Key Economic Events and Speeches to Watch for in the Financial Markets

The Bank of Japan Governor Ueda made headlines today with his comments suggesting a possible interest rate hike next month, depending on economic data. Ueda also mentioned that higher import costs from the weak yen could negatively impact household spending, but increasing wages may help support consumption and keep the economy on track for a moderate recovery.

Despite Ueda’s comments, the USD/JPY pair did not see much movement, hovering in a small range throughout the session. Other major currency pairs like EUR/USD, AUD/USD, NZD/USD, GBP/USD, and CAD/USD also followed similar patterns, staying near their session lows.

Looking ahead, the Reserve Bank of Australia is expected to announce its decision on interest rates, with Governor Bullock’s press conference to follow. The RBA is likely to keep rates on hold, with a focus on inflation staying above the target band of 2-3%.

In the US, Tuesday will bring May retail sales data and speeches from several Federal Reserve officials. With the US markets closed on Wednesday for Juneteenth, it seems officials are eager to make their voices heard before the mid-week break.

Overall, the day saw light news and data flow, with currency pairs trading in narrow ranges. Stay tuned for more updates on the market movements and upcoming events.