Focus turns to final Yellen appearance ahead of FOMC

Next week’s economic calendar will be a quieter one after markets were roiled by a huge miss on the Us nonfarm payrolls data.

The disappointing US jobs number lessens the likelihood of a US interest rate hike in June. Focus will now turn to Fed chair Janet Yellen who is due to give a speech before the World Affairs Council of Philadelphia on June 6th that will be important to watch for any clues regarding the central bank’s next rate move and whether she strikes a more hawkish tone or one of continued cautiousness ahead of the June FOMC meeting.

Aside from Yellen’s speech on Monday, the new trading week will start off quietly. Data releases include the latest Eurozone Sentix Index and the Halifax house price index for the UK.

On Tuesday, the Reserve Bank of Australia policy meeting will attract attention.

Also on Tuesday, revised first quarter GDP figures are out in the Eurozone.

On Wednesday, first up on the calendar will be revised first quarter GDP results, bank lending numbers and current account figures out of Japan. China releases trade data. Then industrial output numbers are published for the UK.

On Thursday, Japan sees the release of machinery orders numbers, then attention turns to China which publishes its latest inflation data. Out of the US, we expect initial jobless claims and wholesale inventory data.

On Friday, jobs data out of Canada will be watched, while from the US, the University of Michigan consumer sentiment report will be interesting.

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