June 18, Economic Pulse Central Banks and Key Data in the Spotlight

Key events for financial markets this week

 

US:

 

• Retail Sales: Expected to rise 0.3% in May, after stagnating in April. Investors will be assessing the impact of the Fed’s interest rate hike on consumer spending.
• Fed Speeches: Fed speakers including John Williams, Neel Kashkari, Mary Daley and Thomas Barkin will comment on the state of the economy and outlook.

 

China:

 

• Economic Data: Publication of industrial production, unemployment rate, retail sales and housing prices for May. Investors will be watching for signs of economic recovery.
• Rate Decision: The People’s Bank of China is expected to cut its lending rate on Thursday to support the economy.

 

Central bank meetings:

 

• Bank of England: the Bank of England is expected to leave the rate unchanged amid inflation concerns.
• Swiss National Bank and Central Bank of Norway: There is a 50/50 chance of a rate cut in Switzerland and no change is expected in Norway.
• Reserve Bank of Australia: The rate is expected to remain unchanged.

 

Eurozone:

 

• Business Activity Indices: Publication of PMIs for June to gauge the pace of economic recovery.
• ECB Speeches: ECB Governor Christine Lagarde, Chief Economist Philip Lane and Vice President Luis de Guindos will make comments.
• France: Investors are worried about a possible financial crisis if the far right wins the election.

Oil:

 

• Brent and WTI crude oil prices: Futures rose last week amid forecasts of strong demand in 2024.

 

Additionally:

 

• The U.S. Energy Information Administration (EIA) and OPEC are forecasting higher oil demand in 2024.
• The International Energy Agency (IEA) lowered its forecast for demand growth.
• Commerzbank analysts expect a shortage of oil supply before the beginning of winter.

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This week has seen a reset in stocks:

• DELL
• MNST
• IESC
• AGYS
• META
• NVDA
• GM
• WMT
• INTU
• FICO
• IOT
• LIF

Stocks purchased:

• BRK-A
• BRK-B
• OXY
• OPOF
• PROK
• PBF

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Economic Calendar Events:

Tuesday, June 18

 

• AUD Interest Rate Decision (June)
• EUR Consumer Price Index (CPI) (y/y) (May)
• USD Core Retail Sales (m/m) (May)
• USD Retail Sales (m/m) (May)

Wednesday, June 19

 

• GBP Consumer Price Index (CPI) (YoY) (May)

 

Thursday, June 20

 

• NZD GDP (QoQ) (Q1)
• CHF Swiss Central Bank Interest Rate Decision (Q2)
• CHF NBS Press Conference
• GBP Interest Rate Decision (June)
• GBP Bank of England Inflation Letter
• USD Number of Initial Jobless Claims
• USD Manufacturing Activity Index from FRB Philadelphia (June)
• RUB Central Bank International Reserves (USD)
• USD Crude Oil Inventories

 

Friday, June 21

 

• USD Manufacturing Activity Index (PMI) (June)
• USD Services Business Activity Index (PMI) (June)
• USD Secondary Home Sales (May)
• USD Federal Reserve Monetary Policy Report

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Key volume support and resistance levels

 

Volume analysis of futures contracts: Euro, Oil, S&P500 index.

This review used the weekly timeframe to show the key levels that were formed during the current contract.

 

On all charts volume support levels are marked in green color, and resistance levels are marked in red color. Each volume analysis level is indicated by two prices, as the levels are price ranges.