What To Watch For This Week
The US dollar has extended gains and reached to a six-month high against the major currencies. Last Wednesday, the Federal Reserve’s minutes signaled additional rate hikes would be needed to prevent the economy from overheating. Also, strong US data continues to point to underlying strength in the US economy.
In the upcoming week, the most important release will be the US Jobs Report. The US Nonfarm Payrolls is expected to 190K jobs created after rising 164K the previous month. Unemployment Rate is expected to stay at 3.9% which is near 18-year lowest level. Average hourly earnings will be another release to be followed closely at the same time and are expected to be 0.3% higher than 0.1% a previous month. The Fed is scheduled to hold its next policy meeting on June 13-14. An upbeat employment report will point to an improving US Economy and support the case for higher interest rates in 2018.
Moreover, we will also focus on the second estimate of GDP growth and Core PCE Inflation data from the US. The GDP Growth is expected to stay at 2.3% as the same as the previous number.
Watch out for the Eurozone CPI and Unemployment Rate this week. The CPI y/y inflation for May is expected to rise to 1.6% from 1.3%. A better than expected reading should be taken as positive for the Euro.
28 May 18 (Mon)
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