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July 20, 2026
FX Weekly Strategy: Americas, Jul 20-24
July 20, 2026 9:55 AM UTC
ECB meeting main event, though Lagarde will be reluctance to provide a clear hint on the September meeting.
Tech correction could be more relevant this week, watching performance of broader market and volatility
New UK PM takes over and confirms cabinet. Sterling already bought the rumour near-term?
The Endpoint Problem: US Asset Prices, Investment and the Current Cycle
July 20, 2026 8:00 AM UTC
· Asset Price Index (API) framework suggests the US gap is elevated and, on some constructs, has moved into top-decile territory.
· The question is whether prices, capex and financing conditions are beginning to reinforce the same cyclical risk-accumulation dynamics.
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FX Weekly Strategy: Europe, Jul 20-24
July 20, 2026 4:50 AM UTC
ECB meeting main event, though Lagarde will be reluctance to provide a clear hint on the September meeting.
Tech correction could be more relevant this week, watching performance of broader market and volatility
New UK PM takes over and confirms cabinet. Sterling already bought the rumour near-term?
July 17, 2026
Preview: Due July 20 - Canada June CPI - Energy to correct lower but BoC core rates seen mostly stable
July 17, 2026 5:39 PM UTC
We expect June Canadian CPI to correct lower to 3.0% yr/yr from May’s 3.2% which was the highest since December 2023, with a slowing to 2.98% from 3.23% before rounding. The Bank of Canada’s core rates however are likely to remain mostly stable with CPI-Median at 2.1% and CPI-Trim at 2.0%, both
Preview: Due July 30 - U.S. Q2 GDP - Strong domestic demand but weakness in net exports and inventories
July 17, 2026 5:13 PM UTC
We expect a modest Q2 GDP increase of 1.4% annualized, though there is still uncertainty over June data for trade and inventories, which we expect to act as negatives in the quarter as a whole, while assuming some improvement in their June data.
Preview: Due July 30 - U.S. Q2 GDP - Strong domestic demand but weakness in net exports and inventories
July 17, 2026 5:12 PM UTC
We expect a modest Q2 GDP increase of 1.4% annualized, though there is still uncertainty over June data for trade and inventories, which we expect to act as negatives in the quarter as a whole, while assuming some improvement in their June data.
Preview: Due July 28 - U.S. June Advance Goods Trade Balance - Deficit to correct lower, but remain large
July 17, 2026 3:24 PM UTC
We expect an advance June trade deficit of $100.8bn, down from $105.9bn in May which was the widest since a record pre-tariff deficit in March 2025, but still significantly above the deficits seen in the first four months of 2026.
Economic Data and Events Week Ahead July 20-24
July 17, 2026 3:00 PM UTC
The highlight of the week comes from the ECB meeting and press conference, although we do not expect it to provide much guidance regarding September, sticking to the non-pre-commit language, to keep options open depending on data and geopolitical developments.
The UK has its busy week, but data is
Preview: Due July 27 - U.S. June Durable Goods Orders - Aircraft to bounce, ex transport slower but still firm
July 17, 2026 2:58 PM UTC
We expect a 3.7% increase in June durable goods orders after a 4.5% May decline as aircraft regain strength after a sharp dip in May, with a 0.9% increase ex transport, still firm, but less so than in most recent months.
FX Weekly Strategy: Asia, Jul 20-24
July 17, 2026 2:34 PM UTC
ECB meeting main event, though Lagarde will be reluctance to provide a clear hint on the September meeting.
Tech correction could be more relevant this week, watching performance of broader market and volatility
New UK PM takes over and confirms cabinet. Sterling already bought the rumour near-term?