Many Economic events and news upcoming this week also!
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This article is originally referred from JustForex.
Today JustForex team of financial analysts has prepared a new review of events in the upcoming week. These events can significantly affect the Forex market. Choose and track the ones that are most important to you.
On Friday, June 2, the US dollar weakened against major world currencies against the backdrop of the publication of a weak labor market report in the US. According to the US Department of Labor, in May, the growth in the number of employed people in the non-agricultural sector of the country fell by 20.7% to 138,000. Experts expected the figure of 185,000. The growth in the average hourly wage remained unchanged at 0.2%. At the same time, the unemployment rate fell to 4.3%. The probability of an increase in the Fed interest rate in June still remains at a very high level (95.8%).
In the upcoming trading week, we recommend you to pay attention to the following events.
June 5th, Monday
On Monday, important economic reports from the United Kingdom and the United States will be published.
At 11:30 (GMT+3:00) the data on business activity in the services sector of Britain will be released.
At 17:00 (GMT+3:00) we expect the index of business activity in the non-manufacturing sector of the US from ISM.
June 6th, Tuesday
On Tuesday, the Reserve Bank of Australia proceedings will take place.
The regulator will make a decision on the monetary policy and will review the current economic situation in the country. At the moment, most experts believe that the Central Bank will leave the interest rate at the previous level of 1.50%.
At 17:00 (GMT+3:00) the data on the Ivey business activity index in Canada will be published.
June 7th, Wednesday
On Wednesday, the Australian Bureau of Statistics will publish data on the country’s GDP (first quarter) at 04:30 (GMT+3:00). Experts believe that the growth of the country’s economy will slow down.
At 17:30 (GMT+3:00) the report on the crude oil reserves in the US will occur. This statistics can put pressure on a group of commodity currencies.
June 8th, Thursday
On Thursday, the attention will be focused on parliamentary elections in the UK. At the moment, Prime Minister Teresa May’s party is in the lead. At the same time, recent opinion polls show a decrease in margin.
During the Asian trading session, the statistics on Japan’s GDP and reports on the balance visible trade of China and Australia will appear.
During the European trading session, ECB meeting will take place, at which a decision on interest rates will be made. Also at 10:15 (GMT+3:00) the data on inflation in Switzerland will be released.
June 9th, Friday
On Friday, the consumer price index in China will be published at 04:30 (GMT+3:00). Most experts believe that inflation in the country will accelerate. This report may have an impact on the dynamics of the Australian dollar.
We also recommend you to pay attention to the publication of the following economic reports:
The data on the volume of production in the manufacturing industry and the balance of visible trade of the UK at 11:30 (GMT+3:00);
The report on the labor market of Canada at 15:30 (GMT+3:00).
Original Source: JustForex