While the Australian economic calendar has been fairly light this week, that will change dramatically next week with a swathe of data arriving including retail sales, international trade and employment data for June.
On August 4 retail sales will be released with markets looking for an increase of 0.4% according to a Bloomberg survey. In May sales rose by 0.3%, missing expectations.
On the same day international trade figures will be released, a report that is likely to garner more attention than usual given Australia has recorded some of the largest trade deficits on record in recent months. Markets will be looking for a deficit of $3 billion, larger than the $2.751 billion deficit of May.
The last of the trio of major data events arrives on August 6 with the release of unemployment data for June. Of 28 respondents surveyed by Bloomberg the median market forecast is for unemployment to increase to 6.1% from 6.0% in May. Elsewhere the economy is predicted to have generated 10,000 additional jobs, an improvement on the 7,000 increase seen previously.
Aside from those mammoth data releases markets will also have to digest manufacturing PMI, TD-MI inflation gauge, CoreLogic-RP Data capital city house price index and ANZ job ads survey on Monday. Followed by the RBA cash rate decision on Tuesday, services PMI on Wednesday and the construction PMI and housing finance figures on Wednesday.
That’s a busy calendar, especially given it doesn’t even include offshore events such as US non-farm payrolls.
Rest up and enjoy the weekend. It’s going to be a crazy week ahead.
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