China is the world's second largest economy and a key driver in global trade, importing natural resources and exporting goods. It releases its latest import and export data on Tuesday (06:00), both of which have been negative of late, which does not bode well for its economy or the countries like Australia that it buys from.

The Federal Reserve's interest rate rises seem to be doing the trick in getting inflation under control, with it now sitting at 3%. On Thursday (15:30), the USA will release its latest data which analysts expect to show a small uptick, which could keep pressure on the Fed to do at least one more hike this cycle.

Despite the Bank of England raising interest rates to 5.25%, the Pound has been on a downward trajectory for the last three weeks. UK GDP figures are released on Friday (09:00), and with 0.1% expected for Q2, this trend of poor data looks to continue.

The oil markets have been as buoyant as its tankers, with WTI rallying from $67 to $83 in the last few weeks. With Saudi supply cuts continuing to be rolled into future months, reducing supply, and the US strategic reserve pausing buying, there is plenty of fundamental support behind the price move. Keep an eye out for the OPEC report released on Thursday.

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