The following are some of the important economic data that will be the focus of the market throughout the week.
UK Jobs Data (Tuesday 2.00pm): The market expects the UK jobs report for May to post better readings than ever before. Positive numbers will provide support for the Pound to recover this week.
US Producer Price Index Data (Tuesday 8.30pm): Also signaling for inflation in the United States, rising producer price index (PPI) readings will further strengthen investor confidence for the central bank to tighten monetary policy.
US Retail Sales Data (Wednesday 8.30pm): The next focus on the movement of the US dollar is directed at the retail sales rate in the US for the May reading. Expectations for rising figures will continue to support the US dollar.
FOMC Meeting (Thursday 2.00 AM): The main focus this week is on the outcome of the FOMC meeting for investors to look forward to whether the Federal Reserve (Fed) will continue its aggressive interest rate hike again this time around. After being raised to 1.00%, the interest rate is expected to be raised further to 1.50%.
Australian Jobs Data (Thursday 9.30am): After a sharp decline in April, job growth for May in Australia is expected to pick up again but is still at a low of around 25,000. The unemployment rate is projected to decline from 3.9% to 3.8%.
Swiss Central Bank Policy Meeting (Thursday 3.30pm): Like Japan's central bank, the Swiss National Bank (SNB) is also seen to continue to keep interest rates at low unchanged, not following in the footsteps of other central banks that are actively raising rates more aggressive.
Bank of England Policy Meeting (Thursday 7.00pm): The Bank of England (BOE) is expected to raise interest rates by 25 basis points for this meeting, from 1.00% to 1.25%. The pound is expected to rise in the initial reaction to the announcement of the results of the meeting.
Japan Central Bank Policy Meeting (Friday): Markets have previously received several signals that the Bank of Japan (BOJ) will continue to maintain a loose monetary policy to support the Japanese economy.
