The new trading week and start of a new month has a packed economic calendar. The key data on Monday will be PMI numbers out of various countries, while the all-important US nonfarm payrolls report on Friday will be the highlight of the week. Meanwhile, several central banks will hold policy meeting this week – European Central Bank, Bank of England and Reserve Bank of Australia.
In terms of other data on Monday, Australia issued building approvals, which were weaker-than-expected and pushed the aussie lower before it bounced back.
Later in the European session, inflation data are out for Germany, while the UK sees the publication of Halifax house price data. Personal spending data from the US will be interesting to watch later in the day.
On Tuesday, Australia will publish current account numbers. While this data point may not be that important, focus will certainly be on the Reserve Bank of Australia interest rate decision.
In the UK, latest construction PMI data and consumer credit information are due, followed by flash inflation data for May in the Eurozone. German unemployment numbers will be important to watch as well since it is the largest Eurozone country. From the US we will see factory orders data later in the day
On Wednesday, Markit releases services PMI data for May for various countries.
Aside from PMIs, first quarter GDP numbers will be released in Australia on Wednesday.
Then the highlight of the day will be the European Central Bank announcement on its latest interest rate decision.
Straying in the Eurozone, retail sales and unemployment figures will be issued.
From North America, trade balance data are out of Canada and the US. Meanwhile, ADP jobs numbers out of the US are also due and would be important to monitor.
On Thursday, the first data release will be Australian retail sales numbers and trade balance data.
The highlight of the day will be the Bank of England’s latest monetary policy decision.
Then, US Initial jobless claims numbers are issued in the US.
Friday starts off with Japan’s Leading Indicator for April. Then factory orders figures are published in Germany. Revised first quarter GDP numbers are meanwhile issued for the Eurozone.
The highlight of the day and of the week will be the all-important nonfarm payrolls data out of the US. Non-farm payroll growth rebounded in April to 223,000 and the unemployment rate dropped to a seven-year low of 5.4%. For May, job creation is expected to remain above the 200,000 threshold that points to a healthy labor market.
Jobs data are also out of Canada.
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