The Week Ahead: 24th – 28th May 2021

Overview for the Week Ahead

Asian shares were mixed on Monday as investors awaited key U.S. inflation readings for guidance on monetary policy, while Bitcoin tried to steady after being hammered on news of China’s clampdown on mining and trading of cryptocurrencies. 

It is a quite week for traders this week, with the tail-end of earnings season capping off a period of recent volatility.  

Inflation will be at the back of investors’ minds in the US, while government borrowing figures in the UK will give a read on the state of play of public finances. 

More is happening on the continent, with EU business confidence and economic sentiment readings on the slate, alongside GDP readings from some of its biggest economies.  

Crypto traders will be on guard this week, following a choppy week for several tokens. Regulation fears have sent a number of popular currencies deep into the red in the last week.  

On Monday, bitcoin (BTCUSD), the most popular cryptocurrency, was trading at about $36,393 at GMT+3, while just a month earlier it had been hitting heights of above $60,000. Ethereum (ETHUSD) had also taken a knock over the last month but seems to be climbing again.  

For the UK this week, the focus will turn to the monthly government borrowing figures out on Tuesday. 

For the EU, Germany’s IFO business confidence survey and key economic sentiment data to be released for the region on Friday. 

For the US, investors will be looking at inflation and President Joe Biden is also releasing his fiscal 2022 budget proposal on May 28th. 

Also, this week, NZD traders await interest rate decision from Germany’s IFO business confidence survey.  Fed Governor Lael Brainard is to speak about digital currencies at the virtual Consensus by CoinDesk Conference on Monday; given the recent volatility in the cryptocurrency market, her comments will be closely watched. 

This Week’s High Impact Events 

The times below are GMT+3.

Monday 24th May 

  • 15.05 – Japan – BoJ Gov. Kuroda Speaks 

Potential instruments to Trade: JPY Crosses. 

  • 17.30 – UK – BoE Gov. Bailey Speaks 

Potential instruments to Trade: GBP Crosses. 

Tuesday 25th May 

  • 11.00 – Europe – German IFO Business Climate 

Potential instruments to Trade: EUR Crosses. 

  • 17.00 – US – CB Consumer Confidence 

Potential instruments to Trade: USD Crosses. 

Wednesday 26th May 

  • 05.00 – New Zealand  RBNZ Monetary Policy Statement & Rate Statement 

Potential instruments to Trade: NZD Crosses. 

  • 06.00  New Zealand – RBNZ Press Conference 

Potential instruments to Trade: NZD Crosses.  

  • 17.30 – US – Crude Oil Inventories 

Potential instruments to Trade: USD & CAD Crosses.  

Thursday 27th May 

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

Potential instruments to Trade: USD Crosses.  

  • 17.00 – US – Pending Home Sales m/m 

Potential instruments to Trade: USD Crosses.  

Friday 28th May 

  • 15.30 – US  Core PCE Price Index m/m 

Potential instruments to Trade: USD Crosses. 

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