Four major central banks are scheduled to meet this week, including ECB, BoE, RBA and RBNZ. All are expected to leave rates unchanged. Though, markets will pay special attention to RBA's statement on hints of further rate hike, as well as ECB press conference as usual. While ECB rate decision and press conference will take center stage this week, markets will also focus on manufacturing PMI & service PMI, retail sales.
US data begins on Monday with May ISM manufacturing, and April construction spending. Tuesday sees April Factory Orders and weekly ABC consumer confidence, which fell to a new cycle low this past week at -51. Wednesday sees ADP national employment for May, final 1Q non-farm productivity, and May ISM-services. Thursday sees weekly jobless/continuing claims and May chain store sale. Friday sees May US NFP employment data, with market expectations currently centering on -60K jobs change and an increase in the unemployment rate from 5.0% to 5.1%. Multiple Fed speakers are on tap, but the ones addressing the economic outlook are Atlanta's Lockhart on Monday afternoon, Bernanke on Wednesday, Philadelphia's Plosser on Thursday, and Chicago's Evans on Friday.
Eurozone data starts on Monday morning with final May manufacturing PMI's for France, Germany and the Eurozone. Tuesday sees April Eurozone PPI and preliminary 1Q Eurozone GDP. Wednesday sees final May service sector PMI's for France, Germany and the E-zone, final May Eurozone composite PMI, and April Eurozone retail sales. Thursday sees 1Q French employment, April German factory orders, and the ECB rate announcement. Friday sees April French trade balance and April German industrial production.
UK data sees money supply and bank lending data on Monday, along with the manufacturing sector PMI. Tuesday morning sees May construction PMI. At midnight local UK time on Wednesday, Nationwide Building Society will announce its May consumer confidence survey, followed by the May BRC shop price index later in the morning proper. Thursday concludes the data event week with the BOE rate announcement.
Japanese data is very light next week and begins on Monday afternoon Tokyo-time with April labor cash earnings. Wednesday has the only other report of note for the week, with 1Q capital spending set for a morning release.