This week, the main focus is on the meeting of the central banks of Canada, Australia, and India. All central banks are expected to keep interest rates unchanged. China will publish inflation data. A slowdown in inflation could trigger interest rate and/or reserve requirement cuts this month. This data has a strong effect on Asian indices. Also, a number of countries (Japan, Australia, and the Eurozone) will release GDP data.
Monday, June 05
On Monday, the Swiss consumer price data is worth a look. Inflation is expected to fall from 2.6% to 2.2% year-on-year. ECB President Christine Lagarde is scheduled to testify before the European Parliament's economic and monetary affairs committee on Monday, and her comments will be scrutinized. In the United States, the ISM Services PMI comes out Monday and is expected to point to a still robust growth rate.
Main events of the day:
- – Japan Services PMI (m/m) at 03:30 (GMT+3);
- – Caixin Services PMI Services PMI (m/m) at 04:45 (GMT+3);
- – Switzerland Consumer Price Index (m/m) at 09:30 (GMT+3);
- – German Services PMI (m/m) at 10:55 (GMT+3);
- – Eurozone Services PMI (m/m) at 11:00 (GMT+3);
- – UK Services PMI (m/m) at 11:00 (GMT+3);
- – Eurozone ECB President Lagarde Speaks at 16:00 (GMT+3);
- – US ISM Services PMI (m/m) at 17:00 (GMT+3).
- – Switzerland GDP (q/q) at 10:00 (GMT+3);
- – Australia RBA Interest Rate Decision at 07:30 (GMT+3);
- – Australia RBA Rate Statement at 07:30 (GMT+3);
- – UK Construction PMI at 11:30 (GMT+3);
- – Eurozone retail sales (m/m) at 12:00 (GMT+3);
- – Canada Ivey PMI at 17:00 (GMT+3).
- – Australia RBA Governor Lowe Speaks at 02:20 (GMT+3);
- – Australia GDP (q/q) at 04:30 (GMT+3);
- – China Trade Balance (m/m) at 06:00 (GMT+3);
- – Switzerland Unemployment Rate (m/m) at 08:45 (GMT+3);
- – German Industrial Production (m/m) at 09:00 (GMT+3);
- – US Trade Balance (m/m) at 15:30 (GMT+3);
- – Canada Trade Balance (m/m) at 15:30 (GMT+3);
- – Canada BoC Interest Rate Decision at 17:00 (GMT+3);
- – Canada BoC Rate Statement at 17:00 (GMT+3);
- – US Crude Oil Reserves (w/w) at 17:30 (GMT+3).
- – Japan GDP (q/q) at 02:50 (GMT+3);
- – Australia Trade Balance (m/m) at 04:30 (GMT+3);
- – Indian Interest Rate Decision (m/m) at 07:30 (GMT+3);
- – Eurozone GDP (q/q) at 12:00 (GMT+3);
- – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
- – US Natural Gas Storage (w/w) at 17:30 (GMT+3).
- – China Consumer Price Index (m/m) at 04:30 (GMT+3);
- – China Producer Price Index (m/m) at 04:30 (GMT+3);
- – Canada Unemployment Rate (m/m) at 15:30 (GMT+3).
Tuesday, June 06
On Tuesday, traders will mainly focus on the Australia Interest Rate Decision and Monetary Policy Statement from the Reserve Bank of Australia. Inflation expectations were stronger than expected and prompted investors to expect another increase. But the probability of such a scenario is only 25%. The Eurozone will publish retail sales figures. Further growth is expected, which increases the likelihood of a rate hike by the ECB at the next two meetings.
Main events of the day:
Wednesday, June 07
On Wednesday, investors' focus will be on the Canadian central bank's monetary policy meeting. The BoC is expected to keep rates unchanged. But there could be surprises. The Canadian economy showed sharp GDP growth in the first quarter, and overall inflation unexpectedly accelerated in April. Traders should also take a close look at China's trade balance data. As China leads the world trade, import and export data has a strong impact on financial markets. Investors should also keep a close eye on the US Crude Oil Reserves, which have a significant impact on oil prices.
Main events of the day:
Thursday, June 08
On Thursday, Japan and the Eurozone will release GDP data. Higher-than-expected capital spending in the first quarter increased the probability that Japan's first-quarter GDP could be revised upward. For the Eurozone, the GDP revision is expected to be unchanged. Indian index (IND50) traders should keep a close eye on India's central bank interest rate decision.
Main events of the day:
Friday, June 09
The inflation data from China will be the main event on Friday. The Chinese economy is close to deflation, sparking rumors that the PBoC will begin cutting interest rates this month. China's inflation data is strongly affecting the entire Asian region. Traders should also have on the list the Canadian unemployment report.
Main events of the day:
by , 2023.06.05
We advise you to get acquainted with the daily forecasts for the major currency pairs.This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
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