A Week in the Market (31.05 - 06.06): Flow of Statistics and OPEC+ Meeting
The beginning of summer is promising to be active: the amount of public statistics increases, another OPEC+ meeting is due alongside meetings of Central banks. Things are active, effective, and bright.
The USA: the labor market reminds of itself
As usual, at the beginning of the month, the USA is publishing labor market statistics for the last month. The unemployment rate in May might remain at the previous level of 5.4%. Investors will be interested in the ADP Private Payrolls and the NFP published later. Moreover, inflation data is also going to be made public, and this has been a number one topic for discussion lately. The more neutral the digits, the calmer will be market reactions — the better for the USD.
Central banks: new meetings
This week, meetings are scheduled in the Central banks of Israel, Ghana, and India. In all the cases, interest rates and the overall structure of their credit and monetary policies are likely to remain without change. For the capital market, neutral commentaries are important: they will give the sector of risky assets a signal to remain stable.
Australia: the RBA will make a decision on the rate
The Reserve bank of Australia will have a session devoted to the monetary policy and the interest rate. The latter is expected to remain at its low of 0.10% annually, and in the comments, the RBA will note the efficacy of its continuous work on stabilizing the employment market and inflation. For the AUD, this will be a signal for growth.
Brent: all eyes on OPEC+
At the beginning of summer, OPEC+ and the Monitoring Committee of the organization will have meetings. Most likely, OPEC+ and ally countries will note somewhat revived global demand for energy carriers. Investors are extremely interested in the position of OPEC+ in connection to Iran possibly returning to oil export. The market is now craving for positive vibes, pushing Brent price to 70 USD per barrel.
EUR: check statistics
This week, Europe is publishing some interested data on the unemployment rate in April, inflation in May, and the PMI in services for the whole region and separate countries. The stronger the reports, the better for the EUR.