

Week's main events (July 27 - July 31)

The escalation of the conflict between the US and Iran continues to be the focus of market attention, exerting a powerful influence on energy price trends, global inflation, and the stability of key trade routes. Geopolitical tensions and supply disruptions are intensifying pressure on commodity markets, which is directly affecting investor expectations ahead of key meetings of global central banks. This coming week, market participants will be closely watching interest rate decisions by the US Federal Reserve, the Bank of England, and the Bank of Japan, as well as a slew of key macroeconomic data, including GDP, inflation, and labor market figures from the world’s leading economies. Quarterly earnings reports from tech giants such as Apple, Microsoft, Amazon, Meta, and Samsung will bring additional volatility to the stock markets; their results will determine the sector’s resilience amid massive investments in artificial intelligence. Monday, July 27 For Monday, the economic calendar features key sentiment and business investment indicators from Europe and the United States. The German ifo Business Climate index serves as a primary bellwether for the Eurozone’s largest economy. Analysts will be closely examining the data for any signs of improvement in business sentiment, particularly as manufacturers navigate fluctuating supply costs and broader economic uncertainties. A stronger-than-expected reading could provide a mild tactical lift to the Euro, while persistent pessimism would reinforce concerns about regional economic stagnation. In the United States, the focus shifts to Durable Goods Orders. This report is critical for assessing corporate investment trends and capital goods demand in a higher interest rate environment. Investors will look to see if business spending remains resilient or if high borrowing costs are beginning to weigh on long-term capital commitments, which will directly influence near-term sentiment for the US Dollar. Main events of the day: - German ifo Business Climate (m/m) at 11:00 (GMT+3) – EUR (MED) - US Durable Goods Orders (m/m) at 15:30 (GMT+3) – USD (MED) Tuesday, July 28 For Tuesday, July 28, 2026, the economic agenda focuses on key consumer sentiment data from the United States. The release of the Conference Board Consumer Confidence Index serves as a primary litmus test for household health. With consumer spending acting as the principal engine of the US economy, this report will provide vital insight into how households perceive current labor market conditions and future economic prospects under a “higher-for-longer” interest rate regime. A stronger-than-expected sentiment reading would support the US dollar by reinforcing economic resilience, whereas a marked deterioration could trigger concerns over cooling consumer demand. Main events of the day: - Australia RBA Gov Bullock Speaks at 06:05 (GMT+3) – AUD (LOW) - US CB Consumer Confidence (m/m) at 17:00 (GMT+3) – USD (MED) Wednesday, July 29 For Wednesday, global markets are bracing for a high-stakes convergence of key inflation data and central bank policy decisions. In the Asia-Pacific region, Australia’s Consumer Price Index (CPI) release takes center stage, with consensus forecasts anticipating headline inflation to hover around an annual rate of 4.1%, keeping price growth stubbornly above the Reserve Bank of Australia’s target band. Analysts will look closely at the trimmed mean measures to determine whether persistent domestic price pressures will force the RBA to keep its restrictive policy stance firmly in place or hint at potential tightening later in the year. Later in the session, attention shifts decisively to the United States for the Federal Reserve’s interest rate decision, FOMC statement, and Chair Kevin Warsh’s press conference. Expectations strongly favor the central bank maintaining the federal funds rate on hold in the 3.50% to 3.75% range for the fifth consecutive meeting. However, the economic backdrop is heavily nuanced. While recent monthly consumer price readings have shown some welcome cooling, lingering long-term inflation concerns and shifting energy costs have kept a hawkish risk premium alive. With Chair Warsh scaling back traditional forward guidance and emphasizing data-dependent flexibility, market participants will parse every nuance of the statement for clues on whether the policy bias leans toward an extended pause or a potential tightening cycle. Main events of the day: - Australia Consumer Price Index (m/m) at 04:30 (GMT+3) – AUD (HIGH) - US Crude Oil Reserves (w/w) at 17:30 (GMT+3) – WTI (HIGH) - US FOMC Statement at 21:00 (GMT+3) – USD, XAU (HIGH) - US Fed Interest Rate Decision at 21:00 (GMT+3) – USD, XAU, US indices (HIGH) - US Fed Press Conference at 21:30 (GMT+3) – USD, XAU, US indices (HIGH) Thursday, July 30 For Thursday, the global economic calendar features a massive wave of high-impact releases, headlined by the Bank of England’s rate decision, Eurozone and German growth figures, and crucial US GDP and inflation data. The Bank of England Monetary Policy Report and Official Bank Rate announcement take center stage in Europe. With the Bank Rate widely expected to be held steady at 3.75% following recent data showing headline inflation ticking down to 2.6%, market participants will heavily scrutinize the Monetary Policy Committee’s vote split and quarterly projections. Given internal pressures tilting toward a more hawkish stance amid energy cost risks, the guidance within the report will dictate whether the pound can avoid falling further. Concurrently, European markets will digest preliminary German and Eurozone GDP prints, alongside German inflation figures, to gauge the region’s recovery pace against lingering supply-chain hurdles. Across the Atlantic, the focus shifts to a heavy data bloc featuring US real GDP growth and the core PCE price index – the Federal Reserve’s preferred inflation gauge. Following recent quarters of fluctuating economic momentum, these indicators will provide definitive clarity on whether the US economy is successfully threading the needle between avoiding a sharp contraction and subduing underlying price pressures. Strong growth accompanied by sticky core PCE figures would validate a patient, higher-for-longer Fed stance, potentially fueling the US dollar, whereas softer data could intensify market bets on an upcoming policy shift. Main events of the day: - Switzerland KOF Economic Barometer (m/m) at 10:00 (GMT+3) – CHF (MED) - German GDP (m/m) at 11:00 (GMT+3) – EUR (LOW) - Eurozone GDP (m/m) at 12:00 (GMT+3) – EUR (LOW) - Eurozone Unemployment Rate (m/m) at 12:00 (GMT+3) – EUR (MED) - UK BOE Monetary Policy Report at 14:00 (GMT+3) – GBP, UK100 (HIGH) - UK Official Bank Rate at 14:00 (GMT+3) – GBP, UK100 (HIGH) - German Inflation Rate (m/m) at 15:00 (GMT+3) – EUR (MED) - US GDP (m/m) at 15:30 (GMT+3) – USD (MED) - US Core PCE Price Index (m/m) at 15:30 (GMT+3) – USD (HIGH) - US Initial Jobless Claims (w/w) at 15:30 (GMT+3) – USD (MED) - US Natural Gas Storage (w/w) at 17:30 (GMT+3) – XAG (HIGH) Friday, July 31 On Friday, the global economic calendar closes out the month with a heavy concentration of top-tier catalysts, anchored by the Bank of Japan’s monetary policy decision and crucial Eurozone inflation data. In Japan, the session begins with Tokyo Core CPI, industrial production, and retail sales data, all serving as an immediate prelude to the Bank of Japan’s interest rate decision and Governor’s press conference. While recent core consumer metrics have shown a mild pickup toward 1.8%, consensus expectations point toward the central bank maintaining its benchmark rate steady as it assesses the broader economic pass-through of earlier adjustments. However, the updated quarterly Outlook Report and subsequent rhetoric will be intensely scrutinized for any signal that persistent yen weakness could force a more aggressive policy normalization path later in the year. Concurrently, China’s official manufacturing and non-manufacturing PMIs will provide vital signals regarding the stabilization trajectory of the world’s second-largest economy. Later in the European morning, attention pivots to the Eurozone Consumer Price Index (CPI) release. Following a prior headline print of 2.8%, analysts are parsing whether regional disinflation is continuing on a steady path or if lingering service-sector stickiness will keep price growth uncomfortably above the European Central Bank’s target. A softer inflation print would reinforce market expectations for further policy easing, while an upside surprise could challenge the recent trajectory of European bond yields and weigh on the euro. Main events of the day: - Japan Tokyo Core Consumer Price Index (m/m) at 02:30 (GMT+3) – JPY (MED) - Japan Unemployment Rate (m/m) at 02:30 (GMT+3) – JPY (MED) - Japan Industrial Production (m/m) at 02:50 (GMT+3) – JPY (LOW) - Japan Retail Sales (m/m) at 02:50 (GMT+3) – JPY (LOW) - China Manufacturing PMI (m/m) at 04:30 (GMT+3) – CHA50, HK50 (MED) - China Non-Manufacturing PMI (m/m) at 04:30 (GMT+3) – CHA50, HK50 (MED) - Japan BoJ Monetary Policy Statement at 06:00 (GMT+3) – JPY, JP225 (HIGH) - Japan BoJ Interest Rate Decision at 06:00 (GMT+3) – JPY, JP225 (HIGH) - Japan Outlook Report at 06:00 (GMT+3) – JPY, JP225 (HIGH) - Japan BOJ Press Conference at 07:30 (GMT+3) – JPY, JP225 (HIGH) - Switzerland Retail Sales (m/m) at 09:30 (GMT+3) – CHF (LOW) - Eurozone Consumer Price Index (m/m) at 12:00 (GMT+3) – EUR (MED) - Canada GDP (m/m) at 15:30 (GMT+3) – CAD (MED) - US Michigan Inflation Expectations (m/m) at 17:00 (GMT+3) – USD (MED)

Learn more

Disclaimer:

Risk Warning: Trading involves significant risk. Capital at risk.

Publication date:

2026-07-27 10:31:16 (GMT)

The terms and conditions of use set out below (referred to as "FX Blue's Terms"), form a contractual agreement governing FX Blue's relationship with you in relation to your use of this Website (“Agreement”) and you agree to be legally bound by FX Blue's Terms just as if you had signed this Agreement. By using this Website and any Information, you are agreeing to comply with and be bound by FX Blue's Terms, including any revisions that may be made to FX Blue's Terms from time to time. FX Blue reserves the right, in FX Blue's sole discretion, to change, modify, add or remove portions of FX Blue's Terms at any time by posting the revisions on the Website. You should check FX Blue's Terms periodically for changes as by using the Website after FX Blue posts any changes to FX Blue's Terms, you are agreeing to accept those changes, whether or not you have reviewed them, and you waive any right you may have to receive individualised notice of such changes. FX Blue's Terms may be supplemented by additional terms and conditions pertaining to specific content and activities. You agree and understand that such additional terms and conditions are hereby incorporated by reference to FX Blue's Terms. Your continued use of the Website means that you accept any new or modified FX Blue Terms.