Highlights
For the coming week, the focus is on Canadian consumer price data to assess whether an expected slight easing in the annual rate will help the Bank of Canada decide on a rate cut in June while rising gasoline prices are lifting prices on the month. In the US, existing home sales are expected to stay below year-earlier levels in April amid high mortgage costs and low affordability but their annualized rate appears to be largely steady after slowing in March.
On the policy front, both the Reserve Bank of New Zealand and the Bank of Korea are widely expected to maintain their short-term interest rates to ensure inflation continues to moderate toward their respective targets. Ahead of its next policy meeting on June 11-12, the Federal Reserve will release the minutes of the latest FOMC meeting that took place on April 30 and May 1. Last week, Fed Chair Jerome Powell called for patience in fighting inflation (at 3.4 percent and still above Fed's 2 percent target) and noted the need to let restrictive policy do its work."
On Monday, Germany's producer prices are forecast to fall 3.1 percent in April for a 10th straight year-over-year decline after decreases of 2.9 percent in March and 4.1 percent in February.
There are no major US data.
Among Fed talk, Atlanta Federal Reserve Bank President Raphael Bostic will give welcome remarks before the 2024 Financial Markets Conference hosted by the Federal Reserve Bank of Atlanta at 8:45 a.m. EDT (1245 GMT).
At the same event, Federal Reserve Vice Chair for Supervision Michael Barr will speak on"Bank Supervision and Regulation" at 9 a.m. EDT (1300 GMT).
Federal Reserve Board Governor Christopher Waller will give welcome remarks before the Third Conference on the International Roles of the US Dollar hosted by the Federal Reserve at 9 a.m. EDT (1300 GMT).
Federal Reserve Vice Chair Philip Jefferson will speak on"The US Economy and Housing Price Dynamics" before the Mortgage Bankers Association (MBA) Secondary and Capital Markets Conference at 10:30 a.m. EDT (1430 GMT).
Atlanta Federal Reserve Bank President Raphael Bostic will moderate a dinner session before the 2024 Financial Markets Conference hosted by the Federal Reserve Bank of Atlanta at 7 p.m. EDT (2300 GMT).
The Reserve Bank of Australia will release the minutes of its May 7 meeting at 11:30 a.m. AEST Tuesday (9:30 p.m. EDT Monday/0130 GMT Tuesday). At the meeting, the RBA left its policy rate at 4.35 percent for a fourth straight meeting, as expected, after raising it by 25 basis points to 4.35 percent from 4.10 percent in November and having left rates on hold at its previous four meetings.
Recent data indicate that inflation is easing but declining more slowly than expected, the RBA said. Governor Michele Bullock told reporters after the May meeting that it is a bit too soon to declare a victory in fighting inflation. We think policy is restrictive, she said. We don't think we necessarily have to tighten again but we can't rule it out. If we have to, we will.
On the policy front, both the Reserve Bank of New Zealand and the Bank of Korea are widely expected to maintain their short-term interest rates to ensure inflation continues to moderate toward their respective targets. Ahead of its next policy meeting on June 11-12, the Federal Reserve will release the minutes of the latest FOMC meeting that took place on April 30 and May 1. Last week, Fed Chair Jerome Powell called for patience in fighting inflation (at 3.4 percent and still above Fed's 2 percent target) and noted the need to let restrictive policy do its work."
On Monday, Germany's producer prices are forecast to fall 3.1 percent in April for a 10th straight year-over-year decline after decreases of 2.9 percent in March and 4.1 percent in February.
There are no major US data.
Among Fed talk, Atlanta Federal Reserve Bank President Raphael Bostic will give welcome remarks before the 2024 Financial Markets Conference hosted by the Federal Reserve Bank of Atlanta at 8:45 a.m. EDT (1245 GMT).
At the same event, Federal Reserve Vice Chair for Supervision Michael Barr will speak on"Bank Supervision and Regulation" at 9 a.m. EDT (1300 GMT).
Federal Reserve Board Governor Christopher Waller will give welcome remarks before the Third Conference on the International Roles of the US Dollar hosted by the Federal Reserve at 9 a.m. EDT (1300 GMT).
Federal Reserve Vice Chair Philip Jefferson will speak on"The US Economy and Housing Price Dynamics" before the Mortgage Bankers Association (MBA) Secondary and Capital Markets Conference at 10:30 a.m. EDT (1430 GMT).
Atlanta Federal Reserve Bank President Raphael Bostic will moderate a dinner session before the 2024 Financial Markets Conference hosted by the Federal Reserve Bank of Atlanta at 7 p.m. EDT (2300 GMT).
The Reserve Bank of Australia will release the minutes of its May 7 meeting at 11:30 a.m. AEST Tuesday (9:30 p.m. EDT Monday/0130 GMT Tuesday). At the meeting, the RBA left its policy rate at 4.35 percent for a fourth straight meeting, as expected, after raising it by 25 basis points to 4.35 percent from 4.10 percent in November and having left rates on hold at its previous four meetings.
Recent data indicate that inflation is easing but declining more slowly than expected, the RBA said. Governor Michele Bullock told reporters after the May meeting that it is a bit too soon to declare a victory in fighting inflation. We think policy is restrictive, she said. We don't think we necessarily have to tighten again but we can't rule it out. If we have to, we will.
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.
