The Week Ahead: 8th – 12th May 2023

Overview for the Week Ahead

This week’s data on consumer and producer prices comes on the heels of Friday’s April jobs report which showed the US labour market remaining more resilient than expected in the face of aggressive rate hikes from the Fed.

Downward revisions in Friday’s report which showed 149,000 fewer jobs were created in February and March than had been previously reported tempered some optimism about the labour market. 

For investors, Wednesday morning’s Consumer Price Index (CPI) report for April will be the week’s biggest release, with markets looking for signs of a further slowdown in consumer prices.

The Bank of England is expected to hike rates again.  Inflation in the U.K. is running at 10.1%, markedly higher than in the Eurozone, exacerbated by soaring food costs and shortages in the labor market linked to Brexit, keeping wages high.  The Bank of England is expected to raise interest rates by another 25 basis points on Thursday as it continues its battle against inflation.

A string of economic data out of China in the coming week will offer further insight into the uneven post-COVID recovery in the world’s second-largest economy.

April trade data is due out on Tuesday and is expected to show exports slowed after a surge higher in March.

Inflation figures for April are due on Thursday and are expected to show that price pressures are weakening.  To see how the CNY will react, have your trading charts ready!

This Week’s High Impact Events

The times below are GMT +3.

Monday 8th May

  • No High Impact Events

Tuesday 9th May

  • No High Impact Events

Wednesday 10th May

  • 15.30 – US – CPI m/m, CPI y/y, Core CPI m/m

Potential instruments to Trade: USD Crosses. 

  • 19.00 – Switzerland – SNB Chairman Jordan Speaks

Potential instruments to Trade: CHF Crosses. 

  • 20.01 – US – 10 Year Bond Auction

Potential instruments to Trade: USD Crosses. 

Thursday 11th May

  • 14.00 – UK – BoE Monetary Policy Report, MPC Official Bank Rate Votes, Monetary Policy Summary, Official Bank Rate

Potential instruments to Trade: GBP Crosses. 

  • 14.30 – UK – BoE Gov Bailey Speaks

Potential instruments to Trade: GBP Crosses. 

  • 15.30 – US – Core PPI m/m, PPI m/m

Potential instruments to Trade: USD Crosses. 

  • 15.30 – US – Unemployment Claims

Potential instruments to Trade: USD Crosses. 

  • 17.15 – US – FOMC Member Waller Speaks

Potential instruments to Trade: USD Crosses. 

  • 20.01 – US – 30 Year Bond Auction

Potential instruments to Trade: USD Crosses. 

Friday 12th May

  • 06.00 – New Zealand – Inflation Expectations q/q

Potential instruments to Trade: NZD Crosses. 

  • 09.00 – UK– GDP m/m

Potential instruments to Trade: GBP Crosses. 

  •  17.00 – US – Prelim UoM Consumer Sentiment, Prelim UoM Inflation Expectations

Potential instruments to Trade: USD Crosses. 

If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email [email protected].

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