BUSY START TO AUGUST AS THE BOE AND RBA DECIDE ON RATES AND THE U.S RELEASES JULY JOBS DATA

NONFARM PAYROLLS HEADLINE

The U.S Nonfarm payrolls job report for July will be the main event for financial markets this week, but there is also a number of other top tier macro-economic data releases this week from the United States, Eurozone, United Kingdom and Australian economies.

High impact data releases this week include ISM manufacturing, ADP jobs report, Eurozone second quarter GDP and interest rate decisions and policy statements from the Bank of England and Reserve Bank of Australia.

Monday 31st July, Eurozone Consumer Price Inflation

As the week begins we get July CPI data for the Eurozone, this month's inflation report comes at a time when the European Central Bank are looking for CPI to start to rise, so they can start to normalize monetary policy.

We also see the release of the Eurozone monthly unemployment rate, which is expected to show the EU unemployment rate moving down to 9.2 percent, from the previous months reading of 9.3 percent.

Tuesday 1st August, RBA Interest Rate Decision and Policy Statement

The Reserve Bank of Australia are largely expected to keep interest rates unchanged at 1.5 percent, however, the RBA policy statement may create volatility in the Australian dollar as markets look for clarity on a number of contentious issues.

Inside the RBA statement, Australian policy makers are expected to comment on the recent appreciation of the Australian dollar, slowing domestic inflation and other Central Bank's tightening monetary policy.

Wednesday 2nd August, ADP Unemployment Report

The ADP jobs report for the month of July is expected to show an increase from the previous months 155,000 number, with 188,000 jobs estimated to be added to the United States economy, for the month of July.

The ADP National Employment Report is released two days ahead of government data and is a good predictor of the government's Non-farm payroll report. The change in this indicator can be very volatile.

Thursday 3rd August, Bank of England Interest Rate Decision

The Bank of England are expected to keep interest unchanged at 0.25 percent. Financial markets will pay close attention to how MPC members voted, as a number of MPC members are turning hawkish on raising rates.

After the interest rate decision is released, we also get the release of the Bank of England Monetary Policy Committee Minutes and a key speech from BOE Governor Mark Carney.

Friday 4th August, U.S Nonfarm Payrolls Job Report

The United States economy is forecasted to create 187,000 jobs for the month of July, down from the previous month's figure of 222,000. We also get the release of the official U.S unemployment rate, which is expected to move down to a record low, 4.3 percent.

Traders will be looking inside the jobs report, for data on U.S wage growth, as sluggish inflation remains a concern for U.S policy makers and a drag on the United States economy.