fbpx
  • Market Insights  >  Weekly Outlook

1 June 2023,09:25

Weekly Outlook

All Eyes On U.S. Senate For Debt Ceiling Conclusion

1 June 2023, 09:25

Share on:
FacebookLinkedInTwitterShare
Share on:
FacebookLinkedInTwitterShare

The Week Ahead: Week of 5 June (GMT+3)

Monday, 5 June, 11:30 – UK Composite PMI (May)

Rating agency Moody has warned that the UK is set for a mild recession, given the high inflation and borrowing costs. Inflation in the country is the highest among F7 countries, with an increase of 8.7% in April. Economists foresee interest rates to move above 5% as the Bank of England attempts to cool the economy and bring down inflation. On the other hand, May’s composite PMI, which combines the manufacturing and service sectors, is forecast to remain at the same as April’s 53.9 – still above the 50 mark and indicating a still-expanding economy. 

Monday, 5 June, 17:00 – US ISM Non-Manufacturing PMI (May)

Non-manufacturing activity is forecast to edge down from April to 51.8, although this is a number still above the 50 threshold indicating growth in the non-manufacturing sector. The dollar remains under pressure after market optimism after the House of Representatives passed a bill to suspend the debt ceiling until 2025. 

Tuesday, 6 June, 07:30 – AU RBA Interest Rate Decision (Jun)

While an initial deceleration of inflation in Australia gave the markets hope of a rate hike pause, April’s higher-than-expected consumer price of 6.8% has boosted bets that a 25% increase will happen at the RBA’s May meeting. The RBA’s interest rates are currently at 3.85%, with economists from Goldman forecasting a peak of 4.35% following hikes in June and July. 

Wednesday, 7 June, 04:30 – CA BoC Interest Rate Decision

Better-than-expected economic growth in Canada has prompted increased bets on another rate hike from the Bank of Canada. Canada’s 3.1% GDP growth for Q1 beat economist expectations of 2.5%, prompting an increase from 28% to 40% of punters betting on an interest rate hike at the BoC’s meeting on 7 June. The BoC’s benchmark rate is currently at 4.50%.

Start trading with an edge today

Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.

  • Start trading with deposits as low as $50 on our standard accounts.
  • Get access to 24/7 support.
  • Access hundreds of instruments, free educational tools, and some of the best promotions around.
Join Now

Latest Posts

Fast And Easy Account Opening

Create Live Account
  • 1

    Register

    Sign up for a PU Prime Live Account with our hassle-free process.

  • 2

    Fund

    Effortlessly fund your account with a wide range of channels and accepted currencies.

  • 3

    Start Trading

    Access hundreds of instruments under market-leading trading conditions.

Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.

Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.

By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.

Thank You for Your Acknowledgement!

Ten en cuenta que el sitio web está destinado a personas que residen en jurisdicciones donde el acceso al sitio web está permitido por la ley.

Ten en cuenta que PU Prime y sus entidades afiliadas no están establecidas ni operan en tu jurisdicción de origen.

Al hacer clic en el botón "Aceptar", confirmas que estás ingresando a este sitio web por tu propia iniciativa y no como resultado de ningún esfuerzo de marketing específico. Deseas obtener información de este sitio web que se proporciona mediante solicitud inversa de acuerdo con las leyes de tu jurisdicción de origen.

Thank You for Your Acknowledgement!