Here are some of the important economic data that will be the focus of the market throughout this week.
European Manufacturing & Services PMI data (Tuesday 4.00 PM): The reading of this published data also gives an idea of the current health of the economy. The reading for May remains gloomy in Europe, but if there is a positive improvement it will affect the surge in the value of the Euro in the market.
UK Manufacturing & Services PMI data (Tuesday 4.30pm): Services at a good level, but readings for manufacturing data have yet to reach stable levels in the UK. No significant change is expected in the points difference that will be recorded this month.
US Manufacturing & Services PMI data (Tuesday 9.45 PM): Both readings for the sector in the US are seen to be still at a satisfactory level, above the 50.0 point level. A reading lower than that level will put pressure on the US dollar currency.
New Zealand Central Bank Policy Meeting (Wednesday 10.00am): Markets will be watching for further steps in policy setting by the Reserve Bank of New Zealand (RBNZ) this week. The expected rate increase is 25 basis points to 5.50%.
UK Inflation Data (Wednesday 2.00 PM): After the central bank of England (BOE) raised interest rates 2 weeks ago, governor Andrew Bailey is confident that interest rates will start to come down quickly. The latest expected inflation rate in the UK is predicted to record 8.2% compared to 10.1% previously.
FOMC Meeting Minutes (Thursday 2.00 AM): Details in the FOMC minutes will be watched by investors to get a clearer indication of further policy setting. The market is still not fully convinced that the Federal Reserve (Fed) will really move in the direction of policy easing. But there was an early indication by Chairman Jerome Powell at the close last week.
US Economic Growth Data (Thursday 8.30 PM): The second reading of the Gross Domestic Product (GDP) in America for the first quarter of 2023 will be published with the forecast figure remaining at 1.1% as before.
US Consumer Personal Expenditure Data (Friday 8.30 PM): The reading of the US PCE index data is seen to influence the movement of the US dollar at the end of the week. The forecast numbers are unchanged for April as recorded the previous month.
