Upcoming High Impact News for the Week Commencing June 24
Next week brings several key macroeconomic releases and events that could influence market sentiment significantly. Among these, Canada's Consumer Price Index (CPI) data and the Bank of Canada's (BoC) Governor Macklem's speech are of particular interest, as they will offer insights into the country's inflationary pressures and monetary policy stance.
BoC Governor Macklem’s Speech
On Monday, June 24, Governor Tiff Macklem of the BoC will deliver a speech at 18:00. Markets will be closely watching his comments for any hints regarding future monetary policy moves, especially in light of recent economic data and global economic conditions.
Canada’s Inflation Data
The highlight of the week will be on Tuesday, June 25, when Canada releases its CPI data for May at 13:30. The core CPI (YoY) is expected to be 1.6%, while the overall CPI (YoY) is anticipated at 2.7%. These figures are crucial as they will provide a clearer picture of inflation trends in Canada and potential actions by the BoC. High inflation could lead to more hawkish policy measures, while lower-than-expected figures might support a more dovish stance.
Other Notable Releases:
Wednesday, June 26: Australia's Monthly Consumer Price Index (YoY) for May is set for release at 02:30, with a consensus of 3.6%. Later in the day, the US will release its Bank Stress Test Information at 21:30, which could have significant implications for the banking sector and overall market stability.
Thursday, June 27: Australian Retail Sales data for May will be released at 02:30, with a consensus expectation of a 0.1% increase. Additionally, the US Gross Domestic Product (GDP) Annualized data for Q1 is set for release at 13:30, expected to be 1.3%.
Friday, June 28: Japan's Tokyo CPI (YoY) for June will be released at 00:30, with expectations around 2.2%. The Eurozone’s Retail Sales (YoY) for May is set for 07:00, anticipated at -0.6%. The UK will release its GDP data for Q1 at 07:00, with the QoQ figure expected at 0.6% and the YoY figure at 0.2%. The US Core Personal Consumption Expenditures (PCE) Price Index for May will be released at 13:30, with a consensus of 0.2% MoM and 2.8% YoY.
Sunday, June 30: China's NBS Manufacturing PMI and Non-Manufacturing PMI for June will be released at 02:30, with consensus figures at 49.5 and 51.1, respectively.
The data released this week will be crucial for understanding the economic trajectory of these major economies. Particularly, the CPI data from Canada and the GDP figures from the UK will be essential for gauging the effectiveness of current monetary policies and any potential adjustments.
As always, trade safe and apply caution when navigating through High Impact News events.