Macro Roundup (Jul 23)

SHANGHAI, Jul 23 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar inched up on Monday as investors tempered expectations for an aggressive Federal Reserve interest rate cut later this month.

President Trump took aim at the Federal Reserve yet again on Monday, urging it to cut rates, with just over a week left until the next Federal Open Market Committee policy meeting.

LME base metals, except for zinc and tin, closed lower on Monday. Nickel saw the biggest loss of 2.8%, lead dropped 1.9%, aluminium tumbled 1.8% and copper fell close to 1%.

SHFE base metals did not perform better. Nickel dropped 2.2%, copper declined 1.1%, lead decreased by 0.9%, aluminium shed 0.6%, and zinc lost 0.3%, while tin gained 0.2%.

Oil prices rose on Monday, as concerns grew over potential supply disruptions in the energy-rich Middle East after Iran seized a British tanker last week.

Day ahead                  

Britain’s next prime minister scheduled to be announced on Tuesday, after the UK’s Conservative Party leadership's vote on Monday.

Former London Mayor Boris Johnson — widely regarded as the frontrunner in the contest — or Foreign Minister Jeremy Hunt is likely to succeed Theresa May on Wednesday.

The US will release the Federal Housing Finance Agency (FHFA) house price index for May, existing home sales for June and weekly crude inventory data from the American Petroleum Institute (API), while the eurozone’s consumer sentiment index for July is also due today.