The upcoming week will start out quiet for the markets due to the Memorial Day holiday, but will ramp up as investors are hit with a wave of economic data including ADP employment, non-farm payrolls and the Beige Book and earnings from big names like Zoom, Advanced Auto Parts, Express and Slack.
The Fed’s beige book on the economy is due out on Wednesday and several Federal Reserve officials are scheduled to speak during the week, including Chair Jerome Powell. The Fed Chair will participate in a panel at a climate change conference on Friday together with International Monetary Fund chief Kristalina Georgieva and European Central Bank President Christine Lagarde.
One of the biggest cryptocurrency events of the year, the 2021 Bitcoin conference, will also take the spotlight later this week. Cryptocurrencies will also dominate market headlines on Thursday as the 2021 Bitcoin conference kicks off in Miami. The event, which runs through Saturday, will include appearances by Twitter CEO Jack Dorsey, MicroStrategy CEO Michael Saylor, venture capitalist Chamath Palihapitiya, Republican Sen. Cynthia Lummis of Wyoming, former Pennsylvania Republican Congressman Ron Paul, celebrity skateboarder Tony Hawk, and cryptologist and legal scholar Nick Szabo.
This as the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite are sitting near record highs.
Energy traders will be eyeing Tuesday’s OPEC+ meeting and the euro zone is to release inflation data against a backdrop of concerns over what rising price pressures could mean for expansionary monetary policy.
Since OPEC+ decided to taper cuts by 2.1 million barrels per day in April, oil has extended its 2021 rally and is currently up over 30% and closing in on $70 a barrel.
Concerns over a possible increase in supply from Iran have capped oils gains.
This Week’s High Impact Events
The times below are GMT+3.
Monday 31st May
US Memorial Day & UK Spring Bank Holiday
No high impact events today
Tuesday 1st June
07.30 – Australia – RBA Rate Statement & Cash Rate
Potential instruments to Trade: AUD Crosses.
10.55 – Europe – Final Manufacturing PMI & Unemployment Change
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