One of the key statistics out this week will be the ISM Purchasing Manager Index for July. This will be one to watch closely for more clues on how things are tracking 1 month into the second half of this year. It will also be interest to see in the context of China just releasing their PMI number in the weekend; recording 51.2, down from 52.1, as seasonal and government factors put the brakes on activity slightly.
In monetary policy it is likely to be a boring week in spite of the three high profile central banks meeting this week. The RBA is unlikely to increase the interest rate, instead opting to wait and see. The Bank of England wont be tightening just yet (and further easing is pretty low probability). The ECB will likewise just sit on their hands, but of course the accompanying statement will be very informative as usual.
On the employment front, the much watched US nonfarm payrolls figure will also add further clues to the state of the US economy - will we see a pick up? or will further signs of a double-dip show through? Canada will also report, but is in a better position than the US. New Zealand will also release its quarterly employment report, and will likely show further improvement.
This week there's US ISM PMI for July, following China's weekend release of their PMI numbers. On the monetary policy front, there's the RBA, BoE, and ECB all meeting this week to review policy settings. It's also a big employment numbers week, with the US (nonfarm payrolls), Canada, and New Zealand releasing their recent employment statistics.
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