July 9, Economic Pulse Central Banks and Key Data in the Spotlight

This Week’s Major U.S. Economic Reports & Fed Speakers (July 8th – 12th)

Key Events:

Federal Reserve Officials Speak:
- Fed Chairman Jerome Powell testifies before Congress on both Tuesday (Senate) and Wednesday (House).
- Other Fed officials speaking this week include:
  - Vice Chair for Supervision Michael Barr (Tuesday)
  - Governor Michelle Bowman (Tuesday & Wednesday)
  - Chicago Fed President Austan Goolsbee (Wednesday)
  - Atlanta Fed President Raphael Bostic (Thursday)
  - St. Louis Fed President Alberto Musalem (Thursday)
  - Governor Lisa Cook (Thursday)
Inflation Data: The highly anticipated Consumer Price Index (CPI) for June is released on Thursday. This report will provide insights into inflation levels and could impact markets.
Consumer Sentiment: The preliminary reading of the University of Michigan’s Consumer Sentiment Index is released on Friday. This report gauges consumer confidence, which can influence spending and economic activity.

Economic Reports:

Consumer Credit (Monday): This report shows the change in consumer debt levels.
NFIB Optimism Index (Tuesday): This survey measures small business confidence.
Wholesale Inventories (Wednesday): This report tracks changes in stockpiles held by wholesalers.
Initial Jobless Claims (Thursday): This report shows the number of new claims for unemployment benefits.
Producer Price Index (Friday): This report tracks inflation at the wholesale level.

Here are some additional points to consider:

Focus on Inflation: The U.S. Consumer Price Index (CPI) on Thursday is a major event, as it will provide insights into current inflation levels. Also watch the core inflation rate, which excludes volatile food and energy prices.

Fed Chair Powell Speaks: Federal Reserve Chairman Jerome Powell’s testimony and speeches on Tuesday and Wednesday will be closely watched for any clues about the Fed’s plans for interest rates.

Other Notable Events:

Germany’s balance of trade data (Monday) could impact the Euro.
China’s inflation rate (Wednesday) and balance of trade (Friday) are important for gauging global economic health.
The University of Michigan’s preliminary Consumer Sentiment Index (Friday) reflects consumer confidence in the U.S. economy.

Key volume support and resistance levels

Volume analysis of futures contracts: Euro, Oil, S&P500 index.

This review used the weekly timeframe to show the key levels that were formed during the current contract.

On all charts volume support levels are marked in green color, and resistance levels are marked in red color. Each volume analysis level is indicated by two prices, as the levels are price ranges.