The markets are awaiting this week for many important economic data that will have an impact on the movements of the currency markets, as it is expected that the Central Bank of Canada and the European Central Bank will announce their monetary policy during the current week, in addition to many separate data such as US inflation data, which will affect directly on the monetary policy of the US Federal Reserve. European Central Bank One of the most important events this week is the European Central Bank’s meeting, led by Bank President Christine Lagarde, next Thursday, where the bank’s monetary policy and the current bond purchase pace will be announced. Monetary policy is not expected to be changed at the current Bank meeting despite the rise in inflation in April, but it is expected that the discussion of extending the current pace of bond purchases or raising their levels will be discussed. Central Bank of Canada The markets are also awaiting the monetary policy statement of the Central Bank of Canada next Wednesday, especially after the disappointing data in the employment sector last week. After the bank’s decision in April to cut asset levels by a quarter to reach C$3 billion, we are not expected to see a change in the bank’s monetary policy this week, but the tone of the bank’s statement remains an important factor in the movements of the Canadian dollar. US inflation data In the United States of America, attention will be directed to the inflation data that will be released next Thursday, as the inflation data is considered the dynamo that drives the decisions of the US Federal Reserve, whose mission is to stabilize prices (inflation) and improve employment levels (the labor market), and accordingly any rise in inflation rates will put pressure on members The US Federal Reserve will meet in the middle of this month. The current inflationary pressures are considered by the US Federal Reserve as temporary and transitory pressures, but if they continue, the US Federal Reserve will be forced to change its monetary policy, hence the importance of the inflation data that will be issued next Thursday. The markets are also waiting for a lot of miscellaneous data during this week’s sessions that will have an impact on market movements.