Need to Know
The main focus of the trading week is on the FOMC (Federal Open Market Committee) meeting minutes which are released on Wednesday and the Canadian interest rate decision which takes place on Thursday.
British PM, Theresa May, Speaks on Monday, 22 May.
Theresa May, the Prime Minister of the United Kingdom, is expected to speak in an interview with the BBC at 6pm BST.
Why should you care? The UK will hold a general election on Thursday, 8 June 2017. So called 'Brexit' is expected to dominate the election campaign.
Eurogroup Meetings Will Take Place on Monday, 22 May.
Eurogroup meetings are attended by, among others, the finance ministers of the Euro area member states and the president of the European Central Bank (ECB). The meetings are closed to the public and press, but a formal statement will most likely mention the meeting objectives.
Why should you care? The Eurogroup coordinates economic policies of the Eurozone and hence their policy decisions could have a potentially significant impact on the EU economy.
German Ifo Business Climate Is Announced on Tuesday, 23 May.
The index is based on surveys with 7,000 businesses, such as manufacturers, builders, wholesalers, and retailers. They are asked to rate the relative level of current business conditions and estimate their expectations for the coming months.
Why should you care? Movement in the German Ifo figure tends to provide early signals of economic change. The previous figure is 112.9 and the current forecast is 113.1.*
The ECB President Is Speaking on Wednesday, 24 May.
Mario Draghi, the President of the European Central Bank (ECB), is expected to speak at a conference on Financial Stability in Madrid, Spain. The Bank of Spain is the organiser of this first-time event.
Why should you care? Any speech by a central bank president in the US or Eurozone is always a point of interest because of their potential to reveal information about the future direction of the economy and monetary policy.
The Interest Rate Decision in Canada on Wednesday, 24 May.
The Bank of Canada (BOC) will announce its interest rate decision at 2pm GMT. The rate indicates what major financial institutions use to borrow and lend. After the rate announcement there will be a rate statement which is used by the BOC to communicate their economic outlook and policy decisions.
Why should you care? The interest rate is the primary tool for Central Banks to direct monetary policy. The interest rate decision is expected to stay at 0.5%, as it was in the previous announcement.*
The Fomc Meeting Minutes Are Released on Wednesday, 24 May.
The FOMC (Federal Open Market Committee) statement is a detailed record of the most recent meeting. It communicates the monetary policy towards the public, traders, and investors which indicates their voting, commentary, and their economic outlook.
Why should you care? The changes in the FOMC statement indicate how the board members have changed their view on the economic development of the US.
A Bank Holiday Takes Place on Thursday, 25 May.
Many European countries such as France, Germany and Switzerland have official public holidays on Thursday, 25 May.
Why should you care? The Forex, CFD, and financial markets could be slower and quieter in their price movements at the beginning of the European open, but London and New York, however, remain open and hence should see less or little impact.
Opec Meetings Take Place on Thursday, 25 May.
The OPEC (Organisation of Petroleum Exporting Countries) is attended by 13 oil-rich nations who discuss a range of energy issues and production.
Why should you care? The OPEC group represents around 40% of the world's oil supply. Shifts in production tend to impact oil price.
Preliminary GDP Figures in the US Are Announced on Friday, 26 May.
The Gross Domestic Product (GDP) indicates the change in the value of good and services produced in the US economy.
Why should you care? The GDP growth rate quarter to quarter was previously 2.1% and is now forecasted at 0.9%.(*)
Source: GDP rate in the US.