Three markets to watch next week (21.06.2024)

The next week on the markets looks to be calmer in terms of scheduled market events and macro releases. Nevertheless, there will still be some noteworthy events to follow, including release of US PCE data for May and flash CPI data for June from Europe. Be sure to watch USDCAD, EURTRY and US100 in the week ahead!

USDCAD

Releases of top-tier US and Canadian data this week may help ensure volatility on the USDCAD market. When it comes to US data, traders will focus on Conference Board consumer confidence index for June (Tuesday, 3:00 pm BST) and PCE inflation report for May (Friday, 1:30 pm BST). CAD traders will focus on Canadian CPI inflation data for May, which is scheduled for Tuesday, 1:30 pm BST. USDCAD has been pulling back for the past two weeks, although pace of this move was rather slow.

EURTRY

EURTRY could be one of the pairs that experience elevated volatility by the end of this week. Central Bank of the Republic of Turkey (CBRT) is scheduled to announce its next monetary policy decision this Thursday at 11:00 pm BST. No change in the level of rates is expected, but there is always scope for a surprise when it comes to CBRT. The pair may also experience elevated volatility on Friday, when flash CPI data for June from France and Spain is released.

US100

A strong, tech-driven rally on Wall Street has showed signs of cooling at the end of the previous week. Nevertheless, major US indices remain near or at all-time highs. Traders will look whether drivers of the ongoing rally – AI-related stocks – will regain strength after pullback that occurred at the end of the previous week. Also, given that we are approaching the end of the month and quarter, rebalancing flows may play a role. US100 climbed above 20,000 pts for the first time last week but will it remain there?