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• The Week Ahead: 15th – 19th May 2023

The Week Ahead: 15th – 19th May 2023

Overview for the Week Ahead

Investors will be holding out for an update on plans to raise the U.S. debt ceiling this week, while remarks by Federal Reserve policymakers will be analysed for insights on the future path of interest rates. Data out of the Eurozone, the U.K. and China will offer more insight into the strength of the global economic outlook.

The U.S. is also to release April data on retail sales and industrial production on Tuesday, with retail sales expected to rebound. The weekly report on initial jobless claims is due out on Thursday.

Worries over a potential U.S. default as early as June 1st are weighing on investors, amid a stalemate in Congress over raising the borrowing limit.  The International Monetary Fund has warned that a U.S. default would have “very serious repercussions” for the U.S. economy as well as the global economy, including likely higher interest rates.

In the U.K. the wage component data of Tuesday’s jobs report will be closely watched as inflation remains in double digits. The Bank of England has indicated that the decision on whether to hike rates again at its June meeting will hinge on the wage and inflation data out before then.

This Week’s High Impact Events

The times below are GMT +3.

Monday 15^th May

• 15.30 – US – Empire State Manufacturing Index

Potential instruments to Trade: USD Crosses. 

Tuesday 16^th May

• 09.00 – UK – Claimant Count Change

Potential instruments to Trade: GBP Crosses. 

• 12.00 – Europe – German ZEW Economic Sentiment

Potential instruments to Trade: EUR Crosses. 

• 15.30 – Canada – CPI m/m, Median CPI y/y, Trimmed CPI y/y

Potential instruments to Trade: CAD Crosses. 

• 15.30 – US – Core Retail Sales, Retail Sales

Potential instruments to Trade: USD Crosses. 

• 17.00 – Europe – ECB President Lagarde Speaks

Potential instruments to Trade: EUR Crosses. 

Wednesday 17^th May

• 04.30 – Australia – Wage Price Index q/q

Potential instruments to Trade: AUD Crosses. 

• 12.50 – UK – BoE Gov Bailey Speaks

Potential instruments to Trade: GBP Crosses. 

Thursday 18^th May

• 04.30 – Australia – Employment Change, Unemployment Rate

Potential instruments to Trade: AUD Crosses. 

• 05.00 – New Zealand – Annual Budget Release

Potential instruments to Trade: NZD Crosses. 

• 12.15 – UK – Monetary Policy Report Hearings

Potential instruments to Trade: GBP Crosses. 

• 15.30 – US – Unemployment Claims

Potential instruments to Trade: USD Crosses. 

• 17.00 – US – Existing Home Sales

Potential instruments to Trade: USD Crosses. 

• 18.00 – Canada – BoC Gov Macklem Speaks

Potential instruments to Trade: CAD Crosses. 

Friday 19^th May

• 15.30 – Canada – Core Retail Sales m/m, Retail Sales m/m

Potential instruments to Trade: CAD Crosses. 

•  18.00 – US – Fed Chair Powell Speaks

Potential instruments to Trade: USD Crosses. 

If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email [email protected].

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