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Market Week Ahead: Central Banks and Inflation; NFP Results

June 07, 2021 – Last week, US Non-Farm Payroll data was weaker than expected at +559,000 vs an expectation of +650,000. This week, we take a look at Central Banks and the possibility of inflation.

Bank of Canada (BOC)

At its last meeting on April 21st, the Bank of Canada cut bond purchases from C$4 billion per week to C$3 billion per week. 

The Markit Manufacturing PMI and the Ivey PMI (both for May) were strong.  But the Canadian Dollar is strong as well, as Crude Oil approaches $70.

European Central Bank (ECB)

The ECB also meets this week at their June interest rate decision meeting.  However, expectations are quite different from those of the BOC.

European manufacturing and services data were strong in May, while inflation has been moderate.  The ECB has no intention of tapering.

Inflation

Inflation data from China and the US will be highlights for this week.  China’s CPI and PPI will be noted but will be a sideshow to the US CPI.

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