Busy start to June news for the currency markets

The month starts with a very busy week full of important data releases both at home, and abroad. As usual it is policy announcement time for most of the central banks and we also have various other critical releases.

In Europe the focus really is on what the ECB will announce on Thursday during their monthly policy meeting and press conference. Mario Draghi made it pretty clear last month he thinks the Euro is too strong, that it is affecting the European recovery and that he intends to do something about it, so the markets are keen to find out what he intends, and much of the European data this week will be taken as clues and hints towards what might happen on Thursday.

In the UK there are various low key releases as the week progresses but most of the interest again will be with the central bank policy announcement on Thursday – it is not expected that the BoE will make a change, but there is some pressure on Mark Carney following the surprise increase in inflation last month.

In the US there is virtually no data until Friday when we have the release of Non-Farm Payrolls – as ever analysts will be keen to see this key data and to see if the US economy is making any steps towards recovery or whether the haphazard stagger we have seen over the last few months will continue.

Monday

• UK Manufacturing PMI
• Eurozone Manufacturing PMI
• German CPI Inflation

Tuesday

• RBA Interest Rate Decision
• Eurozone CPI Inflation
• Eurozone Unemployment

Wednesday

• Australian GDP
• Eurozone GDP
• Eurozone PPI
• Eurozone Services PMI
• BoC Interest Rate Decision

Thursday

• Eurozone Retail Sales
• BoE Interest Rate Decision
• ECB Interest Rate Decision

Friday

• US Non-Farm Payrolls

With so much data due out it is of vital importance that you stay in close touch with your CI account manager if you have an upcoming need to send money overseas.