Macroeconomics: The Day Ahead for 8 June
- Relatively busy run of data may get little traction as focus firmly on Fed and ECB meetings; digesting UK RICS survey, Japan GDP, Current Account & services survey, Australia Trade Balance; awaiting final Eurozone GDP, US weekly jobless claims, Mexico & Chile CPI; BoC and SNB speakers
With some European and Brazil markets closed for the Corpus Christi holiday, and markets now focussed on the upcoming run of G7 central bank meetings (Fed, ECB and BoE), today’s relatively busy run of data may not get that much traction. There are the as expected no change, but hawkishly messaged rate decision from India’s RBI, Japan’s final Q1 GDP, Current Account and Economy Watchers Survey, UK RICS House Price Balance and Australian Trade Balance to digest. Ahead lie Eurozone final Q1 GDP, South Africa’s Current Account, US weekly jobless claims, and Chile and Mexico CPI. With the Fed in purdah, and no ECB speakers, the central bank speakers list is limited to SNB’s Jordan, and perhaps more sensitively Bank of Canada’s Beaudry, following on from the unexpected rate hike yesterday. Govt bond issuance is light, with Ireland selling 10 & 27-yr, and the US continuing its efforts to rebuild its Cash balance at the Fed with a sale of $110 Bln total of 4 & 8-week T-Bills, as it aims to get that balance back to $425 Bln by the end of the month. Some attention also needs to be given to the gridlock in Congress as House Speaker McCarthy failed to muster enough support yesterday for a procedural vote following a revolt by Republican hard-liners that halted House business.
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