In the coming week, markets will be focusing on Wednesday’s Federal Reserve policy meeting, as investors look to Fed Chairman Ben Bernanke for any indication on when the US central bank may start to unwind its easing policies. The euro zone is to release closely watched data on manufacturing and service sector activity and both the Reserve Bank of Australia and the Bank of England are to release the minutes of their latest policy meetings. The Swiss National Bank is to announce its Libor rate.
Monday, June 17
Japan is to release official data on tertiary industry activity, an important indicator of economic health. Australia is to produce a report on new motor vehicle sales, a leading indicator of consumer confidence. Canada is to produce government data on foreign securities purchases. The US is to publish the Empire state manufacturing index. Also Monday, finance ministers and central bankers from the G8 group are to hold the first day of a two day summit in Northern Ireland.
Tuesday, June 18
The Reserve Bank of Australia is to release the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective. The UK is to release official data on consumer price inflation, which accounts for the majority of overall inflation. Meanwhile, Bank of England policymakers are to testify on the inflationary and economic outlook before the UK Treasury Committee. The ZEW Institute is to release its closely watched report on German economic sentiment, a leading indicator of economic health, as well as data on economic sentiment in the wider euro zone. The US is to release official data on building permits, housing starts and consumer price inflation. Meanwhile, finance ministers and central bankers from the G8 group are to hold the second day of a two day summit in Northern Ireland.
Wednesday, June 19
Japan is to release official data on the trade balance, the difference in value between imports and exports. New Zealand is to produce data on the current account, while Australia is to publish an index of leading economic indicators. The BoE is to release the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective. The ZEW Institute is to publish a report on economic expectations in Switzerland, a leading indicator of economic health. Canada is to release official data on wholesale sales, a leading indicator of consumer spending. Later Wednesday, the Federal Reserve is to announce its federal funds rate and publish its rate statement. The statement is to be followed by a closely watched press conference with Chairman Ben Bernanke. The US central bank is also to release its quarterly report on economic and inflation projections.
Thursday, June 20
New Zealand is to release data on first quarter gross domestic product, the broadest indicator of economic activity and the leading measure of the economy’s health. China is to release the preliminary reading of the HSBC manufacturing index. The Swiss National Bank is to publish its annual financial stability report, which assesses the stability of the country’s banking sector. The SNB is also to announce its Libor rate and hold a press conference to discuss the monetary policy decision. The euro zone is to release preliminary data on manufacturing and service sector activity. France and Germany are also to publish individual reports. In addition, Germany is to produce data on producer price inflation. The UK is to release official data on retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity, as well as private sector data on industrial order expectations. The US is to release the weekly government report on initial jobless claims, in addition to data on existing home sales and the Philly Fed manufacturing index.
Friday, June 21
Bank of Japan Governor Haruhiko Kuroda is to speak; his comments will be closely watched for indications of the future direction of monetary policy. The UK is to release official data on public sector net borrowing. Canada is to round up the week with official data on consumer inflation and retail sales.