Debt ceiling deliberations, more retail earnings, and the minutes from the Federal Reserve’s latest meeting await this week.
US President Joe Biden will meet with Republican House Speaker Kevin McCarthy on Monday for another round of talks on raising the US debt ceiling less than two weeks before a key deadline to avoid a disastrous default, officials said.
Anxiety was mounting in Washington Sunday ahead of the June 1 deadline, set by the US Treasury, for Congress to authorize more borrowing, as the two sides appeared nowhere near a compromise.
Speaking at a press conference before leaving to return to Washington from the G7 summit in Hiroshiama, Japan, Biden said Republicans’ latest demands for spending cuts as a condition for raising the US government borrowing authority were “frankly unacceptable”.
June 1 remains a “hard deadline” for raising the US debt ceiling, Treasury Secretary Janet Yellen said Sunday, warning that unless the stand-off with Republicans in Congress is resolved, the government would be unable to pay its bills through the middle of next month.
In the UK, house prices hit a new record high in May, as the housing market continued to defy pessimistic forecasts at the start of the year, figures showed on Monday. All eyes will be on UK inflation reading on Wednesday.
Have your trading charts ready!
This Week’s High Impact Events
The times below are GMT +3.
Monday 22nd May
No High Impact Events
Tuesday 23rd May
From 10.15 – Europe – Flash Manufacturing & Flash Services PMI
Potential instruments to Trade: GBP Crosses.
11.30 – UK – Flash Manufacturing & Flash Services PMI
Potential instruments to Trade: GBP Crosses.
16.45 – US – Flash Manufacturing & Flash Services PMI
Potential instruments to Trade: USD Crosses.
17.00 – US – New Home Sales & Richmond Manufacturing Index
Potential instruments to Trade: USD Crosses.
Wednesday 24th May
05.00 – New Zealand – Official Cash Rate, RBNZ Monetary Policy Statement, RBNZ Rate Statement
Potential instruments to Trade: NZD Crosses.
06.00 – New Zealand – RBNZ Press Conference
Potential instruments to Trade: NZD Crosses.
09.00 – UK – CPI y/y
Potential instruments to Trade: GBP Crosses.
11.00 – Europe – German ifo Business Climate
Potential instruments to Trade: EUR Crosses.
12.30 – UK – BoE Gov Bailey Speaks
Potential instruments to Trade: GBP Crosses.
16.00 – UK – BoE Gov Bailey Speaks
Potential instruments to Trade: GBP Crosses.
21.00 – US – FOMC Meeting Minutes
Potential instruments to Trade: USD Crosses.
Thursday 25th May
15.30 – US – Prelim GDP q/q, Unemployment Claims
Potential instruments to Trade: USD Crosses.
17.00 – US – Pending Home Sales
Potential instruments to Trade: USD Crosses.
Friday 26th May
02.30 – Japan – Tokyo Core CPI y/y
Potential instruments to Trade: JPY Crosses.
09.00 – UK – Retail Sales m/m
Potential instruments to Trade: GBP Crosses.
15.30 – US – Core PCE Price Index m/m
Potential instruments to Trade: USD Crosses.
17.00 – US – Revised UoM Consumer Sentiment
Potential instruments to Trade: USD Crosses.
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