Tuesday's Events: Bank of Canada Rate Decision, Trade Data for U.S. & Canada
The Bank of Canada's rate decision, some Fed speak and international trade statistics from the U.S. and Canada will top the day's economic events.
At 8:00 a.m. EDT, Dallas Federal Reserve President Richard Fisher will speak in New York City, NY on globalization and monetary policy at the Council on Foreign Relations.
At 8:30 a.m. EDT, the U.S. Trade Balance for April will be released. The trade balance is expected to decline further to -$60.0B, down from the previous month's -$58.2B.
At 8:30 a.m. EDT, Statistics Canada will release the international merchandise trade balance for April. Economists are expecting an expansion to C$5.7 billion from the previous month's C$5.5 billion level.
At 8:30 a.m. EDT, Federal Reserve Governor Frederick Mishkin will moderate a panel discussion on forecasting inflation at the Boston Fed's annual research conference.
At 9:00 a.m. EDT, the Bank of Canada will make an interest rate announcement. The bank is expected to cut rates to 2.75%.
At 10:00 a.m., the IBD/TIPP Economic Optimism Index will be released. The June forecast is for a reading of 40.0, a decrease from the prior level of 40.3.
At 10:00 a.m., Treasury Secretary Henry Paulson will speak in Washington, D.C. on U.S.-China economic relations and the upcoming meeting of the Strategic Economic Dialogue.
At 11:15 a.m. EDT, the Bank of Canada will hold a bond repurchase.
At 11:30 am EDT, European council bank member Axel Weber will hold a speech at the Ken Dixon Public Lecture Series in New York.
At 12:00 pm, Treasury Undersecretary McCormick will brief the pre-G8 summit in Washington, D.C.
At 12:00 p.m., ECB's Governing Council Member Athanasios Orphanides will speak at the Boston Fed conference on inflation expectations.
At 1:00 p.m., the U.S. Treasury will be selling $23B in 4 week bills
8:00 US Fed's Fisher Speaks in New York on Monetary Policy 10-June
8:30 CA International Merchandise Trade April Exp: +C$5.87 Prior: +C$5.5B
8:30 US Trade Balance April Exp: -$60.0B Prior: -$58.2B
8:30 US Fed's Mishkin Moderates Panel at Boston Fed Conference 10-June
8:55 US Redbook Retail Sales
9:00 CA Bank of Canada Rate 10-June Exp: 2.75% Prior: 3.00%
10:00 US TSY's Paulson speaks in Washington on U.S.-China Economic Ties
10:00 US IBD/TIPP Economic Optimism June Exp: 40.0 Prior: 40.3
10:30 CA BOC Bond Auction
11:15 CA BOC Bond Repurchase Operation
11:30 DE ECB's Weber Speaking in York
12:00 EU ECB's Orphanides Speaking at Boston Fed Conference
12:00 US Treasury Under Secretary McCormick To speak at pre-G8 Summit in Washington
13:00 US Treasury to Sell 4-Week Bills
17:00 US ABC Consumer Confidence 8-June Exp: -47 Prior: -45
By Erik Kevin Franco and edited by Cristina Markham