How far is Hungary from adopting the euro? New report due this week
On Monday morning, the MNB is to publish its foreign exchange reserves data for the end of May. It will also hold its weekly FX swap tender, but due to its expanded toolkit the importance of this event has declined greatly over the last few months. Germany's industrial production statistics for April also deserve attention, given that the country is Hungary's largest trading partner.
On Tuesday morning, the Central Statistical Office (KSH) is to release foreign trade data for April and, more importantly, the consumer price index for May. It is also a question whether the central bank will buy government securities again after a pause last week or the break in the programme will prove to be longer. Eurostat, the statistical office of the European Union, is to publish revised Q1 GDP data in the morning, which will give us the final growth ranking for the bloc.
On Wednesday morning, the MNB is going to publishi its monthly government securities statistics for April. The ECB is to deliver its regular convergence report also in the morning, in which the bank analyses non-euro area member states' chances for euro adoption, including a look at their progress in meeting the accession criteria. The Organisation for Economic Cooperation and Development (OECD) is also to publish an updated economic forecast, also for Hungary. In the United States, they will release inflation data for May, and markets will be keeping a close eye on the Federal Reserve's policy meeting and the subsequent press conference by Fed chair Jerome Poweell.
On Thursday morning, the MNB is scheduled to release the aggregated balance sheet of credit institutions, and the KSH is going to publish the latest vital events stats. We should also mention the Government Debt Management Agency's (ÁKK) regular weekly bond auction and the central bank's 1-week deposit tender. In the U.S., the number of initial jobless claims is expected to a show further decline.
On Friday, the latest industrial production figures will be in focus in Hungary. The stats office is to publish detailed IP data which will reveal why there was such a collapse in production in April. Similar statistics are to be released in the United Kingdom and elsewhere in Europe.
Cover photo: Getty Images
