Important Note!
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Key Upcoming Events:
What’s Ahead for the U.S.: In a holiday-shortened week due to Memorial Day, key updates include the second Q1 GDP estimate on Thursday and April’s core PCE price index on Friday. A lower PCE and softened income/spending data might revive rate cut bets, impacting the dollar. Fed officials’ remarks will be closely watched for policy hints ahead of the June 12th Fed interest rate decision.
Eurozone Inflation Data: Key updates include preliminary May CPI numbers on Friday, crucial for the ECB’s June 6th rate decision. Earlier in the week, German CPI figures on Wednesday will hint at overall Eurozone inflation. Despite expectations of a June rate cut, any upside surprises in the European CPI could reduce the likelihood, supporting the euro.
Japan’s Economic Indicators: Japan faces a contracting Q1 economy and slowing inflation, casting doubt on a summer BoJ rate hike. Tokyo’s May CPI, industrial production, and retail sales data will be critical in shaping market expectations and determining if the BoJ will maintain its current stance or consider policy adjustments.
Australia’s CPI and Chinese PMIs: Australia’s monthly CPI rates are due Wednesday, crucial for the RBA’s rate decisions. Persistent inflation could extend the Aussie’s recovery. Additionally, Australian retail sales and Chinese PMIs for May will influence the AUD. Disappointing retail sales might support calls for an RBA cut, especially if inflation data shows a decline.
This week the markets will be closely following economic data & earnings reports such as:
Monday:
Tuesday:
Wednesday:
Thursday:
Friday: