Economic Calendar | June 7 – June 11

Monday, June 7

The beginning of the week is traditionally calm and all the market's attention will be focused on economic data from Switzerland, since only this country publishes important news today. Switzerland's unemployment rate fell from 3.3% to 3.1%, better than expected to rise to 3.4%. Inflation rose from 0.3% to 0.6%, which is undoubtedly a negative factor for the Swiss franc.

Tuesday, June 8

Tuesday kicks off with the publication of the third GDP estimate for the first quarter in Europe. The indicator should confirm the first two estimates, which showed a slowdown in the rate of economic decline from -4.9% to -1.8%. Germany on Tuesday will release a publication from the ZEW on the index of economic sentiment and conditions in June.

The United States will share data on imports and exports, as well as on the number of open vacancies in the labor market: these statistics may show their decline from 8,123 thousand to 8,000 thousand.

Wednesday, June 9

The only thing that may interest traders on Wednesday is the meeting of the Board of the Reserve Bank of Canada. It is expected that the parameters of monetary policy will remain unchanged, and the most interesting will be the subsequent comments of the regulator about its plans. If it becomes clear that the Bank of Canada is worried about the rise in inflation, this will mean that it may well raise the refinancing rate in the near future. And the Canadian economy is not yet quite ready for this. Therefore, if the Central Bank makes at least some hints of such a development of events, the Canadian dollar may significantly sink on Wednesday.

Thursday, June 10

Thursday will be the busiest day of the week, and it starts with a meeting of the Board of the European Central Bank. Everything here is the same as in the situation with the Reserve Bank of Canada. Monetary policy will remain unchanged, but subsequent comments from the regulator are very important. If the ECB announces a gradual stabilization of the situation with inflation, then the euro will receive a strong stimulus to growth. However, if concerns are expressed about the dynamics of consumer prices, the single European currency may come under pressure.

The US is to provide data on inflation, which is expected to rise from 4.2% to 4.7%. This will have an extremely negative impact on the US dollar rate, since it will almost completely remove all questions regarding the further actions of the Fed. The American regulator simply has no choice but to raise interest rates, which will undermine the recovery of the American economy.

Against this background, the expected decline in the number of applications for unemployment benefits is unlikely to interest anyone.

Friday, June 11

On Friday, you should pay attention to the block of statistics from the UK. Industrial production growth rates should accelerate from 3.6% to 29.1%. However, such impressive growth is possible only due to the low base effect. This means that the data is not entirely adequate and informative. Therefore, most likely, this data will remain ignored.