Economic Calendar | May 8 – 12

Monday, May 8

The week will begin with the fact that all European countries will celebrate the end of the Second World War, and Monday will be a day off. Nothing important is published in the United States either, so the beginning of the week will be absolutely calm.

Tuesday, May 9

Tuesday is also accompanied by a completely empty macroeconomic calendar, so trading on this day will take place without any sharp fluctuations. In Russia, Victory Day is celebrated on this day, in Ukraine – National Day. 

Wednesday, May 10 

But on Wednesday, data on inflation in the United States will be published. It is expected that the growth rate of consumer prices may slow down from 5.0% to 4.9%. And a further slowdown in inflation will convince investors that the US Federal Reserve System will at least not raise interest rates further. And this will put noticeable pressure on the dollar.

You should also pay attention to the consumer price index in Germany in April. Analysts expect the indicator to decrease from 7.4% to 7.2%.

Thursday, May 11

The main event of the week will be the meeting of the Board of the Bank of England, which will be held on Thursday. As inflation in the UK continues to rise, it is likely that the British regulator will raise the refinancing rate by 50 basis points again after a short break. This step will lead to a significant increase in the pound sterling, which will pull almost all other currencies with it. 

It is also worth paying attention to the data on the volume of production in the manufacturing industry in Britain.

In the United States, statistics on the growth rate of producer prices will be released: according to forecasts, a slowdown from 2.7% to 2.4% is expected, which will indicate a further decline in inflation.

Friday, May 12

The only thing worth paying attention to on Friday is the first estimate of UK GDP for the first quarter of this year. Analysts expect that the growth rate of 0.6% may be replaced by a decline of -0.5%. That is, the UK will be the first country to slip into recession. And this will already put significant pressure on the pound exchange rate, and through the dollar index it will pull the single European currency along with it. So at the very end of the week, the dollar may slightly improve its position.