Economic Calendar | June 6 – 10

Monday, June 6

On Monday, the macroeconomic calendar is completely empty again, but this is already quite a familiar situation. But at the same time, the whole week will not be rich in any important news – something interesting will happen only on Thursday. So the market will have time to take a break and recover after last week's publications.

Tuesday, June 7

The only thing worth paying attention to on Tuesday is the meeting of the Board of the Reserve Bank of Australia. It is expected that the refinancing rate may be increased from 0.35% to 0.6%. Such a move by the regulator will support the Australian dollar, and it may strengthen its position somewhat.

Investors interested in the British pound will be interested in data on business activity in the UK services sector, as well as the composite PMI index for May. 

Wednesday, June 8

On Wednesday, data on Japan's GDP for the first quarter will be presented, however, they are likely to be ignored, as they should confirm a preliminary estimate that showed a slowdown in economic growth from 0.4% to 0.2%.

The same thing awaits the third estimate of the eurozone's GDP, since it should show an acceleration in economic growth from 4.7% to 5.1%. Two previous estimates showed similar figures, so it is unlikely that the third one will have any impact on the dynamics of the euro. 

Thursday, June 9 

The main event of the week will be the meeting of the Board of the European Central Bank, which will be held on Thursday. It is expected that the parameters of monetary policy themselves should remain unchanged, however, with a high degree of probability, the European regulator will announce the timing of the first increase in the refinancing rate in many years. And immediately by 0.5%. 

If these expectations are confirmed, then the single European currency will receive the strongest incentive for growth. And this growth will be quite long and large-scale. Therefore, other currencies will also grow, as the euro will pull almost all currencies in the world through the dollar index. 

But the US dollar will decline, and even data on applications for unemployment benefits will not be able to stop this decline. The fact is that the changes in this indicator will be extremely small: the number of initial requests should increase by 5 thousand, while repeated requests should decrease by 9 thousand.

Friday, June 10

On Friday, the market will be extremely calm before the start of the US session. Then the focus will be on inflation data in the United States. It is expected that after the recent slowdown in inflation, the growth rate of consumer prices should remain unchanged. Which indicates the possibility of resuming its growth. And this already means that inflation risks are still high, and the US dollar will be under pressure again.