Here is what you need to know about the important news between June 20th 2022 and June 24th 2022, where we take a look at the economic data, market news and headlines likely to have the biggest impact on the market prices this week and beyond, as well as the US Dollar, and other key correlated assets.
U.S. dollar index
The dollar indicator has lost its grip, showing that on this week might be different direction on the greenback indicator. EURUSD advanced higher early on Monday, and the focus is on Jerome Powel’s speech during the week.
The focus on the week ahead will be on the appearances of FED officials after Gov. Christopher Waller said on Saturday that he favours a 75 basis point rate hike in July meeting. FED Chair Jerome Powell also testifies before the Senate Banking panel on Wednesday.
European Central Bank
European Central Bank (ECB) Governing Council member Olli Rehn said over the weekend that he wants to ensure that the fragmentation risks do not cause undue turbulence on government bond markets.
There is always the option to activate Outright Monetary Transactions, which would be preceded by a program of the European Stability Mechanism, as the ex ECB President Mario Draghi did, and pledged to do whatever it takes to save the EURO.
Rising global yields and surging USD is weighting on the precious metal, pushing it for the weekly loss for the first time in 4 weeks. FED speaks will be the key risk for gold this week, with investors to look to hear for any indication regarding FED’s next steps, for fighting inflation.
Investors are worrying that the Federal Reserve’s aggressive hiking cycle aimed at curbing inflation, which is running at the fastest pace since 1981, will lead the U.S. economy to a hard landing, a scenario that could significantly undermine demand for commodities, pushing the price of the black Gold, lower.
Economic calendar most important releases (times are in GMT)
Tuesday, June 21
00:00 – AUD — RBA Gov Lowe Speaks
01:30 – AUD – Monetary Policy Meeting Minutes
12:20 – CAD – Core Retail Sales m/m
Wednesday, June 22
06:00 – GBP – CPI y/y
12:30 –CAD – CPI m/m
13:30 – USD – FED Chair Powell Testifies
Thursday, June 23
07:30 – EUR – German Flash Manufacturing PMI
07:30 – EUR – German Flash Services PMI
14:00 – USD – FED Chair Powell Testifies
Friday, June 24
11:30 – AUD – RBA Gov Lowe Speaks
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