Market WATCh Weekly 9 July 2021

Market WATCh Weekly 9 July 2021

July 9, 2021

The RBA will trim the size of its weekly bond purchases from September and tweaked its cash rate forward guidance. The FOMC minutes were less hawkish than some expected. The ECB changed its inflation goal to 2% over the medium term. Data-wise, Australian retail trade rose more than first estimated in May, while dwelling approvals continued to fall. The AiG indices pointed to slower, but solid growth in construction and services in June. The ANZ job ads report increased again in June, while payroll jobs and wages rose in the two weeks to 19 June. Abroad, growth in Chinese services slowed down somewhat in June. In the US, the ISM services index pointed to a small deceleration in activity growth in June, while initial jobless claims saw an unexpected uptick last week.

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