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Weekly Market Preview

Week Ahead Preview19th of June

Friday, June 16, 2023

Markets will have a busy economic calendar in the week ahead, with multiple economic data releases, major central banks meetings and the Fed members speeches.

The Bank of England committee will keep a close eye on the UK’s CPI numbers due on Tuesday but regardless, its highly expected to see the central bank delivering a 25 bp rate hike taking the main rate from 4.50% to 4.75% as the current UK’s inflation numbers remain far from the 2% target. Additionally, the MPC could deliver a hawkish message that there is more ground to cover and an increased possibility to more rate hikes to come.

Investors will tune in to the Fed Chair testimony before the congress and would seek more clarity about the central bank monetary policy. Mr Powell may repeat his statements defending the rate hike “pause” and stress on the central bank’s commitment to bringing the inflation number back to its target at 2%. The FOMC skipped rate hiking in the June meeting to “evaluate” the impact of its rate hiking cycle and hinted that the job has not finished yet and there was a possibility for two 25bp hikes until the end of 2023.

Markets will have a look on how major economies are doing with highly important data release on Friday about services and manufacturing sectors.

 

Economic data highlights

 

Monday 19th of June

• USD- NAHB Housing Market Index (June)

Tuesday 20th of June

• RBA Meeting Minutes
• Fed Bullard Speech
• USD- Building Permits (May)
• Fed Williams speech

Wednesday 21st of June

• BoJ Monetary Policy Meeting Minutes
• GBP- Inflation Rate (May)
• CAD- Retail Sales (Apr)
• Fed Chair Powell Testimony before the Congress
• Fed Goolsbee speech

Thursday 22nd of June

• Fed Mester speech
• SNB Interest Rates Decision
• BOE rate decision
• EUR- Consumer Confidence Flash (June)
• Fed Chair Powell Testimony before the Congress
• Fed Mester speech

Friday 23rd of June

• JPY – Core CPI (May)
• GBP- Retail Sales (May)
• EUR- Manufacturing & Services Flash (June)
• GBP- Manufacturing & Services Flash (June)
• USD- Manufacturing & Services Flash (June)
• Fed Bostic speech


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