FXStreet (Barcelona) – Brian Daingerfield, FX Trading Strategist at RBS, previews the key data releases and events in the US in the next week – ISM non-manufacturing index, May Trade balance, June FOMC Meeting minutes and Fed Chair Yellen’s speech.
Key Quotes
“The data calendar next week includes the ISM non-manufacturing index and the May trade balance. With the Fed showing increased focus on the dampening impact of the USD on growth, export performance in particular will likely be in focus. Fed Vice Chair Fischer expressed some concern this week about the USD restraining economic growth “to some extent for a time even after these transitory factors [that weighed on exports in the first quarter] have dissipated”.”
“The June FOMC meeting minutes are released next week. At the June meeting, the Fed downgraded their assessment for 2015 growth and lowered their “dot point” Fed Funds rate projection for 2015. Bearing that in mind, it’s likely that the overall tone of the FOMC’s minutes are dovish, but the minutes may not provide much additional new information, as Chair Yellen’s press conference and the new Summary of Economic Projections in June already revealed many of the conclusions that FOMC members came to at this meeting.”
“For a more current view on the economy, Chair Yellen will speak on the economy next Friday, July 10th – just days before her semi-annual “Humphrey Hawkins” testimony to Congress on July 15th.”
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