PGI14 July 2026

This week isn't about one inflation report.

It's about whether inflation, consumer spending, and central bank guidance continue to support the current policy outlook.

Forecasts vs previous data below. Actuals will drive the move.

Monday

Markets Await Inflation

No major scheduled releases.

Tuesday

Inflation Returns To Centre Stage

EUR
French Bank Holiday
GBP
BOE Governor Bailey Speaks
USD
Core CPI m/m0.2% vs 0.2%
Core CPI y/y2.8% vs 2.9%
CPI m/m-0.1% vs 0.5%
CPI y/y3.8% vs 4.2%
Fed Chairman Warsh Testifies

This is one of the week's key sessions.

Wednesday

Policy And Producer Prices Collide

USD
Core PPI m/m0.4% vs 0.4%
PPI m/m0.0% vs 1.1%
Fed Chairman Warsh Testifies
CAD
BOC Monetary Policy Report
BOC Rate Statement
Overnight Rate2.25% vs 2.25%
BOC Press Conference

Markets assess whether producer inflation supports Tuesday's CPI data while the Bank of Canada provides its latest policy guidance.

Thursday

Growth And Consumers In Focus

GBP
GDP m/m0.0% vs -0.1%
USD
Core Retail Sales m/m0.0% vs 0.8%
Retail Sales m/m0.2% vs 0.9%
Philly Fed Manufacturing Index12.7 vs 10.3
Unemployment Claims216K vs 215K

Growth, consumer spending and employment combine to provide another read on the health of the US economy.

Friday

Sentiment Closes The Week

USD
Prelim UoM Consumer Sentiment51.0 vs 49.5
Prelim UoM Inflation Expectations4.6%

Consumer confidence and inflation expectations provide the week's final insight into household outlook and future price expectations.

Central Bank Backdrop, Rates Remain Restrictive

AUD4.35%
USD3.75%
GBP3.75%
NZD2.50%
EUR2.40%
CAD2.25%
JPY1.00%
CHF0.00%

Interest rate divergence continues to shape capital flows across global markets.

The Bigger Picture

Everything builds into inflation vs growth vs policy.

Actual data vs expectations = the move.

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