It's going to be a hectic week, so be prepared and don't look too far ahead

With so much going on this week, the focus for markets will be very near-term - and a lot of macro themes will take a back seat as we move from day to day during the next four days. It's arguably the busiest week of the year, and here's a schedule for you to keep track:

Tuesday, 12 June

- UK April labour market report

- UK May claimant count rate

- EU withdrawal bill set for House of Commons vote

- US May inflation report

- Trump-Kim summit in Singapore

Wednesday, 13 June

- RBA governor Lowe speaks on productivity and wages

- UK May inflation report (CPI and PPI)

- US May PPI data

- FOMC June meeting

Thursday, 14 June

- Australia May labour market report

- UK May retail sales data

- ECB June meeting

- US May retail sales data

Friday, 15 June

- BOJ June meeting

- Eurozone May final inflation figures

- Deadline for White House to finalise list of tariffs on Chinese goods

And let's not forget that the World Cup also kicks off on 14 June! Adding to that, there is also the OPEC meeting next week so there could be some comments to hit the wires along the week as well. That will be one to watch for oil traders and CAD.

With so much going on, a lot of the things that we have been accustomed to trading with - previous story lines - may take a back seat as the market enters a bit of a "phase".

The dominant theme may shift from day to day, and that is the real thing to look out for. I've highlighted before in the comments section that the key thing about trading these days is flexibility and adaptability. This week is one where those two characteristics trump all the rest.

It's not about recent trends, it's not about a build up to the future. This week, it's all about those events highlighted above and nothing else. Don't look too much into the moves but also don't get too carried away by them.

Some of the events may have bearings in the longer-term, but it's hard to immediately get swept away by it when there is still so much yet to come on the week.

A cluster of central bank decisions, economic data points, and political/geopolitical issues is a recipe to cloud up the trading picture so there will be times when the market may move and then reverse that move all of a sudden.

If you're not comfortable with that sort of price action, best to grab some popcorn and enjoy the show. After all, there will always be another trade in the market.

Anyway, back to this week, given all that is on the calendar I expect the Fed and ECB meetings to be two of the bigger ones to look out for. The BOJ meeting is expected to be a non-event, while UK data will be well... UK data. We already had a taste of that earlier today so let's see what the rest of the week will serve up.