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• The Week Ahead: 22nd May – 26th May 2023

The Week Ahead: 22nd May – 26th May 2023

Overview for the Week Ahead

Debt ceiling deliberations, more retail earnings, and the minutes from the Federal Reserve’s latest meeting await this week. 

US President Joe Biden will meet with Republican House Speaker Kevin McCarthy on Monday for another round of talks on raising the US debt ceiling less than two weeks before a key deadline to avoid a disastrous default, officials said.

Anxiety was mounting in Washington Sunday ahead of the June 1 deadline, set by the US Treasury, for Congress to authorize more borrowing, as the two sides appeared nowhere near a compromise.

Speaking at a press conference before leaving to return to Washington from the G7 summit in Hiroshiama, Japan, Biden said Republicans’ latest demands for spending cuts as a condition for raising the US government borrowing authority were “frankly unacceptable”.

June 1 remains a “hard deadline” for raising the US debt ceiling, Treasury Secretary Janet Yellen said Sunday, warning that unless the stand-off with Republicans in Congress is resolved, the government would be unable to pay its bills through the middle of next month.

In the UK, house prices hit a new record high in May, as the housing market continued to defy pessimistic forecasts at the start of the year, figures showed on Monday.  All eyes will be on UK inflation reading on Wednesday.

Have your trading charts ready!

This Week’s High Impact Events

The times below are GMT +3.

Monday 22^nd May

• No High Impact Events

Tuesday 23^rd May

• From 10.15 – Europe – Flash Manufacturing & Flash Services PMI

Potential instruments to Trade: GBP Crosses. 

• 11.30 – UK – Flash Manufacturing & Flash Services PMI

Potential instruments to Trade: GBP Crosses. 

• 16.45 – US – Flash Manufacturing & Flash Services PMI

Potential instruments to Trade: USD Crosses. 

• 17.00 – US – New Home Sales & Richmond Manufacturing Index

Potential instruments to Trade: USD Crosses. 

Wednesday 24^th May

• 05.00 – New Zealand – Official Cash Rate, RBNZ Monetary Policy Statement, RBNZ Rate Statement

Potential instruments to Trade: NZD Crosses. 

• 06.00 – New Zealand – RBNZ Press Conference

Potential instruments to Trade: NZD Crosses. 

• 09.00 – UK – CPI y/y

Potential instruments to Trade: GBP Crosses. 

• 11.00 – Europe – German ifo Business Climate

Potential instruments to Trade: EUR Crosses. 

• 12.30 – UK – BoE Gov Bailey Speaks

Potential instruments to Trade: GBP Crosses. 

• 16.00 – UK – BoE Gov Bailey Speaks

Potential instruments to Trade: GBP Crosses. 

• 21.00 – US – FOMC Meeting Minutes

Potential instruments to Trade: USD Crosses. 

Thursday 25^th May

• 15.30 – US – Prelim GDP q/q, Unemployment Claims

Potential instruments to Trade: USD Crosses. 

• 17.00 – US – Pending Home Sales

Potential instruments to Trade: USD Crosses. 

Friday 26^th May

• 02.30 – Japan – Tokyo Core CPI y/y

Potential instruments to Trade: JPY Crosses. 

• 09.00 – UK – Retail Sales m/m

Potential instruments to Trade: GBP Crosses. 

• 15.30 – US – Core PCE Price Index m/m

Potential instruments to Trade: USD Crosses. 

•  17.00 – US – Revised UoM Consumer Sentiment

Potential instruments to Trade: USD Crosses. 

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