DIARY: Central Banks In Aust, Europe, UK, Aust. Jobs

Well, if we thought last week was a big one for the Australian economy and policy (and investors), then this week is even more vital.

A Reserve Bank board meeting, housing finance data, Australian jobs figures, as well as central bank meetings in the UK and Europe, will test the already tense nerves in and around finance markets.

In Asia we also get the May economic data from China from midweek to Friday, which will be of high interest in Australia.

In Australia, the consensus among economists for the RBA meeting is for no rate rise, but a re-emphasising in the post meeting statement from Governor Glenn Stevens that one is coming.

Last week's first quarter national accounts and their 1.2% contraction, are well and truly behind us.

The solid April retail sales and another big trade surplus have both underlined the continuing strength of the economy, for all the bleating from manufacturers, retailers and anybody else with money to spend on good PR agents.

Today sees the release of the Australian Industry Group performance of construction index for May, the Melbourne Institute-TD Securities inflation gauge for the month, while the major figures will be the ANZ job ads data for May.

Tomorrow sees the National Australia Bank releasing its business confidence and business conditions surveys for May.

Wednesday sees April housing finance data from the Australian Bureau of Statistics and the Melbourne Institute/Westpac consumer sentiment index for June.

Thursday brings labour force data for May from the ABS.

Experts are tipping a 25,000 increase in jobs for the month, with a jobless rate of 4.8% or 4.9%.

But after the surprise loss of jobs in April, there's some reluctance among some forecasters.

In corporate news, Metcash releases its results on Tuesday.

Among a few minor meetings, the AGM of Sigma Pharmaceuticals stands out on Wednesday.

Shareholders may learn something to their advantage. But given its recent history, Sigma may disappoint again.

Forecasts are for a small fall as margins come under pressure.

In the US it's a quiet week with only a couple of important bits of data to be released.

US April consumer credit data will be released by the Fed which also releases its Beige Book of economic anecdotes across the country on Wednesday.

Thursday brings international trade data in the US, as well as jobless claims figures for May.

The May export and import price indexes are both due, while US Treasury budget data will also be released on Thursday.

Only four S&P 500 companies are scheduled to report results, including Pall Corp, a maker of filtration equipment; food products group, JM Smucker Co; National Semiconductor Corp. and grog maker Brown-Forman Corp.

Some tech companies' stocks may move on product updates.

For example, Apple tonight begins its worldwide developers' conference, with a keynote featuring chief executive Steve Jobs. He could announce a new Iphone.

In Europe, it's busier with the monthly meetings of the Bank of England and the ECB dominating.

Both meet on Thursday and markets are not expecting a rate rise from either central bank.

German trade data will be released mid week.

Investor confidence data for June is due in Europe on Monday, while retail sales data for May is due in the UK and the eurozone.

European Union gross domestic product for the first quarter is set for release on Wednesday.

In the UK, April industrial production data will be released on Friday, as well as the producer price index for May and UK manufacturing production figures.

OPEC's latest meeting is due to be held on Wednesday in Vienna.

In Asia, the monthly data from China will dominate.

The monthly inflation figures will be watched to see if there is any change from the annual rate of 5.3% in April, some forecasts claim it will rise to 5.5% because of a rise in food prices late last month.

Industrial production is expected to fall with power shortages in some parts of the country.

The trade data will probably show another solid surplus for May.

Besides Australia, central banks in South Korea, Indonesia, and New Zealand meet to look at rates.

South Korea's will be the toughest with inflation still high, but starting to soften and domestic growth not as strong as exports (sounds a lot like Australia, doesn't it?)