Forex news and the most important economic events this week 5-9 June 2017

This week, investors' attention will turn to many important forex news, represented by the monetary policy meeting of the European Central Bank, in addition to the general elections in Britain scheduled to be held next Thursday, and in the United States, financial markets are awaiting with great interest the testimony of "James Comey" Director of the Federal Bureau of Investigation The former was before the Senate Intelligence Committee regarding the circumstances of his removal from office by US President Donald Trump.

On the other hand, specifically in China, the monthly data on inflation and trade will be revealed amid signs of weak growth in the second largest economy in the world, and market participants will also focus on the minutes of monetary policy from the Reserve Bank of Australia.

Forex news

Forex news

Here are the details of the most important forex news on the economic calendar this week:

1 - European Central Bank monetary policy meeting

The European Central Bank is scheduled to release its latest interest rate decision at 7:45 am GMT Thursday, and the announcement will be followed by 45 minutes of a press conference by ECB President Mario Draghi.

With economic growth clearly shifting to higher and political risk down, investors will be looking for any new clues about when and how the European Central Bank might scale back its massive asset purchase program.

The European Central Bank could review a long-term reference to downside risks, describing it as “largely balanced,” and could also discuss dropping the so-called mitigation bias, a pledge to maintain rates at current or lower levels for an extended period, and an increase in asset purchases if Expectations exacerbated.

Removing the reference to other price cuts would lead to the strengthening of the single European currency, which rose to its highest level in seven months against the US dollar, recorded earlier in last week's trading.

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  1. General elections in Britain

The British will go to the polls next Thursday, when 650 members of Parliament are scheduled to be elected to form a new government, despite some public calls to work to postpone it, especially after the terrorist attack on the city of London, which killed 7 people. In addition to injuring 48 others.

The latest opinion poll in Britain showed that Prime Minister Theresa May's Conservative Party's lead fell to 43% from 44%, while the opposition Labor Party led by Jeremy Corbyn advanced to 38% from 35%. Early parliamentary elections in order to obtain political support to move forward in the negotiations to separate the country from the European Union, or what is known as (Brexit).

A large parliamentary majority for the month of May would ease uncertainty for companies and investors and pave the way for the Bank of England to raise interest rates as soon as what is expected from the markets.

Failure to win the election by a large majority would weaken the month of May as Brexit talks are set to officially begin, while losing the parliament's majority in Parliament would throw British politics into turmoil.

  1. Testimony of James Comey before the US Senate

Among the expected forex news is that James Comey, the former director of the Federal Bureau of Investigation, will testify before the US Senate Intelligence Committee about the circumstances of his dismissal and the fact that President Trump asked him to stop the investigation of Trump’s former national security adviser, Michael Flynn.

Donald Trump may face a clear accusation of obstruction of justice and judicial infringement, which is a crime under US law, if Comey pleads to drop the investigation into Michael Flynn, while the latest US reports have stated that Trump campaign advisers may have conducted at least 18 Undisclosed contact with Russia.

In his first public appearance since the US president fired him on May 9, Comey is expected to bring up the conversations the president reportedly pressured him to drop the investigation of former national security adviser Michael Flynn, who has ties to Russia.

These deep turmoil surrounding the current US administration have raised doubts about the ability of US President "Trump" to manage the affairs of the largest country in the world, in addition to his inability to implement his electoral promises regarding tax reforms and financial spending on infrastructure.

  1. The Chinese economy will release its trade and inflation data

At 03:00 GMT on Thursday, China will release important reports of forex news, represented in trade data for the month of May, and expectations indicated that these reports would show that the country's trade surplus expanded to 47.8 billion dollars during the previous May From a surplus estimated at 38.0 billion dollars in the month of April.

Exports are expected to rise by 7.0 % in May, after a rise by 8.0 % in April, and imports are expected to rise by 9.0 %, after rising by 11.9 % in April.

On Friday, China is also scheduled to release data on inflation in producer and consumer prices. It is expected that these reports will show that producer prices rose by 5.7%, and consumer prices are also expected to rise by 1.5% during the month of May.

This will focus on China's foreign exchange reserves for the month of May, which is scheduled for Wednesday.

The May figures will be of particular interest as authorities in Beijing will turn the screws on financial stability risks and look closely at credit in recent weeks.

5 - Policy meeting of the Reserve Bank of Australia

At 04:30 GMT on Tuesday, the Reserve Bank of Australia will issue its decision on the latest interest rate, and the expectations of the majority of economists indicated that the Australian Central Bank will remain on interest rates without any significant changes to remain at their current record levels at 1.5 % for the tenth meeting on respectively, as expectations indicate that it will maintain its neutral policies.

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Mohamed Abdel Khaleq

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