In the week ahead, market participants will be focusing on Thursday’s ECB monetary policy announcement. Rate reviews by BoE and the Reserve Bank of Australia will also be closely watched. Australia, New Zealand and Canada are all to release employment reports and the U.S. is to produce data on service sector activity.
Monday, May 5
Markets in Japan are to remain closed for a national holiday. Australia is to produce data on building approvals, while China is to publish the final reading of its HSBC manufacturing index for April. Markets in the U.K. are to remain closed for the May Day holiday. In the U.S., the Institute of Supply Management is to publish a report on service sector activity.
Tuesday, May 6
Markets in Japan are to remain closed for a national holiday. The RBA is to announce its benchmark interest rate and publish its monetary policy statement, which outlines economic conditions and the factors affecting the bank’s decision. Australia is also to publish data on the trade balance. The euro zone is to produce data on retail sales, while Spain is to release reports on employment and service sector activity. Italy is also to publish service sector data. The U.K. is to publish what will be a closely watched report on service sector growth. Later Tuesday, both Canada and the U.S. are to release data on trade, while Canada is also to publish its Ivey PMI.
Wednesday, May 7
New Zealand is to release data on the change in the number of people employed and the unemployment rate, while Australia is to produce a report on retail sales. The Bank of Japan is to publish monetary policy meeting minutes. In the euro zone, Germany is to publish data on factory orders. The Swiss National Bank is to publish data on its foreign currency reserves. This data is closely scrutinized for indications of the size of the bank’s operations in currency markets. Canada is to produce data on building permits. Later Wednesday, Fed Chair Janet Yellen is to testify before the Joint Economic Committee of Congress, in Washington.
Thursday, May 8
Australia is to release data on the change in the number of people employed and the unemployment rate. Switzerland is to produce a report on consumer price inflation. In the euro zone, Germany is to publish a report on industrial production. The Bank of England is to announce its benchmark interest rate. Later in the day, the ECB is to announce its benchmark interest rate. The announcement is to be followed by a press conference with President Mario Draghi. Also Thursday, Canada is to release data on new house price inflation and the U.S. is to publish the weekly report on initial jobless claims.
Friday, May 9
The RBA is to publish its monetary policy statement. Meanwhile, China is to produce a report on consumer price inflation. In the euro zone, Germany is to release data on the trade balance. The U.K. is to publish data on manufacturing and industrial production, as well as data on the trade balance. Canada is to round up the week with data on the change in the number of people employed and the unemployment rate.