Wednesday preview: US Federal Reserve, China data in focus
All eyes on Wednesday will be on the US Federal Reserve as policymakers meet to decide on interest rates.
Nearly no changes are expected the central bank's policy settings, but rate-setters are expected to have started discussing about whether to begin tapering the Fed's asset purchases.
Any changes to the Fed's policy statement were likely to be minor, economists at Barclays Research said.
Nevertheless, it was a close call whether the so-called 'dot plot' diagram issued by the Fed would show the first interest rate hike not taking place until late 2023.
Technical adjustments to the IOER and RRP overnight rates were anticipated, but only so to better align the Fed funds rate with the central bank's target range of 0.0-0.25%.
On the other side of the world meanwhile, overnight China's National Bureau of Statistics will release a barrage of activity indicators referencing the month of May.
Annual rates of growth in fixed asset investment, industrial production and retail sales are all expected to reveal a slowdown in comparison to April.
On home shores meanwhile, the May consumer price report is forecast to show an acceleration in annual CPI from 1.5% for April to 1.8% in May.
Barclays Research however was anticipating a bigger pick up in CPI to 2.0% on the back of negative base effects largely related to energy prices.
Of particular interest in the print, Barclays added: "will be the extent to which lockdown-affected consumer facing sectors were able to demonstrate pricing power as the economy reopened and consumers normalised spending patterns."
Across the Channel meanwhile, at 1000 BST, European Central Bank vice-president, Luis de Guindos, will participate in a question and answers session at an event organised by Fundacion Civismo.
Wednesday 16 June
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INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (13:30)
Crude Oil Inventories (US) (15:30)
Housing Starts (US) (13:30)
Import and Export Price Indices (US) (13:30)
MBA Mortgage Applications (US) (12:00)
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UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (07:00)
Producer Price Index (07:00)
Retail Price Index (07:00)
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