MNI EUROPEAN OPEN: Trump To Pick FED Governor By End Of Week.

Aug-06 05:28By: Jamie Grant

Europe

EXECUTIVE SUMMARY

TRUMP TO PICK FED GOVERNOR BY END WEEK (MNI)
TRADE POLICY TO DRAG SERVICES INTO CONTRACTION (MNI)
LDP MEMBER CALLS FOR HIGHER RATES (BBG)
FURTHER RBA RATE CUTS RISK POLICY MISTAKE (MNI)

Fig 1: Polymarket Betting on Next Fed Chairman

Source: MNI - Market News/Bloomberg/Polymarket

FISCAL (DJ/BBG): “The U.K. government is set to break its fiscal rules unless it raises taxes or cuts spending when it unveils its new budget plans later this year, the U.K.'s National Institute of Economic and Social Research said Wednesday.”

ECB (BBG): “European Central Bank shouldn’t lower borrowing costs again, outgoing Governing Council member Robert Holzmann told Oberösterreichische Nachrichten. “In my opinion, the ECB should wait and see what economic developments arise, particularly outside Europe, and how we respond to them. Interest rates are currently where the markets expect them to be.””

UKRAINE (BBC): “Ukraine's Volodymyr Zelensky has said he and Donald Trump discussed sanctions against Russia, defence cooperation and drone production ahead of a visit to Moscow by US envoy Steve Witkoff.”

NATO (POLITICO): “Lithuania is calling on NATO to help strengthen its air defenses after a drone carrying 2 kilograms of explosives entered the country from Belarus and crashed in a military training area.”

GREECE (POLITICO): “Greek government ministers and senior officials are suspected of colluding in a massive farm aid scam to defraud the European Union of hundreds of millions of euros. But despite being named as suspects by European prosecutors, they are likely to evade justice because Prime Minister Kyriakos Mitsotakis is blocking a full-scale investigation.”

MNI BRIEF: Trump To Pick Fed Governor By End-Week

U.S. President Donald Trump said Tuesday he will pick a new Federal Reserve governor by the end of the week and again named National Economic Council Director Kevin Hassett and former Fed Governor Kevin Warsh as contenders to be the next Fed leader.

MNI INTERVIEW: Tariffs Pushing Services Into Contraction - ISM

Trade policy will drag U.S. services into contraction for the next couple months as demand remains weak and inflation builds, Institute of Supply Management survey chief Steve Miller told MNI on Tuesday, adding he expects the Federal Reserve to remain in a wait-and-see stance.

TRADE WAR (BBC) : “Despite being the world's most sanctioned country, Russia has continued to use its vast energy wealth to bankroll its war in Ukraine. US President Donald Trump is hoping to change that. He has announced that sweeping new secondary tariffs will impact any country still trading with Russia if a ceasefire with Ukraine is not agreed by Friday 8 August. Secondary tariffs would see goods from any country that trades with Russia face a 100% tax when they are imported into the US.

TRADE WAR (BBG) : “President Donald Trump said he’d impose increased tariffs on countries buying energy from Russia while clarifying that levies on semiconductor and pharmaceutical imports would be announced “within the next week or so.”

OTHER

JAPAN: MNI BRIEF: Japan June Negative Real Wages Narrow

JAPAN RATES (BBG) : “A member of parliament in the Liberal Democratic Party added his voice to those calling for the Bank of Japan to tighten monetary policy in order to bolster the yen. “Now the economy is with inflation and interest rates, so we should have new economic policies,” Kono Taro said in a press conference Wednesday. “Now what we need is tight monetary policy to bring the yen stronger.”

NZ: MNI BRIEF: NZ Unemployment Hits 5.2% In Q2
New Zealand’s Q2 unemployment rate rose 10 basis points to 5.2%, matching the Reserve Bank’s forecast but slightly below market expectations, according to data released by Stats NZ.

AUSTRALIA: MNI INTERVIEW: Further RBA Cuts Risk Policy Mistake - McKibbin
The Reserve Bank of Australia looks set to cut the cash rate by 25 basis points to 3.6% on Aug 12, but further easing could prove a policy mistake and force the Bank to reverse course within six months unless a major global shock intervenes, former RBA board member Warwick McKibbin told MNI.

TAIWAN (BBG): “Taiwan’s Ministry of Economic Affairs is reviewing rules to limit indirect imports of Chinese automobiles from third countries, following reports that Chinese EV giant BYD is planning to enter the Taiwanese market by selling vehicles assembled in Thailand through a local agent, the Ministry said in a statement late Tuesday.”

CHINA

MNI China Press Digest Aug 6: Kindergartens, Banking, Mergers

EDUCATION (STATE COUNCIL): "Public kindergarten students will have 100% of final-year fees waived from September semester 2025 onwards, while children at private pre-schools will see reduced fees, the State Council announced."

FINANCE (YICAI): "Provinces such as Guangdong and Ningxia are taking steps to tackle involuted competition in the banking sector, Yicai.com reports."

FINANCE (YICAI): "Authorities have approved the merger of China Shipbuilding and China Heavy Industry, with analysts expecting more CNY100 billion SOE mergers on the way, Yicai.com reports, noting China Shenhua, a state-owned coal mining and energy company."

MNI: PBOC Net Drains CNY170.5 Bln via OMO Wednesday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY138.5 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net drain of CNY170.5 billion after offsetting maturities of CNY309 billion today, according to Wind Information

The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.4260% at 09:35 am local time from the close of 1.4445% on Tuesday.
The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 49 on Tuesday, compared with the close of 48 on Monday. A higher reading points to tighter liquidity conditions, with 50 representing an equilibrium.

MNI: PBOC Sets Yuan Parity Higher At 7.1409 Weds; -0.09% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate higher at 7.1409 on Wednesday, compared with 7.1366 set on Tuesday. The fixing was estimated at 7.1830 by Bloomberg survey today.

MARKET DATA

NEW ZEALAND UNEMPLOYMENT RATE 2Q 5.2%, EST 5.3%: PRIOR 5.1%
NEW ZEALAND EMPLOYMENT CHANGE QoQ 2Q -0.1%, EST -0.1%: PRIOR 0.0% (REVISED)
NEW ZEALAND EMPLOYMENT CHANGE YoY 2Q -0.9%; EST -0.9%: PRIOR -0.7%
NEW ZEALAND PARTICIPATION RATE 70.5%, EST 70.7%: PRIOR 70.7% (REVISED)
NEW ZEALAND PVT WAGES EX OVERTIME QoQ 2Q 0.6%, EST 0.5%: PRIOR 0.5%
NEW ZEALAND PVT WAGES INC OVERTIME QoQ 2Q 0.6%, EST 0.5%: PRIOR 0.5%
NEW ZEALAND AVERAGE HOURLY EARNINGS QoQ 2Q 1.9%: PRIOR 0.2%

NEW ZEALAND COTALITY HOME VALUES JULY -0.2% M/M; JUNE -0.1%

JAPAN JUNE SAME BASE REGULAR FULL-TIME PAY +2.3% Y/Y; EST. 2.5%; MAY 2.4%
JAPAN JUNE CASH WAGES FROM SAME SAMPLE +3.0% Y/Y; EST. 3.5%; MAY 2.1%
JAPAN JUNE LABOR CASH EARNINGS RISE 2.5% Y/Y; EST. +3.1%; MAY 2.1%
JAPAN JUNE REAL CASH EARNINGS FALL 1.3% Y/Y; EST. -0.7%; MAY -2.6%

MARKETS

US TSYS: Asia Wrap - Yields Edge Higher In A Quiet Session

The TYU5 range has been 112-04 to 112-07 during the Asia-Pacific session. It last changed hands at 112-04, down 0-05 from the previous close.

The US 2-year yield has edged higher trading around 3.726%.
The US 10-year yield has moved higher trading around 4.222%, up 0.01 from its close.
The 10-year yield had a powerful move lower in reaction to the NFP data, breaking below its 4.30% pivot within the wider range 4.10% - 4.65%. This now turns momentum lower in yields and you could expect buyers of treasuries on bounces back towards 4.30/35% now looking to initially test the 4.10% area.
Bloomberg - “Trump said he’ll pick a successor for Adriana Kugler before the end of the week. He added that the replacement for Jerome Powell is down to four people and that Scott Bessent declined to be considered for the role.” - BBG
The Department of the Treasury will auction $42 billion of August 2035 notes
Bloomberg - “Bond traders are increasingly betting on up to 75 bps in Fed rate cuts in 2025 amid signs of a weakening US economy. The shift in sentiment follows soft payrolls data and stagnation in the services sector.”
Truflation on X: “PCE close to 2%! All inflation metrics are falling. No more excuses. No more empty words. It's time to act, Powell.”
Data/Events: MBA Mortgage Applications

Fig 1: 10-Year US Yield Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

JGBS: Post-Wages Data Twist-Flattener Is Holding

JGB futures are weaker and at session lows, -26 compared to settlement levels.

(MNI) Japan's inflation-adjusted real wage, a key gauge of household purchasing power, remained in negative territory for a sixth consecutive month in June but narrowed to -1.3% from May's 2.6% decline, preliminary data from the Ministry of Health, Labour and Welfare showed Wednesday.
(Bloomberg) - The Japanese currency's recent strength can be expected to wane somewhat after wages data came in substantially weaker than had been expected. That's likely to be seen as reinforcing the BOJ's instinctive policy caution, pushing traders to pare back already modest bets on a rate hike this year.
The cash JGB curve has twist-flattened, with benchmark yields 2bps higher to 1bp lower. The benchmark 10-year yield is 2.1bps higher at 1.493% versus the cycle high of 1.616%.
Swaps are cheaper, with rates 1-2bps higher.
Tomorrow, the local calendar will see Weekly International Investment Flow, Tokyo Office Vacancies and Leading/Coincident Index data alongside 30-year supply.

AUSSIE BONDS: Little Changed On A Subdued Data-Light Session

ACGBs (YM -0.5 & XM -1.0) are little changed on a data-light session.

Cash US tsys are flat to 1bp cheaper, with a steepening bias, in today's Asia-Pac session after yesterday's twist-flattener.
Cash ACGBs are 1bp cheaper with the AU-US 10-year yield differential at +2bps.
The latest ACGB Mar-36 auction saw strong demand, with the weighted average yield coming in 0.21bps through prevailing mid-yields, according to Yieldbroker, continuing the trend of firm pricing at recent ACGB auctions. However, the cover ratio collapsed to 3.3111x from 4.45x.A$1000mn of the 3.00% 21 November 2033 bond is planned for Friday.
The bills strip is weaker, with pricing -1 to -3.
RBA-dated OIS pricing is little changed across meetings today. A 25bp rate cut in August is given a 100% probability, with a cumulative 63bps of easing priced by year-end (based on an effective cash rate of 3.84%).

BONDS: NZGBS: Closed At Worst Levels But Only Modestly Cheaper

NZGBs closed 3bps cheaper across benchmarks, with the NZ-US 10-year yield differential little changed on the day.

Cash US tsys are flat to 2bps cheaper, with a steepening bias, in today's Asia-Pac session after yesterday's twist-flattener. Today’s US calendar will see BA Mortgage Applications.
NZ employment was weaker in Q2 than the RBNZ projected in May declining 0.1% q/q and 0.9% y/y, in line with consensus, after a downwardly-revised 0.0% q/q & -0.7% y/y in Q1. The unemployment rate rose 0.1pp to 5.2%, highest since Covid-impacted Q3 2020, but as the RBNZ forecast. The next rate decision is on August 20 and will include an updated outlook. With job shedding continuing and activity indicators remaining lacklustre and inflation in the band, another 25bp rate cut is likely.
Swap rates closed 1-2bps higher, with the 2s10s curve little changed.
RBNZ dated OIS pricing closed slightly firmer across meetings. 23ps of easing is priced for August, with a cumulative 41bps by November 2025.
Tomorrow, the local calendar will see RBNZ Inflation Expectations data.
The NZ Treasury also plans to sell NZ$225mn of the 4.50% May-30 bond, NZ$175mn of the 4.50% May-35 bond and NZ$50mn of the 1.75% May-41 bond.

FOREX: Asia FX Wrap - USD Drifts Lower

The BBDXY has had a range of 1208.77 - 1210.24 in the Asia-Pac session, it is currently trading around 1208, -0.10%. The USD, with a huge rejection of the 1220/1230 area on Friday, had a knee-jerk reaction lower to the outsized move in US rates as the market's view on growth and interest rate cuts is re-evaluated. The USD is consolidating just above its 1205 support, as the market contemplates the increasing headwinds to risk and what that means for the USD. The market is still very quick to jump onto opportunities to sell the USD, a sustained move back above the 1230 area would be needed to put pressure on the bears.

EUR/USD - Asian range 1.1564 - 1.1585, Asia is currently trading 1.1585. The pair has bounced nicely off the important 1.1300/1.1400 area. The market is consolidating just ahead of its first resistance towards the 1.1650/1.1700 area.
GBP/USD - Asian range 1.3292 - 1.3313, Asia is currently dealing around 1.3310. The pair bounced nicely off the 1.3100/1.3200 support area. I would suspect sellers would be around on a bounce back towards 1.3400 initially.
USD/CNH - Asian range 7.1880 - 7.1955, the USD/CNY fix printed 7.1409, Asia is currently dealing around 7.1920. Sellers should be around on bounces while price holds below the 7.2200/2500 area and the PBOC manages the fix lower. Above 7.2500 and we could see a test of the USD Shorts.
Cross asset : SPX +0.25%, Gold $3375, US 10-Year 4.222%, BBDXY 1208, Crude Oil $65.58
Data/Events : France Private Sector Payroll, Italy Industrial Production, Germany Factory Orders/HCOB Construction, EZ Retail sales

Fig 1: GBP/USD Spot 120min Chart

Source: MNI - Market News/Bloomberg Finance L.P

JPY: Asia Wrap -USD/JPY Drifts Lower Shrugging Off Wage Data.

The Asia-Pac USD/JPY range has been 147.34 - 147.75, Asia is currently trading around 147.35, -0.20%. USD/JPY initially tried higher after weaker than expected wage data, but good sellers towards 148.00 continue to cap for now. Price has moved very quickly away from the pivotal 151/152 area much to the relief of Institutional Yen longs and the BOJ. CFTC Data shows leveraged accounts had started to aggressively build Yen shorts last week so this quick move lower would be a bitter pill to swallow. Price is holding above the support area around 146.50/147.00 for now, a move sub 145.00 is needed to turn momentum lower once more, until then the 145.00-151-00 range should dominate.

"HAYASHI: AGREED W/ US THAT JAPAN PHARM WON'T BE AT DISADVANTAGE” - BBG
"JAPAN'S KONO: NECESSARY TO RAISE RATES TO STRENGTHEN YEN" - BBG
(MNI) Japan's inflation-adjusted real wage, a key gauge of household purchasing power, remained in negative territory for a sixth consecutive month in June but narrowed to -1.3% from May's 2.6% decline, preliminary data from the Ministry of Health, Labour and Welfare showed Wednesday.
(Bloomberg) - The Japanese currency’s recent strength can be expected to wane somewhat after wages data came in substantially weaker than had been expected. That’s likely to be seen as reinforcing the BOJ’s instinctive policy caution, pushing traders to pare back already modest bets on a rate hike this year.
Options : Close significant option expiries for NY cut, based on DTCC data: 147.00($1.5b).Upcoming Close Strikes : 147.65($1.14b Aug 7), 148.50($1.24b Aug 7) - BBG.
CFTC data shows asset managers surprisingly added slightly to their JPY longs +75119( Last +72326), while leveraged funds aggressively added to their newly built short JPY position -31280(Last -11571).

Fig 1 : USD/JPY Spot Weekly Chart

Source: MNI - Market News/Bloomberg Finance L.P

AUD: Asia Wrap - AUD/USD Gets A Boost From A Positive Asian Session For Risk

The AUD/USD has had a range of 0.6465 - 0.6492 in the Asia- Pac session, it is currently trading around 0.6490, +0.25%. The AUD has bounced in our session as Asian equities trade positively ignoring the wobble seen in the US in response to the ISM Services data. The AUD bounced nicely off the 0.6400 area but I suspect sellers might return back towards 0.6500/50 initially. I feel the performance of US equities over August/September will be crucial as seasonality points to some strong headwinds approaching.

MNI Exclusive - The Reserve Bank of Australia looks set to cut the cash rate by 25 basis points to 3.6% on Aug 12, but further easing could prove a policy mistake and force the Bank to reverse course within six months unless a major global shock intervenes, former RBA board member Warwick McKibbin told MNI.
Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6575(AUD701m). Upcoming Close Strikes : 0.6500(AUD4.27b Aug 8), 0.6600(AUD1.97b Aug 7), 0.6800(AUD1.72b Aug 7) - BBG
CFTC Data shows Asset managers reduced their shorts slightly -49183(Last -53959), the Leveraged community added to their own shorts -13997(Last -12010).
AUD/JPY - Asia-Pac range 95.40 - 95.76, Asia is trading around 95.70. The pair failed on multiple attempts above 97.00 and has moved swiftly back to test its first support toward the 95.00 area. There should be sellers around the 96.00/96.50 area initially, a sustained break below 94.50/95.00 could signal a deeper move lower.

Fig 1: AUD/USD spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

NZD: Asia Wrap - NZD/USD Bounces On a Better Employment Print & Positive Risk

The NZD/USD had a range of 0.5891 - 0.5926 in the Asia-Pac session, going into the London open trading around 0.5925, +0.37%. The NZD has bounced in our session in response to a better than expected unemployment print and Asian equities trading positively ignoring the wobble seen in the US in response to the ISM Services data. NZD/USD bounced nicely off its 0.5850 support but I would suspect sellers could return on any bounce back toward 0.6000. With the seasonality for risk looking poor there is a chance it tests the pivotal 0.5800/50 area, a break of which would open up a move back to the 0.5500 lows.

NEW ZEALAND: Q2 Sees Increased Labour Market Capacity. NZ employment was weaker in Q2 than the RBNZ projected in May declining 0.1% q/q and 0.9% y/y, in line with consensus, after a downwardly-revised 0.0% q/q & -0.7% y/y in Q1. The unemployment rate rose 0.1pp to 5.2%, highest since Covid-impacted Q3 2020, but as the RBNZ forecast. The next rate decision is on August 20 and will include an updated outlook. With job shedding continuing and activity indicators remaining lacklustre and inflation in the band, another 25bp rate cut is likely.
“NZ FINANCE MINISTER WILLIS: EXPECT UNEMPLOYMENT TO FALL LATER THIS YEAR, EXPECT EXPORTS TO CONTINUE TO BOOM. INCREASED US TARIFF RATE ON NZ WON'T HAVE BIG IMPACT" - BBG
Kelly Eckhold(Westpac NZ) on LinkedIn: “Today's labour market reports came in a touch stronger than our forecasts but more or less in line with the RBNZ's thinking. The Unemployment rate rise to 5.2% instead of our 5.3% forecast. While jobs growth remains weak, the under 20's are moving out of the workforce and heading into training. The NEET rate was unchanged this quarter in seasonally adjusted terms. I think this is a return to normality for this younger cohort and bodes well for their future.”
Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.5970(NZD496m Aug 7), 0.5920(NZD483m Aug 11), 0.5930(NZD646m Aug 11). - BBG
AUD/NZD range for the session has been 1.0949 - 1.0982, currently trading 1.0955. The Cross moved lower in response to the better employment print but continues to consolidate on a 1.09 handle as the pair tries to build some momentum to move higher.
Fig 1: NZD/USD Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P

ASIA STOCKS: Trump Takes Aim at Pharma

Some of Asia's pharma stocks took a hit today as President Trump aimed his tariff sights firmly in their direction. Pharma shares in Australia, Japan, South Korea and India are down by 2-3% after Trump said in an interview that he will be putting tariffs on Pharmaceuticals.

Following yesterday's better than expected GDP, Indonesia's Jakarta Composite has consolidated above 7,500 over 25% off the March lows.

A government initiative to provide free preschool education has given Chinese childcare related stocks a boost with rises of +2-4% .

The Hang Seng posted modest gains of +0.18% as it attempts to trade above 29,500. The CSI 300 is up +0.18%, Shanghai Comp is up +0.27% and Shenzhen up +0.55%.
The Nikkei has had a strong day rising +0.60% after Tuesday's gains of +0.64%.
The TAIEX in Taiwan is the worst regional performer, down -0.77%
The KOSPI followed the TAIEX down by -0.18%.
Malaysia's FTSE KLCI couldn't follow up on yesterday's gains of +0.76% and is lower by -0.16%.
The Jakarta Composite is one of the best performers in July but could only rise marginally today by +0.08%.
The FTSE Straits Times is down -0.07% and the PSEi in the Philippines up +0.62%.
The NIFTY 50 in India declined -0.30% yesterday and has opened marginally lower this morning.

OIL: Crude Higher Again, US Inventory Data Out Later

Oil prices are higher today supported by US industry data showing a large crude drawdown and the upcoming August 8 deadline for a truce in Ukraine otherwise purchasers of Russian fuel will be hit by extra US tariffs. Crude is down over 5% in the first three trading days of the month. WTI is 0.6% higher at $65.54/bbl following a high of $65.63. Brent is up 0.6% to $66.90/bbl after reaching $66.94. The USD index is down 0.1%.

Markets believe that even if there isn’t a US-Russia agreement, that it will be very difficult to reduce Russian fuel shipments materially. US special envoy Witkoff is scheduled to be in Russia today for meetings.
Daily Russian product exports declined around 4% in July from June to their lowest in nine months based on Vortexa data compiled by Bloomberg. Refining rates are down and summer has driven an increase in domestic consumption. Russia has stopped gasoline exports for now.
Bloomberg reported that US oil inventories fell a more-than-expected 4.2mn last week, according to people familiar with the API data. Gasoline stocks fell 900k while distillate rose 1.6mn. The official EIA data is out later today and will be monitored for signs of weakening demand.
Later the Fed’s Cook, Collins and Daly speak. Euro area June retail sales, June German factory orders and French Q2 employment print.

Gold Turns At Initial Resistance Level

Gold prices are down 0.25% to $3372.2/oz during today’s APAC session, pressured by stronger risk appetite, after rising 2.8% over the first three trading days of August. They reached a high of $3385.40 early in the session and then trended lower to $3373.24 pressured by slightly higher US long-end yields. The USD index is down 0.1% though.

Gold faced resistance today at its high of $3385.40, 4 August high, but has remained above support at $3268.2, 30 July low. The rally since the disappointing US payrolls print signals that previous weakness was corrective.
Equities are generally higher with the S&P e-mini up 0.2%, Nikkei +0.5% and Hang Seng +0.2% but KOSPI down 0.3%. Oil prices are higher with WTI +0.6% to $65.58/bbl. Copper is up 0.2%.
Later the Fed’s Cook, Collins and Daly speak. Euro area June retail sales, June German factory orders and French Q2 employment print.

UP TODAY (TIMES GMT/LOCAL)

Date	GMT/Local	Impact	Country	Event
06/08/2025	0600/0800	**	DE	Manufacturing Orders
06/08/2025	0730/0930	**	EU	S&P Global Final Eurozone Construction PMI
06/08/2025	0800/1000	*	IT	Industrial Production
06/08/2025	0830/0930	**	GB	S&P Global/CIPS Construction PMI
06/08/2025	0900/1100	**	EU	Retail Sales
06/08/2025	1100/0700	**	US	MBA Weekly Applications Index
06/08/2025	1430/1030	**	US	DOE Weekly Crude Oil Stocks
06/08/2025	1430/1030	**	US	US DOE Petroleum Supply
06/08/2025	1700/1300	**	US	US Note 10 Year Treasury Auction Result
06/08/2025	1800/1400		US	Boston Fed's Susan Collins
06/08/2025	1800/1400		US	Fed Governor Lisa Cook
06/08/2025	1910/1510		US	San Francisco Fed's Mary Daly
07/08/2025	0130/1130	**	AU	Trade Balance
07/08/2025	0600/0800	**	DE	Trade Balance
07/08/2025	0600/0800	**	DE	Industrial Production
07/08/2025	0600/0800	***	SE	Flash Inflation Report
07/08/2025	0645/0845	*	FR	Foreign Trade
07/08/2025	0700/0900	**	CH	Unemployment
07/08/2025	1100/1200	***	GB	Bank Of England Interest Rate
07/08/2025	1100/1200	***	GB	Bank Of England Interest Rate
07/08/2025	1130/1230		GB	BOE Press Conference
07/08/2025	-	***	CN	Trade
07/08/2025	1230/0830	***	US	Jobless Claims
07/08/2025	1230/0830	**	US	WASDE Weekly Import/Export
07/08/2025	1230/0830	**	US	Preliminary Non-Farm Productivity
07/08/2025	1300/1400		GB	BOE Decision Maker Panel Data BOE Decision Maker Panel Data