This week is full of highly important data across the globe which investors are keeping an eye on, especially in the US. These indicators are leading data upon which the central banks decide their policies.
On 28th June, Fed Chairman Jerome Powell will speak in a panel discussion titled "Policy panel" at the ECB Forum on Central Banking. Investors usually await his talks to sense whether the Fed will resume hiking interest rates or hold them at 5%. However, most FOMC members expect another rate hike his year.
On 29th June, the final quarterly reading of US GDP will be announced. It is expected to have grown by an annual rate of 1.4% (QoQ) during Q1 of 2023 compared to the 2nd estimation of growing by 1.3% (QoQ), the weakest since Q2 2022.
On 29th June, Germany is also expected to post its inflation rate data. The preliminary MoM CPI figure is expected to have grown by 0.2% after declining for the first time during 2023 in May by 0.1%.
On 27th June, Canada’s CPI is set for release with an expected reading of 4.4% in May 2023, unchanged from April. This would be a break in the trend, as inflation has already started declining from the start of the year, suggesting that the Bank of Canada may need to raise rates further to curb new inflationary pressures.
On 30th June, Canada’s GDP is also scheduled to be announced. It is expected to increase slightly by 0.2% MoM in April 2023 from flat growth in March 2023.
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