Financial Market Preview for June 6-10

The latest NFP report fell short – really short this time! – of market expectations with only 38K jobs added in May. And even though wages still grew at a pace of 2.5% per annum, the headline figure was really disappointing. This report helped drive back down the USD against the major currencies. In the process it also slashed the chances of a rate hike in June (currently around 4%). This week, Chair Yellen is expected to talk about the U.S. economic outlook, which is likely to move markets. Other events and reports to consider include: U.S. JOLTS, ECB’s Draghi speaks, Germany factory order, RBA’s rate decision, Japan’s GDP for Q1, China’s trade balance, Canada’s employment report, Japan’s current account, GB’s manufacturing production, and U.S. consumer sentiment. So here is the overview of the economic calendar for the week of June 6th to 10th:  

(All times GMT):

Monday, June 6th

08:00 – German Factory Orders: In the previous report, factory orders increased by 1.9% in April; the market estimates that this time factory orders declined by 0.4% in May;

17:30 – FOMC Chair Yellen Talks: Janet Yellen will speak about the economic outlook and monetary policy at the World Affairs Council of Philadelphia’s luncheon;

Tuesday, June 7th

05:30 – Reserve Bank of Australia – Cash Rate Statement: Last time, RBA surprised the market and slashed its cash rate by 25 basis points to 1.75%. The RBA isn’t expected to move its rates this month;

23:50 – Japan’s Current Account: This report will present the changes in the difference between imported and exported goods, services, and income flows. In the recent update, the surplus in the current account expanded to 1.89 trillion yen and is expected to rise again to 2.04 trillion yen in the next report;

23:50 – Japan’s GDP for Q1: This will be the revised estimate for the growth in Japan’s GDP in Q1; in the previous estimate the GDP grew by 0.4% and is currently expected to be revised up to 0.5%;

Tentative – China’s Trade Balance: China’s trade balance surplus has narrowed last month and is expected to moderately contract again in the upcoming report; this update provides another indication for the economic activity in the world’s second largest economy;

Wednesday, June 8th

09:30 – Great Britain Manufacturing Production: This report will present the annual rate of GB’s manufacturing production for April; in the recent report regarding March 2016 the index edged up by 0.1%; this time, the estimates are for a gain of 0.1%;

15:00 – U.S. JOLTS Job Openings: The Bureau of Labor Statistics will release its monthly report on the U.S number of job openings for April, excluding the farming industry; in the past update for March, the number of jobs opening rose to 5.76 million; in the upcoming report, the number is expected to reach 5.82 million;

15:30 – U.S Crude Oil Stockpiles Weekly update: The EIA (Energy Information Administration) will release its weekly report on the U.S oil and petroleum stockpiles for the week ending on June 3rd;

Thursday, June 9th

08:00 – ECB President Draghi speaks: He is expected to speak at the Brussels Economic Forum;

13:30 – U.S. Jobless Claims Weekly Report:  This weekly report will refer to the changes in the initial jobless claims for the week ending on June 3rd; in the recent report, jobless claims remained nearly unchanged at 267K and is expected to slightly rise this week – the outlook is for 270K;

15:30 – EIA U.S. Natural Gas Storage: The EIA weekly report of the U.S. natural gas market will refer to the latest changes in natural gas production, storage, consumption and rates as of June 3rd;

Friday, June 10th

13:30 – Canada’s Employment Report: In the recent employment update regarding April, unemployment remained unchanged at 7.1%; employment slipped by 2.1K;

14:55 – UoM Consumer Sentiment (preliminary): University of Michigan will release its preliminary consumer sentiment monthly report; this survey could offer information vis-à-vis the recent developments in U.S consumers’ sentiment; According to the latest report, the sentiment index rose to 95.8; for the next report, the index is expected to slightly fall to 94.1;

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