In the European session we get France’s final GDP growth rate for Q1 and a number of PMI’s from Germany, France and the Euro-zone which could have an adverse effect on the EUR.
In the American session, we get Canada’s inflation rates and retail sales data, with their forecasts providing mixed signals to the market about the Loonie.
Also, please be advised that the OPEC meeting could provide increased volatility for oil prices.
In the European session we get Germany’s Producer Prices for May. In the American session we get from the US the Current Account balance for Q1, the existing home sales figure for May and the EIA weekly crude oil inventories figure.
On Tuesday, RBA’s meeting minutes are to be released, as well as ECB’s economic Forum is still ongoing.
On Wednesday, the US Current account balance for Q1 is due out.
On Thursday, we get New Zealand’s GDP growth rate for Q1 and the star of the week, BoE’s interest rate decision.
On a busy Friday, we get Japan’s inflation data for May, France’s, Germany’s and the Euro-zone’s preliminary PMI’s for June as well as Canada’s inflation rates for May and retail sales growth rate for April.
OPEC meeting will be taking place in Vienna during Thursday and Friday and could create volatility for oil prices. Oil prices dropped significantly on Friday due to news that Saudi Arabia and Russia have agreed to increase production levels. Also, the price of gold has dropped on Friday as well and analysts cite that the main reasons could be the Fed’s faster rate hike path and a possible sell-off to counter losses in US shares.