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Upcoming key forex events, the UK takes center stage

GBPUSD News by Allie Longford on 02:28 June 05, 2017 EST

The week starts with both the German and French markets closed on Monday, but it gets interesting towards the end of the week.

Instability emerges at the beginning of the week in the Middle East with Qatar being repudiated by four of of its neighbours -including Saudi Arabia- on the suspicion the tiny estate may be funding terror groups in the region. But so far, the market is not reacting to the news and oil price has barely moved, a WTI barrel still costs $48 unchanged from Friday.

At 10 am Eastern time the ISM Non-Manufacturing PMI will give as some hint on the health of the US economy. It is expected to provide a reading well above 50, meaning continuous industry expansion.

On Tuesday the RBA will probably confirm the key interest rate at a 1.5% in Australia.

On Thursday Mario Draghi will be up on stage and he is likely to announce no major change on the central bank's policy although some expect hints on future tapering of the existing European QE program. Also, the Department of Labor will produce its latest unemployment claims report in the US.

More importantly the UK will held its general election. Theresa May is expected to win but an unexpected victory of marxist Corbyn would definitely bring fireworks in forex and equity markets. Corby appears to be so unpopular that even its own party does not feature him on the front page of its website but let's not underestimate the power of the Conservative to bring chaos to the table.