Geopolitical tensions in the Middle East continue to send shockwaves through global markets, while the White House and President Trump remain a constant source of headline-driven volatility. A stream of unexpected remarks, abrupt policy signals, and unpredictable moves has left investors navigating an increasingly fragile and jittery trading environment.
In the upcoming week of June 1–7, 2026, market participants will be watching for the release of key macroeconomic data from China, Germany, Switzerland, the US, the Eurozone, Australia, Japan, and Canada. Friday’s monthly US Department of Labor report, featuring May employment data, will be of particular interest.
Note: During the coming week, new events may be added to the calendar, and/or some scheduled events may be canceled. GMT time
The article covers the following subjects:
Major Takeaways
- Monday: Speech by former Fed Chair Jerome Powell, China’s manufacturing PMI, Germany’s retail sales, Switzerland’s GDP, US manufacturing PMI (ISM).
- Tuesday: Eurozone CPI figures, the Bank of England Governor’s speech.
- Wednesday: Australia’s GDP, China’s services PMI, the Bank of Japan governor’s speech, the ADP report, US services PMI (ISM).
- Thursday: Australia’s trade balance, Switzerland’s CPI data, the Eurozone’s retail sales, and the Bank of England Governor’s speech
- Friday: Canadian and US labor market data, the Bank of England governor’s speech.
- Sunday: Japan’s GDP.
- Key event of the week: US labor market data for May.
Monday, June 1
00:30 – USD: Speech by former Fed Chair Jerome Powell
During his speech, former Fed Chair Jerome Powell may comment on the US economic outlook, monetary policy, and global financial trends. Powell could also reflect on his years leading the Federal Reserve and the policy challenges faced during his tenure. Although he stepped down as Fed Chair in May 15, 2026, he remains a member of the Board of Governors through 2028, making his remarks still closely watched by markets.
Possible topics of the speech:
- The Fed’s achievements during Powell’s leadership.
- The independence of the Fed.
- The current economic situation.
- New challenges facing the financial system.
- The transition to new leadership.
- Global risks.
- Cryptocurrencies and digital assets.
Even after leaving his post as chair, Jerome Powell may still capture analysts’ attention, as he remains an influential figure in the financial sector. His views may influence risk appetite and expectations regarding the Fed’s future policy.
01:45 – CNY: RatingDog China Manufacturing PMI
The RatingDog Manufacturing Purchasing Managers’ Index (PMI), released by Caixin Insight Group and S&P Global, is a leading indicator gauging business activity in China’s manufacturing sector. Since China is the world’s second-largest economy, its macroeconomic data releases can strongly influence financial markets.
Previous values: 52.2, 52.1, 50.1 in December 2025, 49.9, 50.6, 51.2 in September 2025.
A decline in the indicator value and reading below 50 may negatively affect the renminbi, as well as commodity currencies such as the New Zealand and Australian dollar. Data that exceeds forecasted or previous values will have a positive impact on these currencies.
06:00 – EUR: German Retail Sales
Retail sales are the main indicator of consumer spending in Germany. A high indicator reading boosts the euro, while a low one weakens the currency.
Previous values: -2.0% (-2.0% YoY), -0.6% (+0.7% YoY), -0.9% (+1.2% YoY), +0.1% (+1.5% YoY), -0.6% (+1.1% YoY) in December 2025, +0.2% (+0.2% YoY), -0.2% (+1.8% YoY), -1.5% (+1.9% YoY), +1.0% (+4.9% YoY), -1.6% (+1.6% YoY), -1.1% (+2.3% YoY), -0.2% (+2.2% YoY), +0.8% (+4.9% YoY), +0.2% (+2.9% YoY), -1.6% (+1.8 YoY) in January 2025, -0.6% (+2.5% YoY), -1.5% (+1.0% YoY), +1.2% (+3.8% YoY), +1.6 (+2.1% YoY), -1.2% (-0.6% YoY), +2.6% (-1.9% YoY), -1.5% (+2.2% YoY), -0.3% (-1.2% YoY) in January 2024.
The data suggests that the German economy’s recovery has been uneven, with some months experiencing a slowdown. Indicator readings higher than forecasted and/or previous values are likely positive for the euro in the short term.
07:00 – CHF: Switzerland’s GDP for Q1 2026
GDP is considered an indicator of the general state of a country’s economy, which measures its growth or decline rate. The GDP report represents the total monetary value of all final goods and services produced by Switzerland over a given period. A rising trend of the GDP indicator is considered positive for the Swiss franc, while a low result is considered negative.
Previous values: +0.1% (+0.7% YoY), -0.5% (+0.5% YoY) in Q4 2025, -0.5% (+0.5% YoY) in Q3, +0.1% (+1.2% YoY) in Q2, +0.5% (+2.0% YoY) in Q1 2025, +0.2% (+1.5% YoY) in Q4 2024, +0.4% (+2.0% YoY) in Q3, +0.7% (+1.8% YoY) in Q2, +0.5% (+0.6% YoY) in Q1, +0.3% (+0.6% YoY) in Q4 2023, +0.3% (+0.3% YoY) in Q3, 0% (+0.5% YoY) in Q2, +0.3% (+0.6% YoY) in Q1 2023.
The data indicate that the Swiss economy is recovering, albeit still at a slow pace, which is a positive factor for the Swiss franc.
If the data prove to be lower than forecast, the Swiss franc may decline in the short term. However, the currency will not fall sharply, as it is in strong demand as a defensive asset. Better-than-forecast data may strengthen the franc in the short term.
14:00 – USD: US ISM Manufacturing Purchasing Managers’ Index
The US PMI, published by the Institute for Supply Management (ISM), is an important measure of the US economy. When the index surpasses 50, it bolsters the US dollar, whereas readings below 50 have a detrimental effect on the greenback.
Previous values: 52.7, 52.7, 52.4, 52.6 in January 2026, 47.9 in December 2025, 48.0, 48.8, 48.9, 48.9, 48.4, 49.0, 48.6, 48.8, 48.9, 50.0, 50.9 in January 2025, 49.2 in December 2024.
The index has been below the 50 level for several months now, indicating a slowdown in this sector of the US economy. The growth of index values supports the US dollar. Conversely, if the index reading falls below the forecasted values or below 50, the greenback may sharply depreciate in the short term.
Tuesday, June 2
09:00 – EUR: Harmonised Index of Consumer Prices. Core HICP (Flash)
The Harmonised Index of Consumer Prices (HICP) is published by Eurostat and measures the change in prices of a selected basket of goods and services over a specific period. The index is a key indicator for assessing inflation and changes in consumer preferences. A positive reading strengthens the euro, while a negative reading weakens it.
Previous values (YoY): +3.0%, +2.6%, +1.9%, +1.7% in January 2026, +1.9% in December 2025, +2.1%, +2.2%, +2.0%, +2.0%, +2.0%, +1.9%, +2.2%, +2.2%, +2.3%, +2.5% in January 2025, +2.4% in December 2024, +2.3%, +2.0%, +1.7%, +2.2%, +2.6%, +2.5%, +2.6%, +2.4%, +2.4%, +2.6%, +2.8% in January 2024, +2.9%, +2.4%, +2.9%, +4.3%, +5.2%, +5.3%, +5.5%, +6.1%, +6.1%, +7.0%, +6.9%, +8.5%, +8.6% in January 2023, +9.2%, +10.1%, +10.6%, +9.9%, +9.1%, +8.9%, +8.6%, +8.1%, +7.4%, +7.4%, +5.9%, +5.1% in January 2022.
If the data is worse than the forecasted value, the euro may face a short-term but sharp decline. Conversely, if the data surpasses the forecast and/or the previous value, it could strengthen the euro in the short term. The ECB’s consumer inflation target is just below 2.0%, and the reading suggests that inflation continues to decline in the Eurozone.
According to the accompanying statement following the ECB’s October 2024 meeting, when its leaders decided to cut the benchmark interest rate by 25 basis points, the regulator stated that the disinflation process is underway.
And now, the ECB administration is signaling its intention to continue easing its monetary policy, which is a negative factor for the euro.
The Core Harmonized Index of Consumer Prices (Core HICP) measures the price change of a selected basket of goods and services over a specified period and serves as a key indicator for assessing inflation and consumer preferences. Food and energy are excluded from this indicator in order to provide a more accurate assessment. A high result strengthens the euro, while a low one weakens it.
Previous values YOY: +2.2%, +2.3%, +2.4%, +2.3% in January 2026, +2.3% in December 2025, +2.4%, +2.4%, +2.3%, +2.3%, +2.3%, +2.3%, +2.7%, +2.4%, +2.6%, +2.7% in January 2025, 2.7% in December 2024, +2.7%, +2.7%, +2.7%, +2.8%, +2.9%, +2.9%, +2.9%, +2.7%, +2.9%, +3.1%, +3.3% in January 2024, +3.4%, +3.6% +4.2%, +4.5%, +5.3%, +5.5%, +5.5%, +5.3%, +5.3%, +5.6%, +5.7%, +5.6%, +5.3%, +5.2%, +5.0%, +5.0%, +4.8%, +4.3%, +4.0%, +3.7%, +3.8%, +3.5%, +3.0%, +2.7%, +2.3% in January 2022.
If the May 2026 figures are weaker than the previous or forecasted value, the euro may be negatively affected. If the data turns out to be better than the forecasted or previous value, the currency will likely grow.
According to recently reported data, the eurozone’s core inflation rate is still high, above the ECB’s target of 2.0%. As a result, the ECB is inclined to maintain high interest rates, which is favorable for the euro in normal economic conditions.
14:00 – GBP: Bank of England Governor Andrew Bailey’s Speech
Market participants are waiting for Andrew Bailey to clarify the future policy of the UK central bank. Typically, during the speech of the Bank of England governor, the British pound and the FTSE index of the London Stock Exchange face a significant spike in volatility, especially if there are any indications regarding monetary policy tightening or easing. Andrew Bailey will likely explain the Bank of England’s interest rate decision and discuss the UK economy’s health and prospects against the backdrop of high energy prices and inflation. If Bailey does not address monetary policy issues, the reaction to his speech will be subdued.
Wednesday, June 3
01:30 – AUD: Australian GDP for Q1
The Australian Bureau of Statistics releases its report on the country’s GDP for Q4 2024. GDP is a key indicator of the Australian economy’s health. A strong report will bolster the Australian dollar, while a weak GDP report will drag the currency down.
Previous values: +0.8% (+2.6%), +0.4% (+2.1% YoY) in Q3 2025, +0.6% (+1.8% YoY) in Q2 2025, +0.3% (+1.4% YoY) in Q1 2025, +0.6% (+1.3% YoY) in Q4 2024, +0.3% (+0.8% YoY) in Q3, +0.2% (+1.0% YoY) in Q2, +0.1% (+1.1% YoY) in Q1 2024, +0.2% (+1.5% YoY) in Q4 2023, +0.2% (+2.1% YoY) in Q3, +0.4% (+2.1% YoY) in Q2, +0.2% (+2.3% YoY) in Q1 2023, +0.5% (+2,7% YoY) in Q4, +0.6% (+5.9% YoY) in Q3, +0.9% (+3.6% YoY) in Q2, +0.8% (+3.3% YoY) in Q1, +3.4% (+4.2% YoY) in Q4, -1.9% in Q3, +0.7% in Q2, +1.8% in Q1 2021. A higher reading is positive for the Australian dollar, while a lower reading is negative. If the data falls short of the forecast, the currency may decline.
01:45 – CNY: RatingDog China Services PMI
The RatingDog Purchasing Managers’ Index (PMI), released by Caixin Insight Group and S&P Global, is a leading indicator gauging business activity in China’s services sector. Since China is the world’s second-largest economy, its macroeconomic data releases can strongly influence financial markets.
Previous values: 52.6, 52.1, 56.7, 52.3 in January 2026, 52.0 in December 2025, 52.6, 52.9 in September 2025.
Although an index value above 50 indicates growth, a relative decline in the indicator may adversely affect the yuan. Since China is the most important trade and economic partner of Australia and New Zealand, a deterioration in Chinese macro data may negatively impact the Australian and New Zealand dollars. Conversely, an increase in Chinese macro figures is usually positive for these currencies.
08:50 – JPY: Speech by Bank of Japan Governor Kazuo Ueda
In his upcoming speech, Bank of Japan Governor Kazuo Ueda is expected to comment on the bank’s monetary policy. Markets typically react strongly when the Bank of Japan governor addresses this topic, especially if he makes unexpected remarks, leading to increased volatility in yen trading as well as in Asian and global financial markets. Conversely, if he does not mention monetary policy, the market reaction will likely be subdued.
Expected after 09:00 – GBP: Inflation Report Hearing
The Bank of England Governor and members of its Monetary Policy Committee will speak to Parliament about the current state of the economy and its future outlook. During this address, volatility in the British pound may rise sharply. One of the main benchmarks for the Bank of England regarding the UK monetary policy outlook, apart from GDP, is the inflation rate. If the tone of the report is soft, the UK stock market will be supported, and the pound will decline. Conversely, the hawkish tone of the Bank of England officials regarding curbing inflation, implying an interest rate hike, will lead to the strengthening of the pound.
12:15 – USD: ADP Private Sector Employment Report
The ADP report on private sector employment significantly impacts the market and the US dollar. An increase in this indicator value positively affects the greenback. The number of workers in the US private sector is expected to increase in May after +109k in April, +61k in March, +66k in February, +11k in January, +37k in December 2025, -29k in November, +47k in October, -29k in September, -3k in August, +106k in July, -23k in June, +29k in May, +60k in April, +147k in March, +84k in February, +186k in January 2025, +176k in December 2024,+146k in November, +184k in October, +159k in September, +103k in August, +111k in July, +155k in June, +157k in May, +188k in April, +208k in March, +155k in February, +111k in January 2024, +158k in December, +104k in November, +111k in October, +137k in September, +135k in August, +307k in July, +543k in June, +206k in May, +293k in April, +103k in March, +275k in February, +131k in January 2023.
The growth of the index values may positively affect the US dollar, while low index readings may adversely influence it. A negative market reaction and a potential decline in the dollar may occur if the data turns out to be worse than forecasted.
The ADP report is not directly correlated with the official data of the US Department of Labor, which is due on Friday. However, the ADP report often serves as a forerunner of the department’s data and significantly influences the market.
14:00 – USD: US ISM Services Purchasing Managers’ Index
The PMI assesses the state of the US services sector, accounting for about 80% of US GDP. The share of final goods production is about 20% of GDP, including 1% for agriculture and 18% for industrial production. Therefore, the publication of the services sector data significantly impacts the US dollar. An indicator reading above 50 is positive for the currency.
Previous readings: 53.6 in April, 54.0 in March, 56.1 in February, 53.8 in January 2026 and December 2025, 52.4 in November, 52.0 in October, 50.3 in September, 51.9 in August, 50.5 in July, 50.8 in June, 50.2 in May, 51.6 in April, 50.8 in March, 53.2 in February, 52.8 in January 2025.
The growth of index values will favorably affect the US dollar. However, a relative decline in the index values and readings below 50 may negatively affect the US dollar in the short term.
Thursday, June 4
01:30 – AUD: Australia’s Balance of Trade
The Balance of Trade is an indicator that measures the ratio of exports to imports. An increase in Australian exports leads to a larger trade surplus, positively affecting the Australian dollar. Previous values (in billion Australian dollars): -1.841 in March, 5.026 in February, 2.258 in January, 3.373 in December, 2.597 in November, 4.353 in October, 3.707 in September, 1.111 in August, 6.612 in July, 5.366 in June, 1.604 in May, 4.859 in April, 6.892 in March, 2.921 in February, 5.156 in January 2025, 4.924 in December, 6.792 in November, 5.670 in October, 4.5362 in September, 5.284 in August, 5.636 in July, 5.425 in June, 5.052 in May, 6.678 in April, 4.841 in March, 6.707 in February, and 9.873 in January 2024.
A decrease in the trade surplus could negatively affect the Australian dollar, while an increase in the indicator figure may bolster the currency.
06:30 – CHF: Switzerland Consumer Price Index
The Consumer Price Index (CPI) reflects the retail price trends for a group of goods and services comprising the consumer basket. The CPI is a key gauge of inflation. Additionally, the index has a significant impact on the value of the Swiss franc.
In April 2026, consumer inflation posted +0.3% (+0.6% YoY), following +0.2% (+0.3% YoY), +0.6% (+0.1% YoY), -0.1% (+0.1% YoY), and 0% (+0.1% YoY) in December 2025.
An index reading below the forecasted or previous value may weaken the Swiss franc, as low inflation will force the Swiss Central Bank to ease its monetary policy. Conversely, a high reading would be positive for the Swiss franc.
10:00 – EUR: Eurozone Retail Sales
Retail sales data is the main measure of consumer spending, indicating the change in sales volume. A high indicator result strengthens the euro, while a low one weakens it.
Previous figures: -0.1% (+1.2% YoY), -0.2% (+1.7% YoY), -0.1% (+2.0% YoY) in January 2026, +0.2% (+1.8%YoY) in December 2025, 0% (+2.6% YoY), +0.4% (+2.1% YoY), +0.3% (+1.4% YoY), -0.1% (+1.8%YoY), -0.1% (+2.7% YoY), +0.5% (+3.8% YoY), -0.2% (+2.3%YoY), +0.5% (+3.0% YoY), -0.2% (+2.3% YoY) in January 2025.
15:40 – GBP: Bank of England Governor Andrew Bailey’s Speech
Market participants are waiting for Andrew Bailey to clarify the future policy of the UK central bank. If Bailey does not address monetary policy issues, the reaction to his speech will be subdued.
Friday, June 5
12:30 – CAD: Canada’s Unemployment Rate
Statistics Canada will release the country’s May labor market data. Massive business closures due to the coronavirus and layoffs have also contributed to the unemployment rate, increasing from the usual 5.6–5.7% to 7.8% in March and 13.7% in May 2020.
In April, unemployment stood at 6.9% against 6.7% in March, February, 6.5% in January 2026, 6.8% in December, 6.5% in November, 6.9% in October, 7.1% September and August, 6.9% in July and June, 7.0% in May, 6.9% in April, 6.6% in February and January 2025, 6.7% in December 2024, 6.8% in November, 6.5% in October and September, 6.6% in August, 6.4% in July and June, 6.2% in May, 6.1% in April and March, 5.8% in February, 5.7% in January 2024, 5.8% in December and November 2023, 5.7% in October, 5.5% in September, August, and July, 5.4% in June, 5.2% in May, 5.0% in April, March, February, January, December, 5.1% in November, 5.2% in October and September, 5.4% in August, 4.9% in July and June, 5.1% in May, 5.2% in April, 5.3% in March, 5.5% in February, 6.5% in January 2022.
If the unemployment rate continues to rise, the Canadian dollar will depreciate. If the data exceeds the previous value, the Canadian dollar will strengthen. A decrease in the unemployment rate is a positive factor for the Canadian dollar, while an increase is a negative factor.
12:30 – USD: Average Hourly Earnings. Private Nonfarm Payrolls. Unemployment Rate
The most significant US labor market indicators for May.
Previous figures: +0.2% in April and March, +0.4% in February and January 2026, +0.3% in December 2025, +0.1%, +0.4%, +0.2% in September, +0.4% in August, +0.3% in July, +0.2% in June, +0.4% in May, +0.2% in April, +0.3% in March and February, +0.5% in January 2025, +0.3% in December 2024, +0.4% in November, October, September, and August, +0.2% in July, +0.3% in June, +0.4% in May, +0.2% in April, +0.3% in March, +0.1% in February, +0.6% in January 2024, +0.4% in December and November 2023, +0.2% in October, September, and August, +0.4% in July and June, +0.3% in May, +0.5% in April, +0.3% in March, +0.2% in February, +0.3% in January 2023 / 178,000 in March, -133,000 in February, 160,000 in January 2026, 48,000 in December 2025, 41,000 in November, -140,000 in October, 76,000 in September, -70,000 in August, 64,000 in July, -20,000 in June, 13,000 in May, 108,000 in April, 67,000 in March, 42,000 in February, -48,000 in January 2025, 237,000 in December 2024 / 4.3% in March, 4.4% in February, 4.3% in January 2026, 4.4% in December 2025, 4.5%, 4.4% in September, 4.3% in August and July, 4.1% in June, 4.3% in May, 4.2% in April, March, and February, 4.0% in January 2025, 4.1% in December 2024, 4.2% in November, 4.1% in October and September, 4.2% in August, 4.2% in July, 4.1% in June, 3.9% in May, April, and March, 3.9% in February, and 3.7% in January 2024.
Overall, the values are positive. Nevertheless, it is often difficult to predict the market’s reaction to the data release, given that many previous figures can be revised. This task becomes even more challenging now due to the contradictory economic situation in the US and many other large economies, with the looming risk of recession alongside persistently high inflation.
Regardless, the release of the US labor market data is anticipated to prompt increased volatility not just in the
18:00 – GBP: Bank of England Governor Andrew Bailey’s Speech
Market participants are waiting for Andrew Bailey to clarify the future policy of the UK central bank. If Bailey does not address monetary policy issues, the reaction to his speech will be subdued.
Sunday, June 7
23:50 – JPY: Japan GDP for Q1 2026 (Final Estimate)
GDP is a measure of a country’s overall economic condition, which assesses the rate of growth or decline of a country’s economy. The Gross Domestic Product report, published by the Cabinet Office of Japan, represents the total value of all final goods and services produced by Japan over a certain period in monetary terms. A rising trend in GDP is seen as positive for the yen, while a low reading is seen as negative.
In Q4 2025 the country’s GDP stood at +0.2% (+0.8% YoY) after -0.6% (-2.3% YoY) in Q3, +0.5% (+2.1% YoY) in Q2, 0% (-0.2% YoY) in Q1 2025, +0.6% (+2.2% YoY) in Q4 2024, +0.3% (+0.9% YoY) in Q3, +1.0% (+3.9% YoY) in Q2, -0.3% (-1.3% YoY) in Q1 2024, -0.1% (-0.4% YoY) in Q4 2023. The data suggests a bumpy recovery for the Japanese economy after it collapsed due to the coronavirus pandemic in 2020.
The forecast implies that Japan’s GDP increased in Q1 2026, which is positive for the yen. Readings that exceed expectations will undoubtedly bolster the yen and Japanese stock indices. Conversely, underperformance will exert pressure on them.
The preliminary estimate stood at +0.5% (+2.1% YoY).
Price chart of USDX in real time mode
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