Week Ahead

The Federal Reserve's policy meeting will be keenly watched next week, with investors looking for any change in the central bank's stance alongside its updated economic projections. Meanwhile, European finance ministers will hold a call on Thursday to debate the economic situation and policy measures to support the recovery from the coronavirus crisis. Key economic data to follow include US Michigan consumer sentiment and inflation data; UK monthly GDP figures; Eurozone final Q1 GDP figures and industrial output; China trade balance and inflation rate; Japan final Q1 GDP and machinery orders; Australia business and consumer morale; and India inflation and industrial production.
Joana Ferreira | joana.ferreira@tradingeconomics.com 6/6/2020 8:37:31 AM
In the US, Fed officials are seen holding the target range for the federal funds rate at 0-0.25 percent at the end of their two-day meeting on Wednesday, with all eyes on Chair Jerome Powell's press conference and the latest FOMC economic projections. In March, policymakers lowered interest rates to record low levels and launched a massive quantitative easing program, aiming to support businesses and households hit by the coronavirus outbreak. 

On the economic data front, the preliminary reading of Michigan consumer sentiment for June will likely show a slight improvement in consumer morale as the economy reopens, while May's inflation rate is set to slow to the lowest since October 2015. Other notable publications are producer and foreign trade prices, JOLTs job openings, IBD/TIPP Economic Optimism, the government's monthly budget statement and the final reading of wholesale inventories.  

Elsewhere in America, Canada will be publishing housing starts, while Brazil and Mexico will be releasing inflation data.

In the UK, investors await monthly GDP figures, which will probably show an unprecedented contraction in Britain's economy during April amid restrictive lockdown measures, dragged by record falls in industrial and construction output. Foreign trade balance data will also be in the spotlight.

Elsewhere in Europe, an Eurogroup meeting will be held on Thursday, with European finance ministers seen debating the economic situation and policy measures to support the recovery from the coronavirus crisis, among others. Meanwhile, traders are eyeing the publication of the Eurozone final first-quarter GDP growth and industrial production. The bloc's factory activity will most likely fall at the sharpest rate on record in April due to Covid-19 containment measures. Other key data includes: Germany foreign trade and industrial output; Italy industrial production; France trade balance, industrial activity, non-farm payrolls; Switzerland unemployment rate; the Netherlands, Ireland and Sweden inflation rates; and Turkey jobless rate, retail sales, industrial production and current account.

In Asia, all eyes are on China’s trade balance with markets expecting a drop in both exports and imports as the coronavirus crisis hurts global demand. The country will also be publishing consumer and producer inflation. Consumer prices should rise at the softest pace in a year during May and producer deflation rate will probably deepen to the steepest since April 2016. Meanwhile in Japan, investors will turn their attention to the final reading of first-quarter GDP, machinery orders, current account, producer prices and average cash earnings.

In Australia, important releases include NAB business confidence, Westpac consumer confidence and home loans, while in India consumer prices and industrial output will be in the spotlight.

Other key data for the Asia-Pacific region include: South Korea unemployment rate; Taiwan and the Philippines trade figures; Malaysia industrial production; Indonesia consumer confidence and retail trade; and New Zealand Business NZ PMI, Westpac consumer confidence and food inflation.





 


Saturday June 06 2020 Actual Previous
SA
OPEC Meeting
Sunday June 07 2020 Actual Previous
03:00 AM
CN
Balance of Trade MAY $62.93B $45.33B
03:00 AM
CN
Exports YoY MAY -3.3% 3.5%
03:00 AM
CN
Imports YoY MAY -16.7% -14.2%
11:50 PM
JP
GDP Growth Rate QoQ Final Q1 -0.6% -1.9%
11:50 PM
JP
Current Account APR ¥262.7B ¥1971.0B
11:50 PM
JP
GDP Growth Annualized Final Q1 -2.2% -7.2% ®
Monday June 08 2020 Actual Previous
06:00 AM
DE
Industrial Production MoM APR -17.9% -8.9% ®
11:30 AM
BR
BCB Focus Market Readout
12:15 PM
CA
Housing Starts MAY 193.5K 166.4K ®
01:45 PM
EA
ECB President Lagarde Speech
03:45 PM
EA
ECB President Lagarde Speech
Tuesday June 09 2020 Actual Previous
01:30 AM
AU
NAB Business Confidence MAY -20 -45 ®
04:30 AM
NL
Inflation Rate YoY MAY 1.2% 1.2%
05:45 AM
CH
Unemployment Rate MAY 3.4% 3.3%
06:00 AM
DE
Balance of Trade APR €3.5B €17.4B
06:45 AM
FR
Balance of Trade APR €-5B €-3.2B ®
09:00 AM
EA
Employment Change YoY Final Q1 0.4% 1.1%
09:00 AM
EA
Employment Change QoQ Final Q1 -0.2% 0.3%
09:00 AM
EA
GDP Growth Rate YoY 3rd Est Q1 -3.1% 1%
09:00 AM
EA
GDP Growth Rate QoQ 3rd Est Q1 -3.6% 0.1%
11:00 AM
MX
Inflation Rate YoY MAY 2.84% 2.15%
02:00 PM
US
IBD/TIPP Economic Optimism JUN 47 49.7
02:00 PM
US
JOLTs Job Openings APR 5.046M 6.011M ®
02:00 PM
US
Wholesale Inventories MoM APR 0.3% -1.1% ®
02:30 PM
GB
BoE Cunliffe Speech
08:30 PM
US
API Crude Oil Stock Change 05/JUN 8.4M -0.5M
11:00 PM
KR
Unemployment Rate MAY 4.5% 3.8%
11:50 PM
JP
Machinery Orders YoY APR -17.7% -0.7%
11:50 PM
JP
Machinery Orders MoM APR -12% -0.4%
EU
EcoFin Meeting
Wednesday June 10 2020 Actual Previous
12:30 AM
AU
Westpac Consumer Confidence Change JUN 6.3% 16.4%
12:30 AM
AU
Westpac Consumer Confidence Index JUN 93.7 88.1
01:30 AM
CN
Inflation Rate YoY MAY 2.4% 3.3%
01:30 AM
CN
Inflation Rate MoM MAY -0.8% -0.9%
01:30 AM
CN
PPI YoY MAY -3.7% -3.1%
06:45 AM
FR
Industrial Production MoM APR -20.1% -16.2%
07:00 AM
TR
Unemployment Rate MAR 13.2% 13.6%
08:30 AM
CN
New Yuan Loans MAY CNY1480B CNY1700B
11:00 AM
ZA
Business Confidence Q2 5 18
12:00 PM
BR
Inflation Rate YoY MAY 1.88% 2.4%
12:30 PM
US
Core Inflation Rate YoY MAY 1.2% 1.4%
12:30 PM
US
Inflation Rate YoY MAY 0.1% 0.3%
12:30 PM
US
Inflation Rate MoM MAY -0.1% -0.8%
12:30 PM
US
Core Inflation Rate MoM MAY -0.1% -0.4%
01:30 PM
EA
ECB Guindos Speech
02:30 PM
US
EIA Crude Oil Stocks Change 05/JUN 5.72M -2.077M
02:30 PM
US
EIA Cushing Crude Oil Stocks Change 05/JUN -2.279M -1.739M
02:30 PM
US
EIA Distillate Stocks Change 05/JUN 1.568M 9.935M
02:30 PM
US
EIA Gasoline Stocks Change 05/JUN 0.866M 2.796M
06:00 PM
US
Fed Interest Rate Decision 0.25% 0.25%
06:00 PM
US
Monthly Budget Statement MAY $-399B $-738B
06:00 PM
US
FOMC Economic Projections
06:30 PM
US
Fed Press Conference
Thursday June 11 2020 Actual Previous
07:30 AM
SE
CPIF YoY MAY 0.0% -0.4%
07:30 AM
SE
Inflation Rate MoM MAY 0.6% -0.3%
08:00 AM
IT
Industrial Production MoM APR -19.1% -28.4%
10:00 AM
IE
Inflation Rate YoY MAY -0.5% -0.1%
12:30 PM
US
Initial Jobless Claims 06/JUN 1542K 1897K ®
12:30 PM
US
Jobless Claims 4-Week Average 06/JUN 2002K 2288.25K ®
12:30 PM
US
PPI MoM MAY 0.4% -1.3%
05:00 PM
US
30-Year Bond Auction 1.450% 1.342%
EA
Eurogroup Video Conference
Friday June 12 2020 Actual Previous
04:30 AM
JP
Industrial Production MoM Final APR -9.8% -3.7%
06:00 AM
GB
Balance of Trade APR £0.31B £-3.96B ®
06:00 AM
GB
Construction Output YoY APR -44% -7.1%
06:00 AM
GB
Industrial Production YoY APR -24.4% -8.2%
06:00 AM
GB
Industrial Production MoM APR -20.3% -4.2%
06:00 AM
GB
GDP 3-Month Avg APR -10.4% -2%