In the macroeconomic context, upcoming and historical data provide interesting insights into the current economic situation and monetary policy in various regions of the world. On the horizon, we have several key indicators that may influence financial markets.
Let’s start with the United Kingdom, where we are awaiting the publication of data regarding the change in the number of claims for unemployment benefits (Claimant Count Change). The previous reading was 26.5 thousand, and forecasts indicate a slight decrease to 25.8 thousand. This is an important indicator that can provide insight into the condition of the British labor market. In the context of inflation, the latest CPI (Consumer Price Index) reading was 2.8% compared to the forecasted 3.0%, suggesting that inflationary pressure may be somewhat weaker than expected.
Also in the United Kingdom, the Bank of England is expected to maintain the official interest rate at 3.75%, as confirmed by forecasts and the recent MPC (Monetary Policy Committee) vote, which was 1-0-8, suggesting a clear consensus among committee members regarding the current monetary policy. The stability of interest rates may be related to a cautious approach to the current economic situation, especially in light of uncertainty regarding the future path of inflation and economic growth.
Moving on to Switzerland, a key event will be the announcement of the interest rate by the Swiss National Bank (SNB). Forecasts do not anticipate any changes, and the rate is expected to remain at 0.00%. This stability reflects the SNB's assumption that the current monetary policy is appropriate for maintaining price stability and supporting the economy. Additionally, the press conference and assessment of monetary policy may provide further clues regarding the SNB's future actions.
In the United States, recently published data on producer price inflation (PPI) shows that the monthly increase was 1.1%, exceeding forecasts of 0.7%. Meanwhile, the core PPI rose by 0.4%, slightly below the expected 0.5%. These data suggest that price pressure at the production level may be stronger than previously thought, which could have implications for the future monetary policy of the Federal Reserve. Currently, the probability of the Fed maintaining interest rates in the range of 3.50-3.75% is 70.1%, while 29.9% of investors expect a hike to the range of 3.75-4.00% at the upcoming FOMC meeting scheduled for July 29, 2026 (Warsaw time).
On global markets, the investor sentiment index - Fear & Greed Index - currently stands at 33/100, indicating a prevailing level of fear, although some improvement in sentiment can be observed, as just a week ago this index was at 26/100. However, it is worth noting that compared to the previous month, when the index reached 62/100, the current level indicates a significant decline in confidence among investors, which may reflect concerns related to global geopolitical tensions and economic uncertainty.
In summary, upcoming data and monetary policy decisions will be crucial for shaping market expectations and investor strategies. The stability of monetary policy in the United Kingdom and Switzerland may indicate a cautious approach in the face of global uncertainties, while in the USA, the further development of the inflation situation will be key for future Fed decisions. Macroeconomic indicators and investor sentiment will continue to be key factors influencing financial markets in the coming weeks.