The Week Ahead – A Busy Economic Calendar and Central Bank Chatter to Keep the Markets Busy
On the Macro
It’s busier week ahead on the economic calendar, with 61 stats in focus in the week ending 2nd July. In the week prior, 49 stats had been in focus.
For the Dollar:
Consumer confidence figures for June get things going on Tuesday.
The focus will then shift to ADP nonfarm employment change figures on Wednesday and jobless claims on Thursday.
At the end of the week, nonfarm payrolls and the U.S unemployment rate wrap things up.
Other stats include Chicago PMI, Manufacturing PMI, trade, and factory order numbers. Barring particularly dire numbers, however, these stats should have a muted impact on the Dollar.
In the week, the Dollar ended the week down by 0.41% to 91.851.
For the EUR:
It’s a busy week on the economic data front.
Economic sentiment figures for the Eurozone will be in focus on Tuesday.
The focus will then shift to French consumer spending and German unemployment figures on Wednesday.
On Thursday, manufacturing PMIs for Italy and Spain and finalized numbers for France, Germany, and the Eurozone will draw attention.
At the end of the week, German retail sales figures will also influence.
With market jitters over inflation lingering, prelim June inflation numbers for member states and the Eurozone will also influence in the week.
The EUR ended the week up by 0.61% to $1.1935.
For the Pound:
It’s a relatively quiet week ahead on the economic calendar.
Finalized 1st quarter GDP numbers are due out on Wednesday ahead of June’s finalized Manufacturing PMI on Thursday.
Barring any marked GDP revisions, however, the numbers are unlikely to have a lasting impact on the Pound.
Updates on COVID-19 and the government’s plans to ease restrictions or to extend will remain the key driver.
The Pound ended the week up by 0.50% to $1.3879.
For the Loonie:
It’s a relatively quiet week ahead on the economic calendar.
April GDP and May RMPI numbers on Wednesday will provide the Loonie with direction.
On Friday, trade data for May will also influence.
The Loonie ended the week up 1.39% to C$1.2292 against the U.S Dollar.
Out of Asia
For the Aussie Dollar:
It’s also a relatively quiet week ahead.
Private sector credit figures for May are due out on Wednesday ahead of trade data on Thursday.
AIG Manufacturing figures for June are also due out on Thursday but will likely have a muted impact on the Aussie.
The Aussie Dollar ended the week up by 1.48% to $0.7590.
For the Kiwi Dollar:
It’s a particularly quiet week ahead.
Business confidence figures for June will be in focus on Wednesday.
With little else for the markets to consider, expect plenty of influence from the numbers. A continued pickup in business investment remains key to support a sustainable economic recovery.