Week's main events (June 06– June 10)

The economic calendar for the upcoming week is not as dense as the previous one, but this week is more serious in terms of the number of important events. The main event will be the CPI data (inflation rate) in the United States and China. Analysts expect the US Consumer Price Index to remain at the same level as the PCE index two weeks ago, indicating signs of a slowdown in price growth. The focus of investors should also be on the ECB and RBA meetings. The European Central Bank is becoming hawkish, but analysts believe there will be no significant rate hike at the current meeting. The Reserve Bank of Australia is likely to continue raising interest rates.

Monday, June 06
No significant events are expected at the European and American sessions on Monday so the day will be relatively quiet. It’s a bank holiday in New Zealand, Australia, Switzerland, France, and Germany.
Main events of the day:
  • – Caixin Services PMI Services PMI (m/m) at 04:45 (GMT+3).
Tuesday, June 07
On Tuesday, traders will mainly focus on the Australia Interest Rate Decision and Monetary Policy Statement from the Reserve Bank of Australia. Analysts expect to see an aggressive interest rate hike from 0.35 to 0.75%. After that, there will be no important economic events.
Main events of the day:
  • – Australia RBA Interest Rate Decision at 07:30 (GMT+3);
  • – Australia RBA Rate Statement at 07:30 (GMT+3);
  • – UK Services PMI at 11:30 (GMT+3);
  • – Canada Ivey PMI at 17:00 (GMT+3).
Wednesday, June 08
On Wednesday, investors should pay attention to data on the GDP of Japan and the Eurozone for the quarter. Germany will update data on industrial production, and Switzerland will publish the unemployment rate data. 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:
  • – Japan GDP (q/q) at 02:50 (GMT+3);
  • – Switzerland Unemployment Rate (m/m) at 08:45 (GMT+3);
  • – German Industrial Production (m/m) at 09:00 (GMT+3);
  • – UK Construction PMI at 11:30 (GMT+3);
  • – Eurozone GDP (q/q) at 12:00 (GMT+3);
  • – US Crude Oil Reserves (w/w) at 17:30 (GMT+3).
Thursday, June 09
On Thursday, the ECB will hold a Monetary Policy meeting. Analysts expect the interest rate to remain unchanged, but the ECB will formally announce an interest rate hike next month and end its bond-buying program. Although there is a chance that the rate will already be raised at the current meeting, there could be surprises. Traders should also not miss the speech of the Governor of the Bank of Canada. Canada is on its way to raising interest rates so any unexpected changes could increase volatility.
Main events of the day:
  • – Eurozone ECB Interest Rate Decision at 14:45 (GMT+3);
  • – Eurozone ECB Monetary Policy Statement at 14:45 (GMT+3);
  • – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
  • – Eurozone ECB Press Conference at 15:30 (GMT+3);
  • – US Natural Gas Storage (w/w) at 17:30 (GMT+3);
  • – Canada BoC Gov Macklem Speaks at 18:00 (GMT+3).
Friday, June 10
The inflation data from China and the United States will be the main event on Friday. Inflation in the US is expected to be 8.3% in annual terms, and core inflation (excluding energy and fuel prices) is expected to be 5.9% year over year. If the data is worse than expected, the market could see a spike in volatility. Traders should also have the Canadian unemployment report and inflation data from China on the list.
Main events of the day:
  • – China Consumer Price Index (m/m) at 04:30 (GMT+3);
  • – China Producer Price Index (m/m) at 04:30 (GMT+3);
  • – Eurozone Spanish Consumer Price Index (m/m) at 10:00 (GMT+3);
  • – US Consumer Price Index (m/m) at 15:30 (GMT+3);
  • – Canada Unemployment Rate (m/m) at 15:30 (GMT+3);
  • – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+3).

by JustMarkets, 2022.06.06

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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