The major currencies remain calmer again, with the dollar little changed overall. EUR/USD is in an 8 pip range and that pretty much sums up the mood. US futures also look more subdued as all eyes are on US data coming this week. For today, we will have the PPI report later today.
As for European morning trade, some economic data will be released to help move things along. Most notable will be the report on the UK labor market. But given that the BOE itself is also feeling frustrated about the accuracy of the data lately, it’s hard to really read much into the release. That said, it’s always something to keep an eye on just in case.
In some context, this has been a problem for the last year already, with the ONS adjusting its Labor Force Survey (LFS) to improve the situation. However, uncertainties remain regarding the reliability of the data as such.
Either way, broader markets will be more obsessed with the US PPI report later today. This will make another The calm before the storm kind of session in Europe.
06:00 GMT – Final April CPI figures in Germany
06:00 GMT – April wage changes in the UK
06:00 GMT – ILO unemployment rate in the United Kingdom in March, employment developments
06:00 GMT – Average weekly wage in the UK in March
06:30 GMT – Switzerland April production and import prices
07:00 GMT – Final April CPI figures in Spain
09:00 GMT – Germany: May ZEW survey on current conditions and economic sentiment
10:00 GMT – NFIB US Small Business Optimism Index in April
That’s all for the upcoming session. I wish you good days ahead and good luck in your trading! Stay safe out there.
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