The data and events calendar is very light this week, with the focus likely to be the Federal Reserve’s policy meeting on Wednesday. UK GDP data for April are likely to paint an ugly picture but markets may have arguably already moved on.
Monday 8th June
Australia: Public holiday
Eurozone: European Central Bank President Lagarde to speak
Tuesday 9th June
Switzerland: Labour market data (May).
Eurozone: German trade balance (April)
Eurozone: Q1 GDP (revised data). GDP contracted 3.8% qoq in Q1 according to preliminary data.
Wednesday 10th June
United States: CPI-inflation (May). The consensus forecast is that headline and core CPI-inflation fell only marginally in May to respectively 0.2% yoy and 1.3% yoy. In any case these data are unlikely to have a material impact on Federal Reserve monetary policy in the short-run.
United States: Federal Reserve policy meeting, statement and press conference. The Federal Reserve is not expected to make material changes to its monetary policy settings but will likely comment on the Dollar’s weakness and re-steepening of the US Treasury curve.
Thursday 11th June
United States: Initial jobless claims (week till 11th June).
Friday 12th June
United Kingdom: GDP (April). GDP contracted a record 5.8% mom in March but likely contracted materially faster in April, the first full-month of UK lockdown. Indeed the consensus forecast is that it contracted a staggering 18.7% mom in April.
