PGI27 July 2026

This week is about three central banks (the Fed, the BOE, and the BOJ) delivering policy decisions within 48 hours of each other, while inflation and growth data test whether their paths still align.

(Forecasts vs previous data below, actuals will drive the move)

Monday

Markets Wait On Washington

USD
President Trump Speaks

Markets open the week positioning ahead of a heavy central bank calendar.

Tuesday

Central Bank Voices Before The Decisions

AUD
RBA Gov Bullock Speaks
USD
CB Consumer Confidence92.4 vs 92.2

Commentary from Bullock sets the tone ahead of Wednesday's Fed decision.

Wednesday

The Fed Takes Centre Stage

AUD
CPI m/m0.2% vs -0.7%
CPI y/y4.0% vs 4.0%
Trimmed Mean CPI m/m0.3% vs 0.4%
USD
Federal Funds Rate3.75% vs 3.75%
FOMC Statement
FOMC Press Conference

This is the key day of the week.

Policy takes centre stage.

Thursday

The BOE Decides, The US Reports Growth

EUR
German Prelim CPI m/m0.7% vs -0.3%
German Prelim GDP q/q0.1% vs 0.3%
GBP
BOE Monetary Policy Report
Monetary Policy Summary
MPC Official Bank Rate Votes2-0-7 vs 2-0-7
Official Bank Rate3.75% vs 3.75%
BOE Gov Bailey Speaks
USD
Advance GDP q/q2.1% vs 2.1%
Core PCE Price Index m/m0.2% vs 0.3%
Advance GDP Price Index q/q4.1% vs 3.6%
Unemployment Claims201K vs 187K

A second central bank decision meets the Fed's preferred inflation gauge and a first read on US growth.

Friday

The BOJ Closes The Week

JPY
Tokyo Core CPI y/y1.8% vs 1.6%
BOJ Policy Rate<1.00% vs <1.00%
Monetary Policy Statement
BOJ Outlook Report
BOJ Press Conference
EUR
Core CPI Flash Estimate y/y2.4% vs 2.4%
CPI Flash Estimate y/y2.9% vs 2.8%
CAD
GDP m/m0.2% vs 0.5%
USD
Employment Cost Index q/q0.8% vs 0.9%
Revised UoM Consumer Sentiment53.9 vs 54.4
Revised UoM Inflation Expectations4.2% previous

A third central bank decision closes the week alongside Eurozone inflation.

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

Labour market and consumer sentiment readings complete the picture on demand.

Actual data vs expectations = the move.

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