Here are some of the important economic data that will be the focus of the market throughout this week.
TUESDAY (May 21, 2024)
Canadian Inflation Data (8.30pm) – Canada's latest inflation figures will be watched after Canada's central bank has started its policy easing campaign ahead of others. Expected monthly inflation will be slightly lower for April than before.
WEDNESDAY (May 22, 2024)
RBNZ Policy Meeting (10.00 AM) – New Zealand's central bank is expected to keep interest rates unchanged at 5.50%, among the highest rates for major central banks. The central bank's follow-up statement will be scrutinized for either a hawkish or dovish tone.
UK Inflation Data (2.00 PM) – The latest UK inflation forecast is expected to ease to 2.1% from 3.2% previously. If there is a significant decline, it will further strengthen the projection of policy easing by the central bank of England at the previous policy meeting.
THURSDAY (May 23, 2024)
FOMC Meeting Minutes (2.00 AM) – Fed Chairman Jerome Powell at the day-long FOMC meeting maintained his hawkish view on monetary policy. Investors will go over more details at the meeting.
European Manufacturing & Services PMI data (4.00 PM) – No major changes are expected for the latest data figures for May for this important economic sector in Europe. However, the service reading is expected to remain good compared to manufacturing which remains below the 50 point level.
UK Manufacturing & Services PMI data (4.30pm) – The UK services sector is expected to remain above the 50 point level but is likely to decline slightly. Meanwhile, the forecast for the manufacturing sector is to increase close to the 50 level again.
US Manufacturing & Services PMI data (9.45 PM) – Both the manufacturing and services sectors in America are expected to remain well-developed in May for forecast figures. However, it is not impossible for this economic sector to be hit by a decline as per other data published previously.
FRIDAY (May 24, 2024)
UK Retail Sales Data (2.00pm) – After recording a decline in the previous month's reading, UK retail sales rates for April are forecast to contract further. The figures displayed will also give an idea of the current spending level of the user.
US Consumer Confidence Data (10.00 PM) – After examining previous University of Michigan survey data, investors will look to updated data for consumer confidence sentiment in America. It is expected that there will be no significant changes in the figures that will be published.
