Tanker traffic through the Strait of Hormuz accelerated sharply in early July. Energy prices fell in response, yet long-term bond yields remained elevated, pushing monetary policy back into the market spotlight. The Federal Reserve is set to release the minutes of its June meeting, offering insight into a divided FOMC.
On the data front, the US will publish the ISM Services PMI, existing home sales, and the full trade balance. The ECB will issue its latest monetary policy accounts. Germany and Italy are scheduled to release industrial production figures, while Germany and France will both report trade data.
Japan faces a particularly busy week of economic releases, including consumer spending, machine tool orders, producer prices, and the current account, all against a backdrop of pressure on the yen and Japanese government bonds (JGBs). China will report its latest inflation figures.
In terms of policy decisions, the Reserve Bank of New Zealand (RBNZ) will set its benchmark interest rate. Meanwhile, OPEC will convene to determine production levels amid improving trade routes.
