WEEKLY ECONOMIC CALENDAR AHEAD
Here is what you need to know about the important news between June 12th, 2023, and June 16th 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
US Dollar Index (DXY) aptly portrays the pre-Fed anxiety as it seesaws around 103.50 amid early Monday in Asia, after declining in the last two consecutive weeks. It’s worth noting that a light calendar and reassessment of the Fed bets also put a floor under the greenback’s gauge versus six major currencies even if bears remain hopeful of late.
Gold
Gold Price (XAU/USD) pares intraday losses, after posting a two-week uptrend, as the key week comprising the top-tier central bank announcements and US inflation data loom. That said, the market’s cautious optimism fails to keep pressuring the US Dollar amid reassessment of the previous dovish bias about the Federal Reserve (Fed).
Oil.
WTI renews its intraday low around $69.50 as it drops for the third consecutive day heading into Monday’s European session. In doing so, the black gold justifies fears of oversupply and lack of energy demand amid the sluggish market conditions.
Stocks
In the week ahead, market participants are expecting a 70.1% chance of Federal Reserve policymakers holding interest rates at their current levels, with CPI data expected to fall to 4.1% from last month’s reading of 4.9%. Other data slated for release includes PPI, retail sales, Philadelphia Fed manufacturing, business, and retail inventories, as well as Michigan consumer sentiment and expectations. Speeches from Bullard and Waller will also be closely monitored.
During Friday’s trade, the Dow Jones Industrial Average added 43.2 points, or 0.1% to 33,876.8, the S&P 500 lifted 5 points or 0.1% to 4,298.9, and the Nasdaq Composite added 20.6 points or 0.2% to 13,259.1. For the week, the Dow lifted 0.3%, the S&P 500 gained 0.4%, and the Nasdaq added 0.2%.
Economic calendar most important releases – All times are GMT.
Tuesday, June 13, 2023
06:00 GBP Claimant Count Change
12:30 USD CPI m/m
12:30 USD CPI y/y
10:00 USD Core CPI m/m
14:00 GBP BOE Gov Bailey Speaks
Wednesday, June 14, 2023
06:00 GBP GDP m/m
12:30 USD Core PPI m/m
12:30 USD PPI m/m
18:00 USD Federal Funds Rate
18:30 USD FOMC Press Conference
22:45 NZD GDP q/q
Thursday, June 15, 2023
01:30 AUD Unemployment Rate
12:15 USD Main Refinancing Rate
12:30 USD Core Retail Sales m/m
12:30 USD Unemployment Claims
12:45 EUR ECB Press Conference
Friday, June 16, 2023
Tentative JPY Monetary Policy Statement
Tentative JPY BOJ Press Conference
14:00 USD Prelim UoM Consumer Sentiment
Thanks for reading! Have a great week!
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