Forecasts To Decrease. Russia PMI index has already fallen
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Retail Sales in Australia
Today at 3:30 CET Australia released monthly retail sales data. Retail sales in Australia started the year high at 7.3%. Unsettled at the end of January, and at the beginning of February, it dropped sharply to the level of -4.4%. After that, it recovered significantly to 1.8%. In the steppe it slightly decreased to the level of 0.9% and in July to the level of 0.2%. At the end of last month, positive changes appeared and the index will reach 1.3%. It was much higher than forecasted, the weather forecast for this period was 0.3%. According to the data, the current change in the total value of sales adjusted for inflation at the retail level remains at the level of 1.3%. This is the expected level.
Source: investing.com
PMI Index will drop?
The UK awaits Composite PMI Index results. The level of activity of purchasing managers in Great Britain remained at the level of 53.6 at the beginning of the year. It reached the highest level in March (60.9). After that, it began to decline gradually. In May it fell to 51.8. In the following two months, it remained at 53.1 and 52.8, respectively. Although the index was above 52, it is forecast to drop to 50.9. Official data will be released at 10:30 CET.
Source: investing.com
Read next: ECB Will Continue To Hike Rates To Slow Inflation? | FXMAG.COM
The U.K. Services Purchasing Managers Index
At 10:30 CET UK will also publish the results of the monthly activity level of purchasing managers in the service sector. For the first 3 months of this year, this activity was in a rising trend. In January, the index reached the level of 54.1, and then rose to the levels of 60.5 and 62.6, respectively. In April, it began to decline, reaching the level of 58.9. In May, it fell to 53.4. In June, it increased by 0.9. The lowest level of 52.6 was recorded in July. The current forecasts show a slight decrease in the ratio to 52.5. The visible decline, that will begin in April, may be largely due to the geopolitical situation.
Source: investing.com
Important Speech and Meeting
Today at 17:30 CET there will be a speech from the Monetary Policy Committee of the Bank of England, Dr Catherine L Mann. Its public involvement is often used to throw up subtle hints about future monetary policy.
OPEC is responsible for nearly 40% of the world's oil supplies. An OPEC meeting will be held at 12 CET in the United States. Representatives of 13 oil-rich countries take part in OPEC meetings. The situation of energy markets and the quantity of oil produced is most often discussed at such meetings.
Will the indicator go down again ?
The PMI monthly Composite Reports on Manufacturing and Services are based on research by more than 300 business executives at private manufacturing companies and 300 private service companies, due to be published today at 10 CET.
In the initial periods, there was an increase. In January, the index was recorded at 52.3. Later, it also increased and fluctuated between 54 and 55. Since June, the trend was reversed, the indicator in this period reached the level of 52. In the following month it dropped below the level of 50. In July, the PMI monthly Composite Reports on Manufacturing and Services was 49.9. It is forecasted that the result will decrease to the level of 49.2.
Source: investing.com
The Russia HSBC Services PMI Index
Russia today released HSBC Services PMI data at 8 CET. The results for the last period are much lower than before. The current reading is at 49.9. Meanwhile, the result for July was quite high at 54.7. Such a decrease is perceived negatively for the RUB.
The HSBC Services PMI Index is developed for providing the most up-to-date possible indication of what is really happening in the private sector economy by tracking variables such as sales, employment, inventories and prices.
Source: investing.com
Source: https://www.investing.com/economic-calendar/
