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<b> MARKET</b> ANALYSIS <b> MARKET</b> ANALYSIS

MARKET ANALYSIS

Cutting-Edge Market Commentary for Informed Strategy Making

WEEKLY OUTLOOK

05.06.2023-09.06.2023


Good afternoon traders.

The week kicked off with a rather easy going Monday due to lack of major financial releases. Market sentiment turned positive because of a possible deal between the White House and the House of Representatives about the US debt ceiling. On Tuesday, after a long weekend in the US and UK, market restarted with the release of Consumer confidence in the US which came above expectations but lower than lower than April’s. Inflation in Germany and France showed I slight decline on Wednesday while in the US the JOLTS Job Openings report release kept the door open to another rate hike. European Central Bank (ECB) President Christine Lagarde said on Thursday that rates hikes should continue in order to get back on track the inflation in a timely manner. Later that day data published by US Automatic Data Processing (ADP) showed that private sector employment rose by 278,000 in May surpassing the market expectation of 170,000. Finally on Friday the US Bureau of Labor Statistics released the Nonfarm Payrolls data which came way above market consensus at 339K.
The coming week will start with PMI data from US and UK followed the next day by RBA’s Interest Rate Decision which market predictions show that the rate will remain as is. On Wednesday Bank of Canada will announce whether it will hike even more the interest rate while the Australian Bureau of Statistics will report the GDP q/q readings. On Thursday and Friday traders focus will turn to the US and Canada which will both announce their unemployment data.

Have a nice week ahead.



Monday 05 June

Time CEST

Cur.

Event

Forecast

Previous

10:30

GBP

Composite+Services PMI (May)

53.7+55.0

53.9+55.1

15:45

USD

Services PMI (May)

55.1

55.1

16:00

USD

ISM Non-Manufacturing PMI (May)

51.8

51.9


Tuesday 06 June

Time CEST

Cur.

Event

Forecast

Previous

06:30

AUD

RBA - Interest Rate Decision

3.85%

3.85%

10:30

GBP

Construction PMI (May)

50.9

51.1

16:00

CAD

Index Ivey PMI (May)

56.7

56.8


Wednesday 07 June

Time CEST

Cur.

Event

Forecast

Previous

03:30

AUD

GDP (QoQ) (Q1)

0.7%

0.5%

05:00

CNY

Trade Balance (USD) (May)

77.73B

90.21B

16:00

CAD

BoC - Interest Rate Decision

4.50%

4.50%


Thursday 08 June

Time CEST

Cur.

Event

Forecast

Previous

03:30

AUD

Trade Balance (Apr)

12.412B

15.269B

11:00

EUR

GDP (QoQ) (Q1)

0.1%

0.1%

14:30

USD

Initial Jobless Claims

240K

229K


Friday 09 June

Time CEST

Cur.

Event

Forecast

Previous

03:30

CNY

CPI+PPI (YoY) (May)

0.5+-3.0%

0.1+-3.6%

14:30

CAD

Employment Change (May)

26.5K

41.4K

19:00

USD

U.S. Baker Hughes Oil Rig Count

572

570






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RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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