Market news

Week 25 economic events to watch (June 16 to June 22, 2024)

By Paul Reid

17 June 2024

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Get ready for a week packed with pivotal economic data releases. Here's what you need to know about the upcoming events, their timings, and how they could impact the markets.

Key takeaways for traders

  • Monitor Australian employment data closely as it will directly impact AUD and related assets.

  • Watch Germany's wholesale prices and Spain's inflation rate for insights into Eurozone inflation trends affecting EUR pairs.

  • Track US PPI and jobless claims for clues on the Fed's next moves and the direction of USD, with potential impacts on commodities like gold.

  • Brazil's retail sales and Russia's trade balance will provide a snapshot of economic health and currency strength, influencing BRL and RUB.

  • South Korea's export and import prices will influence the KRW based on global trade dynamics.

Australia (AU)

Employment Change (MAY) Date: June 20, 2024 Time: 01:30 GMT Related Assets: AUDUSD, AUDJPY, AUDCAD

Australia's employment change figures could be a game-changer for AUD. Recent news suggests a potential slowdown in job creation due to global economic uncertainties. If the report shows fewer jobs added than expected, AUD might weaken. Traders may consider shorting AUDUSD if the data disappoints. Conversely, a positive surprise could strengthen AUD, offering a buying opportunity in AUD/JPY.

Unemployment Rate (MAY) Date: June 20, 2024 Time: 01:30 GMT Related Assets: AUDUSD, AUDJPY, AUDCAD

As with the Employment Change, if unemployment falls, AUD could see a rally, benefiting traders holding long positions in AUD/USD.

Participation Rate (MAY) Date: June 20, 2024 Time: 01:30 GMT Related Assets: AUDUSD, AUDJPY, AUDCAD

Market analysts are watching the participation rate closely, as a decline could signal economic malaise. If the participation rate drops, expect bearish pressure on AUD. Traders should prepare for potential shorting opportunities in AUD pairs. A higher participation rate could support AUD, indicating more confidence in the job market and potentially boosting AUDJPY.

Germany (DE)

Wholesale Prices (MAY) Date: June 17, 2024 Time: 06:00 GMT Related Assets: EURUSD, EURGBP

Recent articles highlight concerns about inflationary pressures in Germany. Rising wholesale prices could strengthen the EUR as the ECB may consider tightening monetary policy. Traders should look for long opportunities in EUR/USD. Conversely, if prices fall, it could weaken the EUR, suggesting short positions in EUR/USD or EUR/GBP.

Spain (ES)

Inflation Rate (MAY) Date: June 19, 2024 Time: 07:00 GMT Related Assets: EUR/USD, EUR/GBP

Spain's inflation figures will be pivotal. If inflation exceeds expectations, the ECB might be pressured to hike rates, boosting the EUR. Traders can consider long positions in EURUSD and look for gains in Euro pairs. On the flip side, lower-than-expected inflation could weaken the EUR, opening shorting opportunities.

Euro Area (EA)

Industrial Production (APR) Date: June 18, 2024 Time: 09:00 GMT Related Assets: EURUSD, EURGBP

Weak industrial production data might signal an economic slowdown, potentially weakening the EUR. Traders might consider being prepared for shorting opportunities in EURUSD and EURGBP. Strong production numbers could bolster the EUR, making long positions more attractive.

United States (US)

Producer Price Index (PPI) (MAY) Date: June 18, 2024 Time: 12:30 GMT Related Assets: USDJPY, USDCHF, Gold

With recent Fed meetings hinting at potential rate hikes, a high PPI could confirm inflationary pressures, strengthening the USD. Traders might consider long positions in USD/JPY and shorting gold. A lower PPI might ease rate hike fears, weakening the USD and providing buying opportunities in gold and other commodities.

Initial Jobless Claims (JUN/08) Date: June 20, 2024 Time: 12:30 GMT Related Assets: USDJPY, USDCHF, NASDAQ 100

Expectations of higher jobless claims have been noted in recent market analyses. An increase could signal economic trouble, weakening the USD and affecting equity markets like NASDAQ 100. Traders may consider preparing for potential short positions in USD pairs. Fewer claims than expected could strengthen the USD, benefiting long positions.

Brazil (BR)

Retail Sales (APR) Date: June 19, 2024 Time: 12:00 GMT Related Assets: USDBRL

Brazil's retail sector has shown resilience, and strong sales data could boost the BRL. Traders can look for short positions in USDBRL if the data is positive. Weak sales might weaken the BRL, suggesting long opportunities in USDBRL.

Russia (RU)

Balance of Trade (APR) Date: June 19, 2024 Time: 13:00 GMT Related Assets: USDRUB

With recent geopolitical tensions, a strong trade surplus might bolster the RUB. Traders can consider long positions in USDRUB if the surplus is significant. A trade deficit could weaken the RUB, opening shorting opportunities.

South Korea (KR)

Export and Import Prices (MAY) Date: June 20, 2024 Time: 21:00 GMT Related Assets: USDKRW

Speculation suggests that rising export prices could strengthen the KRW. Traders might watch out for  long position opportunities in USD/KRW if export prices increase. Conversely, falling import prices might weaken the KRW, suggesting shorting opportunities.

Conclusion

This lists the major releases that are capable of disrupting technical analysis, but there’s more going on around the world. Be sure to check out the Exness Economic Calendar for more events and reports.

Remember that the markets sometimes factor in the estimates of each release in the days preceding the announcements, so expect volatility before the event as well as after. The reports might not shift the long-term price ranges enough for investors, but there’s plenty of opportunity for day traders this week. Trade smart.


This is not investment advice. Past performance is not an indication of future results. Your capital is at risk, please trade responsibly.


Author:

Paul Reid
Paul Reid

Paul Reid is a financial journalist dedicated to uncovering hidden fundamental connections that can give traders an advantage. Focusing primarily on the stock market, Paul's instincts for identifying major company shifts is well established from following the financial markets for over a decade.