THE WEEK AHEAD
Tuesday's interest rates decision and Wednesday's Australian GDP data are highlights of a busy week which will also see the US release its quarterly economic report.
Elsewhere, trade balance figures are due, alongside labour force data.
Overseas, the United States government will release its Beige Book, its quarterly report on the state of the country’s economy.
Elsewhere, both the Bank of England and European Central Bank will make interest rate decisions.
All eyes will turn to the Reserve Bank of Australia on Tuesday, when it will meet to decide on the level of the official cash rate for the month of June.
Last month, the central bank cut the cash rate by 50 basis points to 3.75 per cent, in an effort to encourage banks to pass lower rates on to consumers.
Experts are tipping the cash rate to be left on hold, but are not completely ruling out a chance of a cut.
On Friday, RBA governor Glenn Stevens will deliver a speech to the American Chamber of Commerce in Australia in Adelaide.
Investors will watch intently for any reflection on the bank’s rates decision and its plans for the future direction of monetary policy.
The week in local news brings a suite of releases from the Australian Bureau of Statistics.
On Monday, business indicators for the month of March are due from the ABS.
Elsewhere, TD Securities and the Melbourne Institute will release their inflation gauge for the month.
Job advertisements data is due from ANZ Banking Group.
Tuesday sees balance of payments data released by the ABS.
On Wednesday, highly anticipated March quarter gross domestic product data from the ABS is expected. Economists are expecting the figures to show the economy grew by just 0.5 per cent.
May labour force data is due on Thursday, alongside building approvals figures for April.
The employment data is expected to show a fall of 5000 jobs in May, lifting the jobless rate to 5 per cent.
The Australian Industry Group’s construction performance of manufacturing index will also be released.
On Friday, housing finance data for the month of April is due. Analysts believe home loans likely rose 1 per cent in the month.
Elsewhere, trade balance data for the month will be made available to the public. Economists are tipping the figures to show a deficit of $1 billion.
Major offshore economic news this week is due from both sides of the Atlantic.
On Monday, April factory order figures are due in the United States. Experts think the data will show a 0.4 per cent lift in orders.
In the United Kingdom, BRC will release retail sales data for May.
Halifax house price data for the first quarter is also due.
Tuesday sees the release of the ISM non-manufacturing index in the US, which is tipped to show a lift of 0.4 points to 53.9.
On Wednesday, the US government will release its Beige Book, its quarterly report on the state of the US economy.
Elsewhere, productivity and costs data is set for release, along with the weekly Energy Information Administration petroleum status report.
In the UK, the May purchasing managers index for construction is due.
Elsewhere, the European Central Bank will make its interest rate decision for June.
Thursday brings US jobless claims data and consumer credit data for April.
In Britain, the Bank of England will meet to discuss interest rates.
The May purchasing managers index for services is also due, alongside RICS housing price data for the month.
On Friday, international trade data will be released in the US, along with wholesale inventory figures for April.
The trade data is expected to confirm a deficit of just over $US50 billion.
The May producer price index is set for release in the UK.
Rounding off the week, Sunday sees Minneapolis Federal Reserve president Narayana Kocherlakota talk before the Financial Intermediation Research Society conference in the US.
Elsewhere, Chicago Federal Reserve president Charles Evans will speak in New York.
In Europe, the European Union will hold kick off its two-day joint summit with Russia.
On Monday, Australian Securities and Investment Commission commissioner Peter Kell address a corporate summit in the Blue Mountains.
The two-day World Economic Forum on Europe, the Middle East, North Africa and Central Asia for 2012 will begin in Turkey.
Tuesday sees shadow minister for energy and resources Ian Macfarlane address a Committee for the Economic Development of Australia function in Sydney.
Horizon Power managing director Frank Tudor will speak at an AMCHAM business briefing in Perth.
Overseas, International Monetary Fund managing director Christine Lagarde and European Central Bank boss Oli Rehn and will speak at a conference in Europe.
On Wednesday, Mirvac Group and Gloucester Coal chairman James MacKenzie will address an Australian institute of Company Directors event in Adelaide.
Atlanta Federal Reserve president Dennis Lockhart will speak on the economy and monetary policy in the US.
Thursday brings a speech from NIB Health Fund chief executive officer Mark Fitzgibbon to an AMCHAM conference in Sydney.
US Federal Reserve chairman Ben Bernanke will testify on the economic outlook before the Congressional joint economic committee.
Elsewhere, Dallas Federal Reserve president Richard Fisher will speak on the implications of renminbi internationalisation on the US.
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