banks lend balances held at the RBNZ to other banks overnight. An 'actual' figure higher than the 'forecast' is generally favorable for the currency. This key interest rate is decided upon by the RBNZ Governor, after consulting with senior bank staff and external advisors, and is released seven times per year. Although the rate decision is usually priced into the market and tends to be overshadowed by the RBNZ Rate Statement, it is of significant interest to traders. This is because short-term interest rates are the primary factor in currency valuation, as traders often look at most other indicators mainly to predict how these rates will change in the future. The next OCR announcement is scheduled for August 15, 2023.
10:00pm NZD: RBNZ Rate Statement
11:10pm AUD: RBA Gov Lowe Speaks
On Tuesday, July 11 at 11:10 pm EST, Philip Lowe, the Governor of the Reserve Bank of Australia (RBA), is set to give a speech titled "The Reserve Bank Review and Monetary Policy" at the Economic Society of Australia Business Lunch in Brisbane. As the head of the RBA, which controls short-term interest rates, Lowe's public statements are carefully analyzed by traders for any subtle hints regarding future monetary policy. His speeches often incite volatility in the markets as traders decipher potential interest rate clues. If his remarks are perceived as more hawkish than expected, it could bode well for the Australian dollar. Lowe has been serving as RBA Governor from October 2016 and his tenure extends till September 2023.