![– RBA, SNB and BoE next to decide, CPI and PMI data also on tap [Video]](https://i.headtopics.com/images/2024/6/14/fxstreetnews/rba-snb-and-boe-next-to-decide-cpi-and-pmi-data-al-rba-snb-and-boe-next-to-decide-cpi-and-pmi-data-al-715FAFF6CB313C7B0BBF8818850C7DD5.webp)
It will be another central-bank-heavy week with the RBA, SNB and BoE. None are expected to cut but there’s room for surprises. Retail sales will be the highlight in the United States. Plenty of other data also on the way, including flash PMIs and UK CPI.
RBA is in a pickle The Reserve Bank of Australia will keep the central bank theme going on Tuesday when it meets for its June policy decision. Like their global peers, RBA policymakers had been hoping that their job was going to get a lot easier this year. But a muddy economic picture and sticky inflation have complicated the policy path. Inflation has been gradually edging higher all year, with the monthly CPI reading ticking up to 3.
The CPI numbers for May are due on Wednesday, to be followed on Friday by retail sales figures for the same month, as well as the flash PMI estimates for June. Investors have currently assigned odds of about 40% for a cut in August, while a 25-bps reduction isn’t fully priced in until November. But markets may be underestimating the BoE’s eagerness to begin the easing cycle and should headline CPI drop below 2% in May, hopes of a summer rate cut will get a boost.
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