And just like that, we are already in the middle of the year. We will start out this month with a number of important announcements from China, Australia, Canada, the US, and the EU. Check out some of the events for the week of 3-7 June:
Event: HSBC Manufacturing PMI (Apr) – China
Date: June 3, 2013
Time: 1:45am (GMT)
What It Is About and Why It’s Important
The HSBC Manufacturing is a report released by Marikit Economics, which indicates the status of China’s manufacturing sector. Any figure below 50 is considered a contraction, while numbers above 50 show an expansion. Currencies of countries that have economies closely tied to China’s—such as the aussie—are directly affected by changes in China’s manufacturing PMI.
Update: The HSBC Manufacturing PMI showed a contraction from the previous 50.4 to 49.2, a figure lower than the expected 49.6.
Event: ISM Manufacturing PMI (May) – United States
Date: June 3, 2013
Time: 2:00pm (GMT)
What It Is About and Why It’s Important
Similar to China’s Manufacturing PMI, the US data is important to those taking a close watch of the country’s manufacturing sector. Again, any figure lower than 50 shows a contraction, while a higher number shows an expansion. The current number is at 50.7 and is expected drop slightly to 50.5.
Event: RBA Interest Rate Decision – Australia
Date: June 4, 2013
Time: 4:30am (GMT)
What It Is About and Why It’s Important
The aussie saw a massive drop in its value since the Reserve Bank announced a 25 bps cut of its cash rate to 2.75%. Analysts expect no cuts for this month, but it is still worth checking for any indicators of another round of cut in the coming months based on the Governor’s statement.
Event: GDP (YoY & QoQ, Q1) – Australia
Date: June 5, 2013
Time: 1:30am (GMT)
What It Is About and Why It’s Important
Australia’s GDP has remained flat over the past two quarters at 3.1%. Analysts, however, expect it to drop slightly for Q1 YoY to 2.7%. Meanwhile, Q1 QoQ is seen to rise slightly from 0.6% to 0.8%.
Event: GDP (QoQ, YoY, Q1) – EU
Date: June 5, 2013
Time: 9:00am (GMT)
What It Is About and Why It’s Important
As Europe’s economy continues to struggle, traders are keen to see how it performed during Q1. On a QoQ basis, analysts expect it to improve slightly from -0.6% to -0.2%. Meanwhile, the YoY is seen to drop from -0.9% to -1.0%.
Event: BoE Interest Rate Decision – UK
Date: June 6, 2013
Time: 11:00am (GMT)
What It Is About and Why It’s Important
While the BoE is not expected to make changes in its interest rate, their statement could provide clues on the BoE’s outlook on the economy.
Event: ECB Interest Rate Decision – EU
Date: June 6, 2013
Time: 11:45am (GMT)
What It Is About and Why It’s Important
Like the BoE, the ECB is not expected to announce any changes to the EU’s interest rate. But again, it’s important to see what Mr Draghi and company’s outlook on the economy is.
Event: Nonfarm Payrolls (May) – US
Date: June 7, 2013
Time: 12:30pm (GMT)
What It Is About and Why It’s Important
Analysts expect positive news from the US Nonfarm Payrolls, which is seen to rise from the previous 165K to 168K.
Event: Unemployment Rate (May) – US
Date: June 7, 2013
Time: 12:30pm (GMT)
What It Is About and Why It’s Important
The US Unemployment Rate is expected to remain at previous month’s numbers at 7.5%.
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