The Swiss National Bank (SNB) has also made mention of possible rate hikes to stem inflationary pressures leaving the Bank of Japan on its own. Get your market update from RichardSnowFX here:
High impact US data under the microscope amid recession worries SNB and ECB Talk up Rate Hikes While BoJ Remains Resolute on Dovish Stance
The dovish ECB is now almost certainly set to hike interest rates in July after numerous mentions of the anticipated rate hike by various governing council members over the last few weeks, with some even mentioning 50 basis points although this seems very unlikely. Now the Swiss National Bank has also made mention of possible rate hikes to stem inflationary pressures leaving the Bank of Japan on its own.
In the absence of high impact data out of Japan, the US data is likely to attract a lot more attention after signs of economic fragility have surfaced in the United States. The Q1 2022contraction was the first sign of trouble followed by warnings from Walmart and Target about lower forecasted earnings as consumers shift towards cheaper alternatives and input costs continue to rise.
In addition, tomorrow, the Michigan Consumer Sentiment survey is likely to confirm a rather sizeable drop in individuals’ personal economic prospects, as well as the general state of the economy in the near term. Staying with Friday we also have the core and headline measures of Personal Consumption Expenditure index (the
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