The Week Ahead: 20th – 24th June 2022

Overview for the Week Ahead

The Federal Reserve’s latest rate hike is expected to keep markets on edge in the holiday-shortened week ahead. Wall Street will be closed on Monday, with markets observing Juneteenth for the first time.

The U.S. central bank on Wednesday raised its benchmark interest rate by 75 basis points, the largest increase in nearly three decades. Fed Chair Jerome Powell also hinted at more aggressive tightening ahead as policymakers ratchet up their fight against inflation.

While the Fed’s unprecedented action Wednesday reiterated its commitment to normalizing price levels, investors, and economists fear this also increased the risk its inflation-fighting measures may tip the economy into a recession.

All eyes will remain Powell in the coming week, with the Fed chair set to testify before the U.S. Senate Banking Committee Wednesday morning.

The Fed chief has remained adamant that the U.S. economy can avoid an economic slowdown, even as market participants lose confidence at the prospect of a “soft landing” – a period when economic growth is slowed just enough to quell inflation but without spurring economic downturn.

U.S. President Joe Biden said on Saturday that he was considering lifting some tariffs on China and a possible pause on the federal gas tax to fight inflation.

In other news, Bitcoin extended its slide and fell below $20,000 for the first time since December 2020 over the weekend. BTC/USD ended up losing more than 20% on a weekly basis and was last seen trading within a touching distance of $20,000. Ethereum recovered modestly after having dropped below the key $1,000 mark on Saturday but failed to gather further momentum.

This Week’s High Impact Events

The times below are GMT +3.

Monday 20th June           

  • 16.00 – Europe – ECB President Lagarde Speaks

Potential instruments to Trade: EUR Crosses.

  • 18.00 – Europe – ECB President Lagarde Speaks

Potential instruments to Trade: EUR Crosses.

  • 19.45 – US – FOMC Member Bullard Speaks

Potential instruments to Trade: USD Crosses.

Tuesday 21st June

  • 03.00 – Australia – RBA Gov. Lowe Speaks

Potential instruments to Trade: AUD Crosses.

  • 04.30 – Australia – Monetary Policy Meeting Minutes

Potential instruments to Trade: AUD Crosses.

  • 15.30 – Canada – Core Retail Sales m/m & Retail Sales m/m

Potential instruments to Trade: AUD Crosses.

  • 17.00 – US – Existing Home Sales

Potential instruments to Trade: USD Crosses.

Wednesday 22nd June

  • 09.00 – UK – CPI y/y

Potential instruments to Trade: GBP Crosses.

  • 15.30 – Canada – CPI m/m

Potential instruments to Trade: CAD Crosses.

  • 16.30 – US – Fed Chair Powell Testifies

Potential instruments to Trade: USD Crosses. 

Thursday 23rd June

  • 10.15 – 10.30– Europe – French & German Flash Services & Manufacturing PMI

Potential instruments to Trade: EUR Crosses. 

  • 11.30 – UK – Flash Manufacturing & Services PMI

Potential instruments to Trade: GBP Crosses. 

  • 15.30 – US – Unemployment Claims

Potential instruments to Trade: USD Crosses. 

  • 16.45 – US – Flash Manufacturing & Services PMI

Potential instruments to Trade: USD Crosses.

  • 17.00 – US – Fed Chair Powell Testifies

Potential instruments to Trade: USD Crosses.

Friday 24th June

  • 09.00 – UK – Retail Sales m/m

Potential instruments to Trade: GBP Crosses.

  • 11.00 – Europe – German ifo Business Climate

Potential instruments to Trade: EUR Crosses.

  • 14.30 – Australia – RBA Gov Lowe Speaks

Potential instruments to Trade: AUD Crosses.

  • 14.30 – US – FOMC Member Bullard Speaks

Potential instruments to Trade: USD Crosses.

  • 17.00 – US – Revised UoM Consumer Sentiment

Potential instruments to Trade: USD Crosses.

For more information – https://errante.eu/economic-calendar/

If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email [email protected].

We are Errante. Trading made personal.

Errante is the trading name used by Notely Trading Ltd, an Investment Firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySec) under license number [383/20]. Errante is governed by the Markets of Financial Instruments Directive (MiFID II) of the European Union.

To find out more about Errante, visit https://errante.eu.

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