Key events and releases for next week

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Next week the week will start s him himlowly as the US will be on holiday in observance of Memorial Day. Generally speaking, market activity is lighter on major US holidays although it does not necessarily need to be the case.

Key releases and events include:

Monday, May 30

US holiday in observance of Memorial Day. Stock and bond markets are closed.
FOMC member Waller is due to deliver a speech titled “The economic outlook and some thoughts on a soft landing” at the Inst. for monetary and financial stability, in Frankfurt Germany

Tuesday, May 31

Canada GDP month-to-month, 8:30 AM ET. Estimate 0.5% vs. 1.1% last month
US conference Board consumer confidence. 10 AM ET. Estimate 103.9 vs. 107.3 last month

Wednesday, June 1

Australia’s GDP quarter on quarter. 9:30 PM ET on Tuesday. Estimate 0.6% vs. 3.4% last
Bank of Canada interest rate decision. 10 AM ET. The Bank of Canada is expected to raise rates by 50 basis points. It will be the 3rd rate hike and will bring the target rate to 1.5% – the highest rate since January 2020. The hike comes after a similar rise of 50 basis points at the April 13 decision. On March 2, the central bank raise rates by 25 basis points to launch the rate hike progression.
US ISM manufacturing PMI. 10 AM ET. The expectations are for the PMI decline to 54.9 from 55.4. The regional indices have all been weaker than expectations.
JOLTS job openings. 10 AM ET. The JOLTS job openings have remained strong with job openings at record levels and quit rate also elevated. Employment length. There have been a number of job slowdown announcements recents. Below is a list of those announcements.

Companies — Payroll costs cuts at tech giants

Thursday, June 2:

ADP nonfarm payroll employment change. 8:15 AM ET. Estimate 295K vs. 247K last month

Friday, June 3

US nonfarm payroll employment change. 8:30 AM ET. Estimate 325K vs. 428K last month. Average hourly earnings. Estimate 0.4% vs. 0.3% last month. Unemployment rate 3.5% vs. 3.6% last month.
ISM services PMI. 10 AM ET. Estimate 56.7 vs. 57.1 last month

This article was originally published by Forexlive.com. Read the original article here.