A policy-packed week, with monetary policy meetings in the world’s major economies (Fed, BoJ, BoE), and the potential for guidance regarding future interest rate actions, albeit cuts in the prevailing rates are expected. In the UK, the voting race begins for the next Prime Minister. On the data front, focus turns on inflation and Retail sales.
Monday – 17 June 2019
Inflation Report Hearings (GBP, GMT N/A) – The BoE Governor and several MPC members testify on inflation and the economic outlook before the Parliament Treasury Committee.
Tuesday – 18 June 2019
RBA Minutes (AUD, GMT 01:30) – The RBA Minutes are expected to shed some light regarding an eventual rate hike (RBA is cautiously optimistic on growth and inflation).Consumer Price Index (EUR, GMT 09:00) – Prices are expected to fall in May to just 0.3%m/m from 0.7%, whilst the overall inflation is expected to stand unchanged at 1.2%y/y.ZEW Economic Sentiment (EUR, GMT 09:00) – Economic Sentiment for June is expected to rise slightly at -0.5 compared to -2.1 last month, however the negative reading means pessimists once again outnumber optimists and that escalation in US-Sino trade relations affects the outlook.
Wednesday – 19 June 2019
Consumer Price Index (GBP, GMT 08:30) – Prices are expected to move up in May, with overall inflation to increase at 2.2% y/y, compared to 2.1% y/y last month.Consumer Price Index and Core (CAD, GMT 12:30) – May CPI is expected to run at a 2.0% y/y pace, matching the 2.0% clip in April and coming in just ahead of the 1.9% clip in March. Hence, the focus is on the “core” CPI figures.Event of the week – Interest rate Decision and Conference (USD, GMT 18:00) –Gross Domestic Product (NZD, GMT 22:45) – The Q1 GDP is expected to grow at 0.7% compared to 0.6% last quarter, while the annualised rate should fall to 1.8% from 2.3%.
Thursday – 20 June 2019
Interest Rate Decision (JPY , GMT 02 :0 0) –Interest rate Decision and Conference (GBP, GMT 11:00) –
Friday – 21 June 2019
Markit Manufacturing PMI (EUR, GMT 07:30) – The Preliminary Manufacturing PMIs in Germany and Eurozone are expected to increase in June, to 44.5 and 48.1 respectively.Retail Sales and Core (CAD, GMT 12:30) – Canadian sales are expected to slip 1% in April, with a 0.9% gain excluding autos, following a 1.1% figure for the March headline and a 1.7% increase ex-autos.Markit Manufacturing PMI (USD, GMT 13:45) – The Preliminary Manufacturing and Services PMIs are expected to increase in June, to 52.5 and 53.2 respectively.
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Andria Pichidi
Market Analyst
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