Looking Ahead: July 29 through August 2, 2013

Although the economic calendar was light — unlike the upcoming two weeks — the data showed that things were improving somewhat in the Eurozone and the UK but deteriorating in China. The Reserve Bank of New Zealand decided to keep its OCR at 2.5 percent for the rest of the year but would consider raising it later to combat expected inflationary pressures from the rebuilding of Canterbury after its devastating earthquake in March 2011. The Federal Reserve, Bank of England and the European Central Bank meet this week. And while none are expected to change their current policy interest rates or bond buying schemes, changes in the nuanced wording in their statements will have bank watchers parsing them very carefully. Among the plethora of new economic information, July purchasing managers indexes will indicate the health — or not — of that sector. Japan’s key data are on tap at the beginning of the week while the week climaxes to a close on Friday with the U.S. employment situation report. And there are many key reports in between to keep market players alert.