The next 24 hours stack three central banks against a first read on US growth. Sterling, the dollar and the yen all sit in the crosshairs.
Europe opens the session
German Prelim CPI m/m lands at 06:29 UTC, measuring monthly consumer inflation. Forecast is 0.7%, a sharp turn from the previous -0.3%. It feeds the broader euro inflation picture.
German Prelim GDP q/q follows at 08:00 UTC. The forecast is 0.1%, cooling from 0.3% prior. Both are medium-impact for the EUR.
The BOE cluster
At 11:00 UTC the Bank of England releases its Monetary Policy Report, Monetary Policy Summary, MPC vote split and the Official Bank Rate together. The rate is seen held at 3.75%, matching the prior, with the vote forecast at 2-0-7, unchanged from last time.
Governor Bailey then speaks at 11:30 UTC. The full package is high-impact for GBP, with the tone and vote breakdown carrying the message.
US growth and inflation
At 12:30 UTC the US delivers Advance GDP q/q, forecast at 2.1% versus 2.0% prior β the first estimate of quarterly output.
Alongside it, Core PCE Price Index m/m, the Fed’s preferred inflation gauge, is seen at 0.2% after 0.3%. The Advance GDP Price Index q/q (forecast 4.1% vs 3.6%) and Unemployment Claims (201K vs 187K) round out the batch. GDP and Core PCE are high-impact for USD; the others medium.
Overnight into Japan
Tokyo Core CPI y/y prints at 23:30 UTC, forecast 1.8% against 1.6% prior β a leading read on national inflation, medium-impact for JPY.
Then at 02:30 UTC on 31 July the BOJ Policy Rate and Monetary Policy Statement arrive, with the rate seen below 1.00%, unchanged. The Outlook Report follows at 02:31 UTC and Governor Ueda’s press conference at 05:30 UTC β all high-impact for the yen.
With the BOE, US data and the BOJ landing in sequence, sterling, the dollar and the yen are the session’s focal points.
