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📊 Market focus: events of the current week⠀
👉 The NFP is key to the Fed's rhetoric at the June 16 meeting. To start a discussion on the reduction of the QE program, the report must be very "surprising" for the Fed, which means it must show growth of at least 2 million jobs.
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The OPEC + non-OPEC summit on June 1-2 may not only determine the volume of an increase in oil production but also announce a scheme for lifting the restrictions adopted a year ago at the height of the pandemic.
Lagarde will appear on Wednesday at the awards ceremony and on Friday at the climate conference, as will Powell. If consider that the "period of silence" before the ECB meeting begins on Thursday and before the Fed meeting - on Saturday, then the heads of central banks will have the last opportunity to orient the markets in the right direction.
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Specified time is GMT Offset 0⠀
Tuesday, 1AUD: RBA Interest Rate Decision (Jun), RBA Rate Statement (04:30)
EUR: German Manufacturing PMI, Unemployment Change (07:55); CPI (YoY) (09:00)
GBP: Manufacturing PMI (08:30); BoE Gov Bailey Speaks (15:00)
USD: ISM Manufacturing PMI (14:00)
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Wednesday, 2AUD: GDP (QoQ) (Q1) (01:30)
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Thursday, 3AUD: Retail Sales (MoM) (Apr) (01:30)
GBP: Composite PMI, Services PMI (08:30); BoE Gov Bailey Speaks (16:00)
USD: ADP NFP Employment Change, Initial Jobless Claims (12:30); ISM Non-Manufacturing PMI (14:00)
WTI: Crude Oil Inventories (15:00)
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Friday, 4EUR: ECB President Lagarde Speaks (11:00)
USD: Fed Chair Powell Speaks (11:00); Nonfarm Payrolls, Unemployment Rate (12:30)
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Profits to y’all!