In an otherwise relatively quiet week in which the only upcoming US data is housing, current account and jobless claims, UK politics will again draw attention, one year (on Friday) after the Brexit referendum and as noted earlier, Brexit negotiations begin on Monday, despite lingering political uncertainty in the UK. Also no less than 9 FOMC members are scheduled to speak this week.
On Wednesday the Queen’s Speech will mark the opening of parliament and outline the government’s legislative program, despite no formal agreement between the Conservative Party and the DUP (at time of writing). Bank of England speakers will also get attention after last week’s surprisingly hawkish BOE, particularly Governor Carney’s re-scheduled Mansion House speech. Overall we could see a headline-heavy week, making for a volatile period ahead for GBP.
A quick snapshot of what to expect:
A very light calendar in the US, with only housing data, current account
balance and the usual weekly jobless claims. We do hear from various
Fed speakers, including New York Fed President Dudley on Monday and Vice
Chair Fischer on Tuesday.
This post was published at Zero Hedge on Jun 19, 2017.