This week promises to be volatile due to a lot of important events. The US Nonfarm Payrolls is the main event of the week, as it is one of the most important parameters for the Fed’s monetary policy decision. Economists believe the US employment report remains robust in May. The Eurozone is to release its latest inflation estimate on Tuesday, with economists expecting the consumer price index to hit another record high of 7.7% in May, up from 7.4% in April. The Bank of Canada will hold an interest rate meeting. Analysts predict that the bank will raise the rate by 0.5%. As a rule, rising interest rates is accompanied by a strengthening of the national currency. Investors should also keep a close eye on the monthly OPEC+ meeting, which greatly impacts oil pricing.
Monday, May 30
The main events on Monday will be the publication of inflation data in Spain and Germany. Rising inflation in Europe
will add confidence that the ECB will start to tighten monetary policy. It’s a bank holiday in the United States.
Main events of the day:
- – Eurozone Spanish Consumer Price Index (m/m) at 10:00 (GMT+3);
- – Eurozone EU Leaders Summit at 13:00 (GMT+3);
- – Eurozone Germany Consumer Price Index (m/m) at 15:00 (GMT+3);
- – US FOMC Member Waller Speaks at 18:00 (GMT+3).
Tuesday, May 31
Tuesday will bring various statistics for many countries. The main event will be the Consumer Price Index in the
Eurozone. Analysts expect inflation to rise in Europe. Volatility in currency pairs with the euro will increase.
China will release forward-looking manufacturing and non-manufacturing PMIs data, which economists expect to remain
below 50, pointing to a monthly contraction in May. Traders should also pay attention to the macro data from Japan.
Main events of the day:
- – Japan Unemployment Rate (m/m) at 02:30 (GMT+3);
- – Japan Industrial Production (m/m) at 02:50 (GMT+3);
- – Japan Retail Sales (m/m) at 02:50 (GMT+3);
- – China Manufacturing PMI (m/m) at 04:30 (GMT+3);
- – China Non-Manufacturing PMI (m/m) at 04:30 (GMT+3);
- – Eurozone French Consumer Price Index (m/m) at 09:45 (GMT+3);
- – Eurozone French GDP (q/q) at 09:45 (GMT+3);
- – Switzerland GDP (q/q) at 10:00 (GMT+3);
- – Eurozone German Unemployment Rate (m/m) at 10:55 (GMT+3);
- – Eurozone Italian Consumer Price Index (m/m) at 12:00 (GMT+3);
- – Eurozone Consumer Price Index (m/m) at 12:00 (GMT+3);
- – Eurozone EU Leaders Summit at 13:00 (GMT+3);
- – Canada GDP (m/m) at 15:30 (GMT+3);
- – US Chicago PMI (m/m) at 16:45 (GMT+3);
- – US CB Consumer Confidence (m/m) at 17:00 (GMT+3).
Wednesday, June 01
On Wednesday, the focus of investors will be on the Interest Rate Decision from the Bank of Canada. Analysts expect
the Bank of Canada to aggressively raise interest rates by 0.5%. Volatility in currency pairs with the Canadian
dollar will increase. European countries will report on the Manufacturing PMI, while Australia will update its GDP
figures for the quarter. Traders should also pay attention to the speeches of the FOMC officials, which help to
understand what sentiment prevails within the Federal Reserve.
Main events of the day:
- – Japan Manufacturing PMI (m/m) at 03:30 (GMT+3);
- – Australia GDP (q/q) at 04:30 (GMT+3);
- – Eurozone German Retail Sales (m/m) at 09:00 (GMT+3);
- – Eurozone Spanish Manufacturing PMI (m/m) at 10:15 (GMT+3);
- – Eurozone Italian Manufacturing PMI (m/m) at 10:45 (GMT+3);
- – Eurozone French Manufacturing PMI (m/m) at 10:50 (GMT+3);
- – Eurozone German Manufacturing PMI (m/m) at 10:55 (GMT+3);
- – Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+3);
- – UK Manufacturing PMI (m/m) at 11:30 (GMT+3);
- – Eurozone Unemployment Rate (m/m) at 12:00 (GMT+3);
- – Eurozone ECB President Lagarde Speaks at 14:00 (GMT+3);
- – Canada Manufacturing PMI (m/m) at 15:30 (GMT+3);
- – US ISM Manufacturing PMI (m/m) at 17:00 (GMT+3);
- – US JOLTs Job Openings (m/m) at 17:00 (GMT+3);
- – Canada BoC Interest Rate Decision at 17:00 (GMT+3);
- – Canada BoC Statement at 17:00 (GMT+3);
- – US FOMC Member Williams Speaks at 18:30 (GMT+3);
- – US FOMC Member Bullard Speaks at 20:00 (GMT+3).
Thursday, June 02
On Thursday, traders will mainly focus on the OPEC+ meeting. The oil market is very uncertain right now. Surprises
are possible. Price volatility for WTI and BRENT could rise sharply. Investors should also keep a close eye on the
Crude Oil and Natural Gas Reserves data. Switzerland will update the inflation figures. Analysts expect inflation to
rise by 0.3%. It’s a bank holiday in the United Kingdom, Italy and China.
Main events of the day:
- – Australia Retail Sales (m/m) at 04:30 (GMT+3);
- – Switzerland Consumer Price Index at 09:30 (m/m) (GMT+3);
- – OPEC+ Meeting at 13:00 (GMT+3);
- – US ADP Nonfarm Employment Change (m/m) at 15:15 (GMT+3);
- – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
- – US Natural Gas Storage (w/w) at 17:30 (GMT+3);
- – US Crude Oil Reserves (w/w) at 18:00 (GMT+3);
- – US FOMC Member Mester Speaks at 20:00 (GMT+3).
Friday, June 03
On Friday, the most important release is Nonfarm Payrolls. This data may increase volatility in the market, and this
indicator is also taken into account by the Fed to adjust monetary policy. Signs of continued strength in the labor
market could raise the stakes on how aggressive the Fed can be in tightening monetary policy to fight high
inflation. Traders should also keep a close eye on the Services PMI data from different countries. It’s a bank
holiday in Hong Kong, China, and the United Kingdom.
Main events of the day:
- – Japan Services PMI (m/m) at 03:30 (GMT+3);
- – Eurozone German Services PMI (m/m) at 10:55 (GMT+3);
- – Eurozone Services PMI (m/m) at 11:00 (GMT+3);
- – Eurozone Retail Sales (m/m) at 12:00 (GMT+3);
- – US Nonfarm Payrolls (m/m) at 15:30 (GMT+3);
- – US Unemployment Rate (m/m) at 15:30 (GMT+3);
- – US ISM Services PMI (m/m) at 17:00 (GMT+3).
by , 2022.05.30
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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