National Australia Bank on the coming week for the Australian dollar:

With little local data on offer, the local interest rate and currency markets may well take the lead from offshore with a deluge of central bank speakers on offer.

  • RBA Deputy Governor Debelle is speaking again the Global FX Code of Conduct on Thursday.
  • Prominent Fed views will get an airing locally with no less than three speeches from visiting San Francisco Fed President John Williams speaking in Sydney twice on the US then the global economy on Monday and Tuesday, followed by another address in Canberra on Wednesday, when he's expected to repeat his Tuesday address on the global economy.

More:

It's another quiet week for data, before things hot up next week when we start to get June US economic data, including the ISM surveys and payrolls.

  • This week's highlights, such as they are, come in the US from Friday's PCE inflation data (before that durable goods orders are tonight);
  • Friday also brings the latest official China PMI readings covering both manufacturing and services and where the manufacturing reading is expected to be down 2/10% and services up by a similar amount.
  • Locally, the RBA's May credit data is the only release of note, though is rarely a market mover.

NAB with more on what to expect from offshore

  • Much more interesting than the data calendar this week is the number of central bank on the speaking roster.
  • In particular, at the ECB forum in Sintra, Portugal starting today and ending Wednesday (the new (global) version of Jackson Hole?) ECB President Mario Draghi and former Fed chair Ben Bernanke kick off the proceedings with dinner speeches tonight (Bernanke's provocatively titled "When growth is not enough").
  • Over the coming three days, as well as a bunch of academic luminaries (Stamford, MIT and Harvard feature prominently) there is a panel on Wednesday featuring no less than Mark Carney, Mario Draghi, Haruhiko Kuroda and Stephen Poloz.
  • Elsewhere, Janet Yellen speaks Wednesday


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I posted views from CBA and ANZ earlier:

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And ... I'll just note, none of the 3 I've posted have had much (anything) to say on iron ore.

  • Friday saw some gains for the rock on China exchanges, but weaker elsewhere
  • On the other hand, rebar prices fell in China but stabilised somewhat in further trade as the day progresses

Despite what happened Friday, iron ore still looks on the heavy side: