The following are some of the important economic data that will be the focus of the market throughout the week.
German Business Climate ifo Survey (Monday 4.00pm): Assessed as a measure of the current economic health in Europe, the survey data will have an impact on the movement of the Euro earlier in the week. The latest reading data is not expected to change much compared to previous figures.
European Manufacturing & Services PMI data (Tuesday 4.00pm): The manufacturing and services sector in Europe especially in Germany will be scrutinized before the central bank prepares for its interest rate setting in June. Investors will expect a slight decline in readings for May.
UK Manufacturing & Services PMI data (Tuesday 4.30pm): The latest readings for the UK’s economic focus sector data will affect the momentum of the Pound’s movement which has strengthened over the past week. Still, the market is likely to be presented with a slightly gloomy reading compared to April’s updated rise.
US Manufacturing & Services PMI Data (Tuesday 9.45pm): With concerns over high inflation still continuing in the US, the manufacturing and services sector is also forecast to post a declining reading in May. This could add pressure to the movement of the US dollar this week.
New Zealand Central Bank Policy Meeting (Wednesday 10.00am): After being shocked by a more aggressive interest rate hike than expected at the previous meeting, the Reserve Bank of New Zealand (RBNZ) is expected to continue its aggressive policy tightening measures with another rate hike interest of 50 basis points to 2.00%.
FOMC Meeting Minutes (Thursday 2.00am): After the Federal Reserve (Fed) met expectations for its aggressive interest rate hike at the last FOMC meeting, the market will scrutinize further details in a meeting minutes report to be published this week.
US Gross Domestic Product Data (Thursday 8.30pm): The second reading of US economic growth for the first quarter of 2022 will be assessed and is expected to also affect the movement of the US dollar towards weekend trading.
US Consumer Personal Spending Index (Friday 8.30pm): Data that also gives an indication of inflation, the reading of this index is believed to have an impact on the US dollar. But the latest reading for April is expected to be unchanged.
