3 markets to watch next week - (16.06.2023)

6:12 PM 16 June 2023

The Fed, ECB and BoJ meetings are over, but June's marathon of central bank decisions isn't over yet! Next week, on Thursday, investors will have the opportunity to hear from the Bank of England, as well as the Swiss National Bank, while Fed Chairman Powell will appear in Congress on Wednesday and Thursday to deliver his semi-annual testimony. Finally, preliminary PMI indexes from Europe will be published on Friday. Be sure to watch GOLD, DE30 and GBPCHF in the coming week.


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The Federal Reserve kept interest rates unchanged last week for the first time in 15 months. However, the dot-plot turned out to be very hawkish, with the median suggesting two more rate hikes of 25 basis points this year, causing a pullback in the gold market. Fed Chairman Powell will appear in Congress for his semi-annual testimony on Wednesday and Thursday, next week (both at 3 pm BST). While his testimony is likely to reiterate his views from the post-meeting press conference, nevertheless, his answers to lawmakers' questions could provide a chance for a spike in volatility.


A new set of preliminary PMI indexes from Europe will be published this week, which could have an impact on European indices such as the DE30. The survey data for June will be released on Friday morning, with the German and French readings, at 10:15 a.m BST and 10:30 a.m BST respectively, receiving most of the attention. No major deviations from May's readings are expected - manufacturing indicators should remain in downward territory, while services data continue to point to expansion in the sector. 


GBPCHF is one of the currency pairs likely to see increased volatility on Thursday, June 22. This is due to the fact that both the Swiss National Bank and the Bank of England are expected to announce interest rate decisions. The SNB will announce its decision at 10:30 a.m. BST and is expected to raise rates by 50 bps. The BoE will announce its decision at 2:00 pm BST and is also expected to raise rates, but only by 25 bp. However, the SNB may meander in a dovish manner, as some see a case for a rate change of only 25 bp. Meanwhile, the Bank of England is expected to raise rates by 125 basis points by the end of the year.

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