In This Article:
On the Macro
For the Dollar:
It’s a busy week ahead for the Greenback.
June consumer confidence figures, due out on Tuesday, will get things started. A hold onto 130 levels would be considered positive.
Durable goods orders on Wednesday will also provide direction ahead of finalized 1st quarter GDP numbers due out on Thursday.
It’s a busier day on Friday with the FED’s preferred May inflation figures, personal spending and Chicago PMI numbers due out.
While of less influence, housing sector figures due out through the week will also need to be monitored. Mortgage rates have been on the slide, so any dire numbers could raise some red flags…
Barring material deviation from the forecast, we would expect the Michigan Consumer Sentiment index figures and the weekly jobless claims numbers to have a muted impact on the Greenback.
The Dollar Spot Index ended the week down by 1.39% to $96.220.
For the EUR:
It’s a relatively week ahead.
The week kicks off with a bang, with Germany’s IFO Business Climate Index figures due out on Monday. Germany’s consumer climate figures due out on Wednesday will also influence in a quiet 1st half of the week.
Eurozone business confidence numbers on Thursday and French consumer spending figures on Friday will also need to be tracked.
Through the 2nd half of the week, prelim June inflation numbers for Spain, Germany, France, Italy, and the Eurozone will also provide direction. Expect the Eurozone’s annual rate of core inflation on Friday to be the key driver from an inflation perspective.
The EUR/USD ended the week up 1.44% to $1.1369.
For the Pound:
It’s also a relatively quiet week ahead.
The markets will have to wait until Friday for finalized 1st quarter GDP and business investment figures. Barring any shift from prelim, the numbers will likely have a muted impact on the Pound.
April economic indicators have already raised some concerns over what lies ahead, which would likely offset positives from the 1st quarter.
The GBP/USD ended the week up 1.18% at $1.2737.
For the Loonie:
It’s a relatively quiet week ahead.
April wholesale sales figures, due out on Tuesday, will provide direction ahead of a busier Friday. A lack of stats mid-week will leave the Loonie in the hands of market sentiment towards the weekend’s U.S – China trade talks.
Stats due out on Friday include April GDP and May RMPI figures. The GDP number will be the key driver on Friday.
Outside the stats, the BoC will also release its Business Outlook Survey. Expect some movement, though the BoC is unlikely to consider a rate hike any time soon. A rate cut, however…