Economic Calendar (19Jun2023) - Powell testifies this week

Public Holidays

Nil for Singapore

Juneteenth ~ 19 June 2023 in the USA

Dragon Boat Festival ~ 22 June 2023 in Hong Kong, 22-23 June 2023 in China

Economic Calendar (19Jun2023)

Economic Calendar starting 19 Jun 2023

Notable Highlights

• Services PMI - This is a good reference to the expected demand for services where a figure greater than 50 represents growth. With Covid19 behind us, more are willing to spend on services (and experiences) over products. There will be a point of equilibrium when we return a balance of both products and services.

• Homes related. There are a few data like “Building Permits (May)” & “Existing Home Sales (May)”. These are good references on how the US housing market is. The market is facing high price largely due to the limited quantity available. There are many households who are holding on to property with much lower mortgage rates. This makes changing property unaffordable in a high-interest rates environment.

• Fed Chair Powell will be testifying and we should get more clarifications of his outlook and his “2 interest rate hikes” plan. This could bring some volatility especially if his views are viewed as hawkish or dovish. 

• Jobless claims. Initial jobless claims will be announced on Thursday. This would form important data points for the Fed to decide on the next interest rate adjustment.

• Crude Oil Inventories can be seen as forward indicators of market demand and consumption. If the trend of excess inventories continues, this implies demand erosion that can lead to reduced production & weakening consumer spending. The last crude oil saw a bigger drawdown than expected.

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