The economic calendar is not full of major economic events this week, and the market's attention will be focused on the US administration's imposition of new tariffs on Chinese imports of about $ 50 billion and China's threat to respond.
Also, there will be panel discussions at the Central Bank Forum which held in Portugal and a number of central bank governors will make several statements during the week
Highlights of the week are:
Tuesday - RBA Meeting minutes
The RBA minutes are expected to be released which kept rates at 1.5% for the 20th consecutive meeting, almost for two years. The Bank's concern may be on rising trade tensions and shedding light on the Bank's future plans.
Also, the Bank of Japan meeting minutes will be released which it kept its monetary policy unchanged while keeping interest rates in negative range.
Wednesday - New Zealand growth data
The New Zealand economy grew by 0.6 percent on a quarterly basis and by 2.9 percent on yearly basis in the fourth quarter of 2017. The economy is expected to slow in the first quarter of 2018, with the economy expected to grow by 0.5 percent on a quarterly basis and by 2.7 percent on yearly basis.
Thursday - interest rate decision in Switzerland and UK
The Swiss National Bank (SNB) announces its interest rate decision every quarter. The bank has not changed its policy since January 2015 when it pegged the Swiss franc to the euro and cut interest rates to -0.75% and its policy is expected to remain unchanged at this meeting.
Also, there will be a meeting of the Bank of England and interest rates are expected to remain unchanged at 0.5% as inflation slows. The decision will be followed by a press conference by Mark Carney, Governor of the Bank of England.
Friday - OPEC meeting and Canadian inflation data
The Bank of Canada seems optimistic about inflation figures as well as recent wage data that looks promising, and the CPI is expected to rise by 2.1% in May on an annualized basis.
Markets will be looking at OPEC meeting with major oil producers, led by Russia in the Austrian capital, to review and evaluate the production cut-off agreement. Most experts expect the amendment to be revised with Russia's pressure to raise output amid opposition from some OPEC members, Iran and Venezuela, where they want to keep the deal unchanged.
