The broad-based U.S. dollar will end this week on the bearish track but still hovering near multi-month highs as investors await further inflation data to close the week. Furthermore, the market risk-on mood put some additional burden on the safe-haven U.S. dollar. Investors are still unable to digest the U.S. Federal Reserve’s surprise hawkish turn as it handed down its policy decision during the previous week. However, comments from Fed Chairman and other officials throughout the past week calmed market nerves about an expected interest rate hike. Conversely, the previously released upbeat prints of the U.S. data, namely the core durable goods orders, and initial jobless claims, failed to leave any meaningful impact on the U.S. dollar.

Looking forward to the coming week, the series of Manufacturing PMI and Unemployment rates, along with Final GDP q/q and OPEC-JMMC Meetings, can drive plenty of headlines to keep the markets on the move. Apart from this, the long-lasting US-China trade tussle, America-Iran tussle, and coronavirus headlines will also closely follow. They could play a key role in determining risk levels in the market.

This data is typically issued by the Japan Statistics Bureau, which measures the number of unemployed workers divided by the total civilian labor force. However, the upward readings indicate a lack of expansion within the Japanese labor market. This, in turn, rise tends to weaken the Japanese economy. Thus, the low reading is seen as positive or bullish for the JPY currency; conversely, the high figure is seen as negative (or bearish) the JPY currency.

Previous release
ACTUAL:2.8 %
DEV:-1.25
CONS:2.7 %
DATE: Fri May 28, 2021 04:30

2 – JPY – Retail Sales y/y – Tuesday- 00:50 GMT

The Retail Sales data is typically released by the Ministry of Economic, Trade, and Industry, which measures the total sales made through a business location. The principal activity is selling merchandise and related services to the general public for household or personal consumption. Changes in Retail Sales are broadly followed as an important indicator of consumer spending. Therefore, the high figures are seen as bullish for the JPY currency; conversely, the low figures are seen as negative (or bearish for the JPY currency.

Previous release
ACTUAL: 12 %
DEV: 15.3%
CONS: 11.9 %
DATE: Mon May 31, 2021, 04:50

3 – CB Consumer Confidence – Tuesday – 15:00 GMT

4 – Non-Farm Employment Change – Wednesday – 13:15 GMT

This data is typically released by the U.S. Bureau of Labor Statistics, which shows the number of new jobs created during the previous month in all non-agricultural businesses. The monthly changes in payrolls can be remarkably volatile due to their high relation with economic policy decisions made by the Central Bank. In that way, the high reading is understood as bullish for the USD currency. Conversely, the low reading is considered bearish for the USD currency.

Previous release
ACTUAL:978 K
DEV:3.07
CONS:650 K
DATE: Thu Jun 3, 2021, 17:15

5 – CAD Gross Domestic Product (MoM) – Wednesday – 13:30 GMT

Gross Domestic Product (MoM) – Statistics Canada usually released this data, which gauges the total value of all goods and services produced by Canada. The changes in the GDP price index are considered a broad measure of Canadian economic activity and health. Thus, the high figures are seen as positive or bullish for the CAD currency. Conversely, the falling trend is seen as bearish for the CAD currency.

Previous release
ACTUAL:1.1 %
DEV: 0.52
CONS: 1 %
DATE: Tue Jun 1, 2021, 17:30

6 – Crude Oil Inventories – Wednesday – 15:30 GMT

This data is released by the Energy Information Administration (EIA), which is a U.S. key indicator and primarily affects the Canadian dollar due to Canada’s sizable energy sector. It measures supply and demand imbalances in the market, leading to changes in production levels and price volatility. ‘Actual’ less than ‘Forecast’ is seen as bullish for USD currency.

8 – OPEC-JMMC Meetings: – Thursday – All Day

These meetings are attended by representatives from the 13 OPEC members and 11 other oil-rich nations. However, the purpose of this meeting is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in efforts to secure an efficient, economical, and regular supply of petroleum to consumers. They discuss multiple issues concerning energy markets and, most importantly, agree on how much oil they will produce. When the meeting is over, the officials usually talk with reporters throughout the day. As in result, the formal statement covering policy shifts and meeting objectives is released after the meetings have concluded.

9 – US ISM Manufacturing PMI – Thursday – 15:00 GMT :