Markets will continue to be heading towards the Turkish crisis and the Turkish lira collapse to historic lows on Friday losing more than 20% of its value against the US dollar, and since the beginning of the year, the Turkish lira has lost more than 69%. Also, trade tensions between the United States and China still continuing after imposing additional tariffs on each other.
The highlights of the week's economic data are:
Employment and inflation data in the UK
Employment data are due to be released in the UK on Tuesday. Unemployment is currently near the 4.2% low and is expected to remain unchanged, but at the same time wages are not rising at a satisfactory pace at 2.5% and are also expected to remain unchanged for the three months to June.
Also, the markets are waiting for British inflation data as the CPI is expected to rise by 2.5% in July after rising by 2.4% in June.
Growth and inflation data in the euro area
The euro zone's preliminary economic growth figures for the second quarter are expected to rise by 0.3% on quarterly basis and by 2.1% on yearly basis. Germany's economic growth data is expected to grow by 0.4% on quarterly basis.
Eurozone inflation data will also release on Friday and the consumer price index is expected to slow slightly to 2% YoY in July and core CPI to slow to 1%.
Also, Germany's harmonized consumer price index for July is expected to rise by 2.1% on yearly basis.
Australian Employment Data
The Australian economy gained strong employment numbers in June after adding more than 50,000 jobs, mostly full-time jobs. The economy is expected to add more than 27,000 jobs in July and unemployment will rise slightly to 5.5 percent.
Also, markets will follow the testimony of Philip Lowe, Reserve Bank of Australia governor before the House of Representatives on the future of monetary policy.
Canadian inflation data
Canadian inflation data will be released on Friday, and the CPI is expected to slow slightly to 2.4% in July after rising 2.5% in June.
