Here are some of the important economic data that will be the focus of the market throughout this week.
RBA Meeting Minutes (Tuesday 9.30am): Details of the minutes will be scrutinized by investors after the Reserve Bank of Australia surprised the market at its latest policy meeting in early May by raising interest rates 25 basis points against forecasts to keep them on hold.
UK Employment Data (Tuesday 2.00pm): Coming to the attention of the central bank, the current health of the labor sector will be examined through the reporting component of this data. The figures published will be a guide for the central bank to determine the direction of monetary policy.
German Economic Sentiment ZEW Survey (Tuesday 5.00 PM): The latest survey figures forecast for May slipped below negative levels, reflecting weak levels of economic activity. This could add more pressure to the Euro currency this week.
Canadian Inflation Data (Tuesday 8.30pm): Changes in the rate of inflation will influence the decision of the central bank of Canada in setting their monetary policy which is currently being eased.
US Retail Sales Data (Tuesday 8.30pm): Expected figures on the latest US retail sales rate rose for April reflecting positive consumer spending. The increased number will push the value of the USD currency to increase as well.
European Inflation Data (Wednesday 5.00 PM): The final reading for annual European inflation is forecast to remain unchanged at 7.0%. The still high inflation rate is seen to continue to push the central bank to further tighten monetary policy.
Australian Employment Data (Thursday 9.30am): The central bank will examine employment data to assess the appropriateness of monetary policy to be implemented at its next meeting. Employment growth in April is expected to be lower than the previous month, while the unemployment rate is forecast to remain unchanged.
US Unemployment Claims Data (Thursday 8.30pm): Unemployment Claims data is published weekly to monitor claims made for US citizens who are out of work. A decreasing number will have a positive effect on the movement of the USD.
