Week's main events (May 29 – June 02)

This week promises to be volatile due to a lot of important events. The US Nonfarm Payrolls is the week's main event, as it is one of the most essential parameters for the Fed's monetary policy decision. Economists believe the US employment report remains robust in May. The stronger the labor market, the more likely the US Federal Reserve will raise rates in June. The Eurozone will release its latest inflation estimate on Thursday, with economists expecting inflationary pressure to decrease. Investors should also keep a close eye on the CPI data in Australia, where there could be a surprise in the form of a new rise in inflation.

Monday, May 29
No important economic events are expected on Monday. European and US markets will be closed, and volatility on the Forex will be low. It's a bank holiday in the United States, Germany, France, the United Kingdom, and Switzerland.

Tuesday, May 30
On Tuesday, the most influential news will be from Switzerland. Traders should pay special attention to the GDP report for the quarter.
Main events of the day:
  • – Switzerland GDP (q/q) at 10:00 (GMT+3);
  • – Switzerland KOF Leading Indicators (m/m) at 10:00 (GMT+3);
  • – US CB Consumer Confidence (m/m) at 17:00 (GMT+3).

  • Wednesday, May 31
    Wednesday will be full of economic events. Australia will publish inflation data. Analysts forecast an increase in inflationary pressures from 6.3% to 6.4% year-over-year. Volatility in currency pairs with the Australian dollar will increase. Germany and a number of other European countries will also publish their inflation data. Last week's data showed that Germany had entered a technical recession. Therefore, a rise in inflation will only exacerbate problems in the largest Eurozone economy.
    Main events of the day:
    • – Australia RBA Governor Lowe Speaks at 02:00 (GMT+3);
    • – 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);
    • – Australia Consumer Price Index (m/m) at 04:30 (GMT+3);
    • – China Manufacturing PMI (m/m) at 04:30 (GMT+3);
    • – China non-Manufacturing PMI (m/m) at 04:30 (GMT+3);
    • – Switzerland Retail Sales (m/m) at 09:30 (GMT+3);
    • – ECB Financial Stability Review at 11:00 (GMT+3);
    • – New Zealand Retail Sales (m/m) at 01:45 (GMT+3);
    • – German Consumer Price Index (m/m) at 15:00 (GMT+3);
    • – Canada GDP (q/q) at 15:30 (GMT+3);
    • – US FOMC Member Bowman Speaks at 15:50 (GMT+3);
    • – US Chicago PMI (m/m) at 16:00 (GMT+3);
    • – US JOLTs Job Openings (m/m) at 17:00 (GMT+3);
    • – Switzerland SNB Chairman Jordan Speaks 18:05 (GMT+3);
    • – US FOMC Member Harker Speaks at 20:00 (GMT+3).
    Thursday, June 01
    On Thursday, investors will keep a close eye on Eurozone consumer price data. Economists expect consumer inflation to fall from 7.0% to 6.3%. On Thursday, there will also be a lot of Manufacturing PMI data from different countries. Crude oil inventories should not be forgotten either, which have a significant impact on oil prices. Last week inventories showed a record drop in inventories, which led to a rise in the price of black gold.
    Main events of the day:
    • – Japan Manufacturing PMI (m/m) at 02:50 (GMT+3);
    • – Australia Retail Sales (m/m) at 04:30 (GMT+3);
    • – Switzerland Manufacturing PMI (m/m) at 10:30 (GMT+3);
    • – 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 12:30 (GMT+3);
    • – Eurozone ECB Monetary Policy Meeting Accounts at 14:30 (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);
    • – Canada Manufacturing PMI (m/m) at 16:30 (GMT+3);
    • – US ISM Manufacturing PMI (m/m) at 17:00 (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 Harker Speaks at 20:00 (GMT+3).
    Friday, June 02
    The most essential Friday release is Nonfarm Payrolls. This data can trigger increased volatility in the market, and the Fed also considers this indicator to adjust monetary policy. Indications of continued strength in the labor market could add to bets on how aggressive the Fed may be in tightening monetary policy at the June meeting. It's a bank holiday in Singapore.
    Main events of the day:
    • – US Nonfarm Payrolls (m/m) at 15:30 (GMT+3);
    • – US Unemployment Rate (m/m) at 15:30 (GMT+3).

    by JustMarkets, 2023.05.29

    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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