Here are some of the important economic data that will be the focus of the market throughout this week.
US Consumer Confidence Data (Tuesday 10:00 PM): This US household survey data will have an impact on the movement of the US dollar currency. Investors will be wary of expectations for a lower reading for May.
Australian Inflation Data (Wednesday 9.30am): As the central bank's guide in policy setting, Australia's consumer price index (CPI) reading will be watched. The inflation rate forecast for the month of April that did not decrease will anticipate the possibility of continued policy tightening measures by the central bank.
German Inflation Data (Wednesday): Meanwhile in Europe, German inflation data readings will be given focus that will influence monetary policy decisions by the European Central Bank (ECB).
Canadian GDP data (Wednesday 8.30pm): Canada is forecast to experience a contraction in economic growth based on forecast figures for March. This situation is seen to further push the central bank of Canada to implement a looser policy.
US JOLTS Jobs Data (Wednesday 10.00 PM): The number of job openings in the US for April is expected to be lower than before. This saw a downward trend for job offers since last February.
US ADP Employment Data (Thursday 8.30pm): Towards the end of the week, the US private sector employment data report will be scrutinized for early indications of NFP employment data to be published. The forecast of slower numbers in May would be a negative indicator for the labor market.
US Manufacturing PMI Data ISM Survey (Thursday 10:00 PM): The survey for this data which is still below the 50 point level will have a weakening effect on the US dollar currency. This data reading still remained below 50 points since November last year which signaled contraction for the sector.
US NFP Employment Data (Friday 8.30pm): Taking center stage this week is the release of the US NFP employment data report for May. The labor sector is forecast to be gloomy with lower job growth expected and the unemployment rate expected to rise again. This report will provide guidance to the Federal Reserve (Fed) in determining further monetary policy.
