Economic Calendar | May 31 – June 4

Monday, May 31

Traditionally, the macroeconomic calendar on Monday is almost empty. Only data on retail sales in Japan can attract attention, which showed an acceleration of growth rates from 5.2% to 12.0%, which seemed worse than the forecast of growth to 15.3%.

In the afternoon, consumer price indices in European countries will be published, where special attention should be paid to the indicator from Germany.

Tuesday, June 1

Tuesday will start with important statistics from Switzerland, which may support the Swiss franc rate. In particular, the growth rate of retail sales may well accelerate from 22.6% to 30.6%. Moreover, preliminary data on GDP for the first quarter will be released: they may show a slowdown in the rate of economic decline from -1.6% to -0.8%.

In the afternoon, many world currencies may come under pressure. The fact is that inflation data will be published in the eurozone, which may grow from 1.6% to 2.0%. And this may convince market participants of the inevitability of a tightening of the ECB's monetary policy, for which the European economy is not at all ready yet. As a result, the euro may collapse, and the dollar, on the contrary, will be able to strengthen its position against all currencies.

Also, attention should be paid to the index of business activity in the manufacturing sector in Germany and the unemployment rate in May. Canada will present data on GDP.

Wednesday, June 2

The first thing to look at on Wednesday is the preliminary first quarter GDP data for Australia. If the indicator, as expected, demonstrates economic growth of 0.7% (after a decline of 1.1%), then the Australian dollar may strengthen.

The main news of the day will be producer prices in Europe, the publication of which may again lead to a noticeable rise in the US dollar. The fact is that the producer price index may rise from 4.3% to 7.0%, which means that inflation in Europe will continue to grow and finally remove all questions regarding the future policy of the ECB.

Thursday, June 3

Thursday kicks off retail sales data in Australia, with analysts expecting the Australian dollar to weaken as sales growth may slow to 1.1% from 1.3%.

By the end of the trading day, the US dollar may again strengthen its positions, this time due to data on the labor market. According to forecasts, the number of applications for unemployment benefits should fall again, and employment may rise by 600 thousand. And this is on the eve of the publication of the report of the US Department of Labor.

Friday, June 4

The main event on Friday is the publication of a report by the US Department of Labor. The first thing that investors will pay attention to is the unemployment rate, which should decline from 6.1% to 6.0%. In addition, the US dollar will be supported by the number of new jobs created outside of agriculture. And there may be as many as 610 thousand of them, which is an incredibly large figure. Thus, the US dollar has very good prospects not only on Friday, but throughout the week.