15th June 2019 - 19th June 2020
On Tuesday, unemployment claims soared to a staggering 856.5 thousand in April, up from 12.1 thousand beforehand. Wage growth headed lower for a second successive month in March. The indicator slipped to 2.4%, down from 2.8% beforehand. Analysts are braced for wage growth to fall to 1.4 percent. The unemployment rate, which has been hovering around 4%, is projected to climb to 4.7 percent. From US, retail sales is a key gauge of consumer spending. April was disastrous, with a loss of 16.4 percent. Core retail sales, which excludes the most volatile items, was even worse, dropping 17.2 percent. Better news is forecast for May, with estimates of 7.4% for the headline read and 5.5 for core retail sales. On Wednesday, Powell will appear before House and Senate committees to present testify on Fed’s Monetary Policy Report. Traders will scrutinize Powell’s testimony, which will outline the Fed’s view of economic conditions in the United States. Powell’s comments on the latest upbeat employment report will also be of interest. Eurozone inflation slipped to 0.1% in May, down from 0.3% a month earlier. This figure is projected to be confirmed in the final reading. The core figure was unchanged at 0.9% in the initial reading for May and the final read will likely confirm this reading. Inflation has headed south, with back-to-back declines. In April, CPI fell by 0.7%, within expectations. A strong rebound is expected in May, with an estimate of 0.8 percent. Core CPI, which excludes the most volatile items, fell 0.4% in April, after three consecutive declines. Jobless claims have been steadily falling, from a high of 6.6 million in April to 1.5 million last week. Still, these figures are extraordinarily high, as much of the U.S. economy remains shut down.The bank lowered interest rates to 0.10% in March and has maintained these ultra-low rates in order to support the sputtering economy. No change is expected at this week’s meeting. The tone of the policy summary could affect the movement of the pound. GBP UK Retail sales Retail sales report reading for the month of May for UK economy is at an expectation of -12.8% further declining from previous -0.4%Monday
Tuesday
From Japan, the Bank of Japan is expected to maintain its main policy tools at this week’s meetings. There is a strong likelihood that policymakers will increase its loan support for businesses.
Wednesday
Thursday
Friday