Forex, Market Reports

Forex MarketWatch Weekly Outlook for June 3rd

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EDITORS-IN-CHIEF:

Jay and Julie Hawk

FIND OUT MORE:

www.thefxperts.com

ECONOMIC SUMMARY

This week begins with the release of Australian Retail Sales and UK Construction PMI on Monday. Tuesday’s releases include the RBA Rate Decision and Statement, UK Services PMI, U.S. ISM Non-Manufacturing PMI, and a speech by ECB President Draghi.

On Wednesday, key releases include: Australian GDP, the Canadian Trade Balance and U.S. Crude Oil Inventories. Thursday’s data includes the Australian Trade Balance and a speech by BOC Governor Poloz. The week concludes on Friday with the release of Canadian Employment Change and the Canadian Unemployment Rate.

ECONOMIC OUTLOOK

The following table contains significant upcoming data and events for each of the major economies, as well as the market’s consensus expectation and last result for each data release.

 

SunJun 3 All Day NZD Bank Holiday
11:50pm JPY Monetary Base y/y 8.10% 7.40% 7.80%
MonJun 4 1:00am AUD MI Inflation Gauge m/m 0.00% 0.50%
1:30am AUD Retail Sales m/m 0.40% 0.30% 0.00%
AUD Company Operating Profits q/q 5.90% 3.10% 2.80%
AUD ANZ Job Advertisements m/m 1.50% -0.30%
 7:00am EUR Spanish Unemployment Change -105.7K -86.7K
8:30am EUR Sentix Investor Confidence 18.6 19.2
GBP Construction PMI 52 52.5
9:00am EUR PPI m/m 0.20% 0.10%
2:00pm USD Factory Orders m/m -0.40% 1.60%
5:00pm GBP MPC Member Tenreyro Speaks
10:30pm AUD AIG Services Index 55.2
11:01pm GBP BRC Retail Sales Monitor y/y -4.20%
11:30pm JPY Household Spending y/y 0.80% -0.70%
TueJun 5 1:30am AUD Current Account -9.9B -14.0B
1:45am CNY Caixin Services PMI 52.9 52.9
Tentative AUD HIA New Home Sales m/m -2.00%
3:35am JPY 10-y Bond Auction 0.05|4.2
4:30am AUD RBA Rate Statement
AUD Cash Rate 1.50% 1.50%
6:45am EUR French Gov Budget Balance -33.1B
7:15am EUR Spanish Services PMI 56.4 55.6
7:45am EUR Italian Services PMI 52.9 52.6
7:50am EUR French Final Services PMI 54.3 54.3
7:55am EUR German Final Services PMI 52.1 52.1
8:00am EUR Final Services PMI 53.9 53.9
8:30am GBP Services PMI 52.9 52.8
9:00am EUR Retail Sales m/m 0.50% 0.10%
10:00am GBP MPC Member Cunliffe Speaks
12:30pm CAD Labor Productivity q/q 0.30% 0.20%
1:00pm EUR ECB President Draghi Speaks
1:45pm USD Final Services PMI 55.7 55.7
2:00pm USD ISM Non-Manufacturing PMI 57.9 56.8
USD JOLTS Job Openings 6.49M 6.55M
Tentative USD IBD/TIPP Economic Optimism 54.2 53.6
Tentative NZD GDT Price Index 1.90%
5:30pm EUR German Buba President Weidmann Speaks
11:00pm AUD RBA Assist Gov Bullock Speaks
WedJun 6 12:00am JPY Average Cash Earnings y/y 1.40% 2.00%
1:00am NZD ANZ Commodity Prices m/m 1.00%
1:30am AUD GDP q/q 0.80% 0.40%
7:15am CHF CPI m/m 0.30% 0.20%
8:10am EUR Retail PMI 48.6
10:40am GBP MPC Member Tenreyro Speaks
12:30pm CAD Trade Balance -4.1B
CAD Building Permits m/m 3.10%
USD Revised Nonfarm Productivity q/q 0.70% 0.70%
USD Revised Unit Labor Costs q/q 2.70% 2.70%
USD Trade Balance -50.0B -49.0B
2:00pm CAD Ivey PMI 69.7 71.5
2:30pm USD Crude Oil Inventories -3.6M
4:00pm GBP MPC Member McCafferty Speaks
10:30pm AUD AIG Construction Index 55.4
ThuJun 7 1:30am AUD Trade Balance 1.03B 1.53B
5:00am JPY Leading Indicators 105.60% 104.40%
5:45am CHF Unemployment Rate 2.60% 2.70%
6:00am EUR German Factory Orders m/m 0.70% -0.90%
6:45am EUR French Trade Balance -5.1B -5.3B
7:00am CHF Foreign Currency Reserves 757B
7:30am GBP Halifax HPI m/m 1.10% -3.10%
8:00am EUR Italian Retail Sales m/m 0.20% -0.20%
9:00am EUR Revised GDP q/q 0.40% 0.40%
Tentative EUR Spanish 10-y Bond Auction
Tentative EUR French 10-y Bond Auction 0.81|1.9
12:30pm USD Unemployment Claims 225K 221K
2:30pm CAD BOC Financial System Review
USD Natural Gas Storage 96B
3:00pm GBP MPC Member Ramsden Speaks
3:15pm CAD BOC Gov Poloz Speaks
7:00pm USD Consumer Credit m/m 14.2B 11.6B
11:50pm JPY Bank Lending y/y 2.20% 2.10%
JPY Current Account 2.09T 1.77T
JPY Final GDP Price Index y/y 0.50% 0.50%
JPY Final GDP q/q -0.20% -0.20%
FriJun 8 Tentative CNY Trade Balance 192B 183B
Tentative CNY USD-Denominated Trade Balance 32.5B 28.8B
5:00am JPY Economy Watchers Sentiment 49.4 49
6:00am EUR German Industrial Production m/m 0.40% 1.00%
EUR German Trade Balance 20.3B 22.0B
6:45am EUR French Industrial Production m/m 0.40% -0.40%
8:30am GBP Consumer Inflation Expectations 2.90%
12:15pm CAD Housing Starts 217K 215K
12:30pm CAD Employment Change -1.1K
CAD Unemployment Rate 5.80%
CAD Capacity Utilization Rate 86.00%
2:00pm USD Final Wholesale Inventories m/m 0.00% 0.00%
SatJun 9 1:30am CNY CPI y/y 1.90% 1.80%
CNY PPI y/y 3.90% 3.40%

 

TECHNICAL OUTLOOK

 

The table below contains a directional forecast for the coming week, the current spot rate, and key support and resistance levels for each of the major currency pairs.

 

 

EUR/USD Higher Resistance: 1.1717 1.1817/23 1.1862
Spot: 1.1689 Support: 1.1669/76 1.1553/73 1.1445
USD/JPY Mildly Higher Resistance: 110.02/48 110. 84 111.59/65
Spot: 109.61 Support: 109.53 108.95 108.65
   
GBP/USD Higher Resistance: 1.3458/91 1.3613/17 1.3712/81
Spot: 1.3373 Support: 1.3302/05 1.3266 1.3221
 
AUD/USD Higher Resistance: 0.7605 0.7625/34 0.7726/0.7916
Spot: 0.7601 Support: 0.7502/90 0.7473/76 0.7412/47
   
USD/CAD Lower Resistance: 1.3000/06 1.3080 1.3124
Spot: 1.2934 Support: 1.2803/97 1.2687/1.2756 1.2527/98
   
NZD/USD Higher Resistance: 0.7023/65 0.7095 0.7140/53
Spot: 0.7003 Support: 0.6954/87 0.6851/84 0.6817/22

 

Disclaimer:

TheFXperts’ Forex MarketWatch Reports are provided strictly for educational purposes and represent the opinions of the authors. No recommendation or endorsement for specific financial trading or investment purposes is offered. Subscribers are advised to seek financial, business and legal guidance from licensed professionals.

 

 

 

 

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