Highlights
Italy's consumer confidence is expected to rise slightly to 105.3 in June from 105.1 in May.
US durable goods orders are forecast to fall 1.0 percent on the month in May, giving up April's 1.1 percent rise. Orders excluding transportation are seen unchanged after dipping 0.2 percent the previous while core capital goods orders are expected to rise a further 0.6 percent after jumping 1.3 percent in April.
House price data is likely to indicate the US housing market is resilient amid higher borrowing costs.
The Case-Shiller home price index data is expected to show the adjusted 20-city monthly rate rose 0.5 percent in April to match a 0.5 percent increase in March for unadjusted annual contraction of 2.3 percent versus March contraction of 1.1 percent.
Federal Housing Finance Agency (FHFA) house price index is forecast to rise 0.4 percent on the month in April following March's 0.6 percent gain. The index has rebounded and has beaten Econoday's consensus substantially the last three reports in a row.
New home sales in May are expected to slow to 663,000 units on an annualized basis after a solid 683,000 rate in April.
The Conference Board's consumer confidence index is expected to rebound slightly in June to a 103.7 consensus from May's 102.3, which was better than expected but still down 1.4 points from April. This index has sat at depressed levels for the past year.
Richmond Fed's manufacturing index in June is not expected to emerge from five prior months of contraction, at a consensus minus 10 versus minus 15 in May.
In Canada, base year effects are expected to have a sizable impact on the latest inflation data. The consumer price index for May is expected to ease to a two-year low of 3.4 percent as the effects of last year's spike in energy and commodities prices wane. It would follow an unexpected uptick to 4.4 percent in April from 4.3 percent in March and would be the lowest since 3.1 percent seen in June 2021.
Even with slower inflation, the Bank of Canada is widely expected to tighten again on July 12 as its policymakers are concerned that households are less sensitive to rate hikes. The bank unexpectedly raised its policy interest rate by 25 basis points to 4.75 percent on June 7 after taking a conditional pause for the second straight meeting in April during the current tightening cycle that began in March last year.
Australia's inflation remains stubbornly high, although it may be easing after a recent jump. Consumer prices in May are expected to ease to 6.1 percent year-over-year from 6.8 percent in April, which compared with expectations for an unchanged 6.3 percent.
The Reserve Bank of Australia's board decided to increase the cash rate target by 25 basis points to 4.10 percent on June 6. Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve, Governor Philip Lowe said in his policy statement.
US durable goods orders are forecast to fall 1.0 percent on the month in May, giving up April's 1.1 percent rise. Orders excluding transportation are seen unchanged after dipping 0.2 percent the previous while core capital goods orders are expected to rise a further 0.6 percent after jumping 1.3 percent in April.
House price data is likely to indicate the US housing market is resilient amid higher borrowing costs.
The Case-Shiller home price index data is expected to show the adjusted 20-city monthly rate rose 0.5 percent in April to match a 0.5 percent increase in March for unadjusted annual contraction of 2.3 percent versus March contraction of 1.1 percent.
Federal Housing Finance Agency (FHFA) house price index is forecast to rise 0.4 percent on the month in April following March's 0.6 percent gain. The index has rebounded and has beaten Econoday's consensus substantially the last three reports in a row.
New home sales in May are expected to slow to 663,000 units on an annualized basis after a solid 683,000 rate in April.
The Conference Board's consumer confidence index is expected to rebound slightly in June to a 103.7 consensus from May's 102.3, which was better than expected but still down 1.4 points from April. This index has sat at depressed levels for the past year.
Richmond Fed's manufacturing index in June is not expected to emerge from five prior months of contraction, at a consensus minus 10 versus minus 15 in May.
In Canada, base year effects are expected to have a sizable impact on the latest inflation data. The consumer price index for May is expected to ease to a two-year low of 3.4 percent as the effects of last year's spike in energy and commodities prices wane. It would follow an unexpected uptick to 4.4 percent in April from 4.3 percent in March and would be the lowest since 3.1 percent seen in June 2021.
Even with slower inflation, the Bank of Canada is widely expected to tighten again on July 12 as its policymakers are concerned that households are less sensitive to rate hikes. The bank unexpectedly raised its policy interest rate by 25 basis points to 4.75 percent on June 7 after taking a conditional pause for the second straight meeting in April during the current tightening cycle that began in March last year.
Australia's inflation remains stubbornly high, although it may be easing after a recent jump. Consumer prices in May are expected to ease to 6.1 percent year-over-year from 6.8 percent in April, which compared with expectations for an unchanged 6.3 percent.
The Reserve Bank of Australia's board decided to increase the cash rate target by 25 basis points to 4.10 percent on June 6. Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve, Governor Philip Lowe said in his policy statement.
Definition
Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.
Description
Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.
