Four central bank decisions land inside five days, wrapped around inflation and growth data from Australia to Canada. The Fed, BOE and BOJ all take center stage, with rates expected to hold across the board.
Tuesday, July 28
RBA Gov Bullock Speaks (AUD, 03:05) β Any commentary on the policy path can move the Aussie ahead of the next day’s inflation print.
Wednesday, July 29
Australia CPI (AUD, 01:30) β Headline CPI m/m is seen at 0.2% versus -0.7% prior, with the y/y rate steady at 4.0%. The Trimmed Mean m/m, the RBA’s preferred gauge, is forecast at 0.4%, matching the previous read. AUD is the primary mover.
Federal Funds Rate & FOMC Statement (USD, 18:00) β The Fed is expected to hold at 3.75%. With no change priced, the statement wording and Chair Powell’s press conference (18:30) drive the dollar, US indices, gold and crypto.
Thursday, July 30
BOE Bank Rate & Policy Report (GBP, 11:00) β The Official Bank Rate is forecast to stay at 3.75%, with the MPC vote split seen at 2-0-7, unchanged from the prior meeting. The Monetary Policy Report and vote breakdown steer sterling.
US Advance GDP q/q (USD, 12:30) β First estimate of Q2 growth, forecast at 2.3% against 2.0% prior.
US Core PCE Price Index m/m (USD, 12:30) β The Fed’s preferred inflation measure, seen cooling to 0.1% from 0.3%. Released alongside GDP, it’s a key dollar and rates input.
Friday, July 31
BOJ Policy Rate, Statement & Outlook Report (JPY, 02:30) β Rates are expected to hold below 1.00%. The Outlook Report and the 05:30 press conference are the yen’s main triggers.
Canada GDP m/m (CAD, 12:30) β Monthly growth is forecast at 0.2%, slowing from 0.5%. The loonie is the focus.
The Fed decision Wednesday and the paired GDP/Core PCE releases Thursday remain the week’s densest cluster for the dollar.
