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Weekly Macro Outlook: SpaceX IPO Imminent, Potential Acceleration of US CPI to Trigger Market Turbulence

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June 7. Following the release of much stronger-than-expected U.S. non-farm payrolls data on June 5, market pricing has shifted sharply higher for a Federal Reserve interest rate hike this year. Spot gold prices have declined for four consecutive weeks, with Deutsche Bank lowering its gold price target to $4,800 per ounce. The U.S. Dollar Index (DXY) has climbed to just above the 100 level. Non-U.S. currencies have traded largely range-bound against the greenback, with the Japanese yen coming under significant pressure—the USD/JPY pair has repeatedly neared the 160 threshold, rekindling market focus on potential intervention from Japanese authorities. Looking ahead, key inflation data will drive next week’s trading: the June Consumer Price Index (CPI) and Producer Price Index (PPI) reports are set for release on Wednesday and Thursday respectively, and they rank among the most anticipated events on the global macro calendar. Forecasts call for year-over-year gains in both U.S. nominal and core CPI to accelerate, hitting 4.2% (the highest reading since June 2023) and 3% respectively. Such outcomes are expected to trigger sharp volatility across global financial markets. Additionally, SpaceX will make its highly anticipated NASDAQ debut on June 12 under the ticker symbol SPCX. The IPO is priced at $135 per share, with the company targeting to raise $75 billion. Investor subscriptions for the offering have topped roughly $150 billion—double the fundraising target—setting a new global record for an initial public offering. Below is an overview of key weekly macro events and data: Monday - U.S. May New York Fed 1-Year Inflation Expectations - U.S. ADP Employment Change for the week ended May 23 Tuesday - U.S. April Wholesale Sales MoM - U.S. API Crude Oil Stock Change for the week ended June 5 - China May CPI YoY Wednesday - U.S. May Unadjusted CPI; U.S. May Seasonally Adjusted Core CPI MoM - Bank of Canada Interest Rate Decision (as of June 10) - U.S. EIA Crude Oil Stocks, Cushing Crude Oil Stocks, and U.S. EIA Strategic Petroleum Reserve levels for the week ended June 5 - Oracle Q4 FY2026 earnings (after market close) Thursday - Eurozone ECB Deposit Facility Rate; Main Refinancing Rate (as of June 11) - U.S. Initial Jobless Claims for the week ended June 6 - U.S. May PPI - U.S. EIA Natural Gas Stock Change for the week ended June 5 - Adobe Q2 FY2026 earnings (after market close) Friday - SpaceX IPO - U.S. June Core CPI Preliminary Value - U.S. June University of Michigan Consumer Sentiment Index Preliminary Value
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