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Week Ahead: Markets to Focus on US ISM Services PMI, and RBA and BOC Rate Statements

June 5, 2023
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In the week ahead, market participants will turn their attention to key economic events including the US ISM Services PMI, as well as rate statements from the Reserve Bank of Australia (RBA) and the Bank of Canada (BOC). As analysts make their predictions, all eyes will be on these releases to understand their potential impact on financial markets

Switzerland’s Consumer Price Index (5 June 2023)

Consumer prices in Switzerland stalled in April 2023, showing less growth than the 0.2% rise observed in March 2023.

For May 2023 data, which is set to be released on 5 June 2023, analysts expect a 0.1% increase.

US ISM Services PMI (5 June 2023)

The US ISM Services PMI increased to 51.9 in April 2023 from 51.2 in March 2023.

Data for May 2023 is scheduled for release on 5 June 2023, with analysts anticipating a higher figure of 52.1.

Reserve Bank of Australia Rate Statement (6 June 2023)

In a surprising move, the Reserve Bank of Australia raised its cash rate by 25bps to 3.85% in May 2023, after keeping it at 3.6% in April 2023. This marks the 11th time the bank has increased rates in the past year.

The next cash rate will be released on 6 June 2023, with analysts expecting the RBA to hold its interest rate at 3.85%.

Bank of Canada Rate Statement (7 June 2023)

In its April 2023 meeting, the Bank of Canada (BOC) kept the target for its overnight rate unchanged at 4.5% and stated that it would continue to monitor the latest economic data for future decisions on the policy rate.

The next rate statement will be released on 7 June 2023. Analysts anticipate that the BOC will keep its interest rate steady at 4.5%.

Canada Employment Change (9 June 2023)

Canada’s economy added 41,400 jobs in April 2023 due to increased part-time work, the first growth since October 2022. The unemployment rate stayed at 5% for the fifth month, near the record-low of 4.9%.

For May 2023 data, set to be released on 9 June 2023, analysts predict that job creation will dip to 40,000 and the unemployment rate will rise to 5.1%.