WEEKLY ECONOMIC CALENDAR AHEAD
WEEKLY ECONOMIC CALENDAR AHEAD
Here is what you need to know about the important news between June 05st 2023 and June 09th 2023, 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
stays defensive near 104.00 amid early Tuesday, after a volatile week-start that initially portrayed a run-up to 104.40 before marking a no-change day in the end.
The greenback’s gauge versus six major currencies dropped the previous day amid downbeat US data and Treasury bond yields. In doing so, the DXY also bears the burden of an absence of the Federal Reserve (Fed) talks amid the pre-FOMC blackout ahead of next week’s monetary policy meeting.
Gold
Gold price struggles to capitalize on the previous day’s modest recovery from the 100-day Simple Moving Average (SMA) and oscillates in a narrow trading band through the first half of the European session on Tuesday. The XAU/USD currently trades just above the $1,960 level, nearly unchanged for the day and well within the striking distance of over a two-month low touched last week.
Oil.
Heading into the recent OPEC+ meeting, oil prices faced challenges primarily due to supply constraints rather than demand dynamics. In response, Saudi Arabia took proactive measures to address this issue by reducing its supply to 9 million bpd. Additionally, all other OPEC+ producers agreed to extend their earlier cuts until the end of 2024. The key question now is how this strategic move will impact oil prices moving forward.
Stocks
Markets in the Asian domain posted significant gains on Friday. Rally in Asian indices is being supported by the clear passage of the US debt-ceiling bill and favor for a pause in the policy-tightening spell by a few Federal Reserve policymakers. Asian majors are following the footprints of the S&P500 as the latter settled with significant gains on Thursday.
Economic calendar most important releases – All times are GMT
Monday, June 5, 2023
All Day Holiday New Zealand – Queen’s Birthday
04:30 GBP Composite PMI (May) 54.0 53.9 54.9
04:30 GBP Services PMI (May) 55.2 55.1 55.9
09:00 EUR ECB President Lagarde Speaks
09:45 USD Services PMI (May) 54.9 55.1 53.6
10:00 USD ISM Non-Manufacturing PMI (May) 50.3 51.8 51.9
Tuesday, June 6, 2023
All Day Holiday South Korea – Memorial Day
All Day Holiday South Korea – Memorial Day
00:30 AUD RBA Interest Rate Decision (Jun) .10% 3.85% 3.85%
00:30 AUD RBA Rate Statement
04:30 GBP Construction PMI (May)
10:00 CAD Ivey PMI (May)
12:00 USD EIA Short-Term Energy Outlook
21:30 AUD GDP (QoQ) (Q1)
Wednesday, June 7, 2023
10:00 CAD BoC Interest Rate Decision
10:30 USD Crude Oil Inventories
19:50 JPY GDP (QoQ) (Q1)
Thursday, June 8, 2023
All Day Holiday Brazil – Corpus Christi Day
00:30 INR Interest Rate Decision
08:30 USD Initial Jobless Claims
Friday, June 9, 2023
06:30 RUB Interest Rate Decision (May)
08:30 CAD Employment Change (May)
Thanks for reading! Have a great week!
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