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This week, industrial production figures for the Eurozone will draw investor interest on Thursday. A pickup in production would align with expectations of an improving macroeconomic environment. Additionally, investors should also consider German wholesale numbers, French inflation figures, and trade data for the Eurozone on Friday. A less marked decline in wholesale prices and an upward revision to French CPI numbers could impact the EUR/USD more.
Moving on to the Pound, the UK Labor Market Overview Report will put the investor focus on the Pound and the Bank of England on Tuesday. Softer wage growth figures and a higher unemployment rate could support multiple 2024 Bank of England rate cuts. On Wednesday, the monthly GDP Report also needs consideration, as a pickup in economic activity could counter rising bets on multiple 2024 BoE rate cuts. Beyond the numbers, investors should monitor Bank of England commentary for insights on inflation, the economic outlook, and the BoE interest rate path.
For the Loonie, building permit figures for April could influence buyer appetite. Softer inflation forecasts could support further Bank of Canada interest rate cuts. Investors should also consider Bank of Canada speeches, with Governor Macklem and Deputy Governor Kozicki on the calendar to speak on Thursday, discussing the BoC interest rate trajectory.
The Australian Dollar will be in focus with Australian business confidence figures on Tuesday, Australian consumer confidence and labor market data on Thursday, and consumer inflation expectation numbers on Friday. Labor market conditions and wage growth trends are pivotal, as a larger-than-expected fall in the Australian unemployment rate could temper bets on a 2024 RBA rate cut.
On Thursday, electronic card retail sales will influence buyer appetite for the Kiwi Dollar. Business PMI numbers will also need consideration on Friday. In Japan, finalized GDP numbers on Monday will put the Japanese Yen in focus, while machinery orders and producer price figures for May will impact the USD/JPY more.
Lastly, be on the lookout for inflation figures from China on Wednesday, as upbeat numbers could drive buyer demand for riskier assets and commodity currencies. Stay tuned for more updates and analysis from Extreme Investor Network.