Investors will be looking to key U.S. economic data for direction this week, while in Canada attention will be focused on the Bank of Canada and its announcement on interest rates Tuesday.

Economists do not expect the central bank to do anything this week with its key policy rate, which has been steady at 4.25% since last May.

On Monday, Statistics Canada releases 2007 first-quarter farm cash receipts and 2006 net farm income.

CVCA, the association for Canadian venture capital firms, holds its 2007 annual conference in Halifax.

On Tuesday, StatsCan releases 2006 fourth-quarter characteristics of international travellers, the 2007 first-quarter international travel account, March employment insurance figures and March payroll employment, earnings and hours.

On Wednesday, StatsCan releases 2007 first-quarter balance of international payments and April industrial product and raw materials price indexes.

On Thursday, the statistical agency releases 2007 first-quarter national economic and financial accounts and March gross domestic product by industry.

South of the border

The week’s U.S. economic statistics include Tuesday’s U.S. Conference Board reading on consumer confidence, and Thursday’s latest numbers on first-quarter U.S. gross domestic product.

On Friday, the Institute for Supply Management provides its snapshot of the U.S. manufacturing sector, and Washington releases monthly job data, expected to show the American economy created 138,000 jobs in May, up from April’s 88,000.

U.S. markets are closed Monday for the Memorial Day holiday.

Corporate earnings

Bank earnings season continues this week.

Bank of Nova Scotia releases second-quarter earnings on Tuesday, while National Bank and CIBC report on Thursday.