Major currencies are keeping quieter once again, with the dollar little changed across the board. EUR/USD is sitting within a 8 pips range and that pretty much sums up the mood. US futures are also looking more muted, as all eyes are fixated on the upcoming US data this week. For today, we’ll have the PPI report later in the day.
Looking to European morning trade, there will be a couple of economic data releases to move things along. The most notable will be the UK labour market report. But considering that the BOE themselves are also feeling frustrated about the data accuracy as of late, it’s hard to really read much into the release. That said, it is still one to watch in case.
For some context, this has been an issue since last year already as ONS is adjusting their labour force survey (LFS) to improve the situation. However, there remains uncertainty on the reliability of the data as such.
In any case, broader markets will be more fixated on the US PPI report later in the day. That will make for another calm before the storm kind of session in Europe.
0600 GMT – Germany April final CPI figures
0600 GMT – UK April payrolls change
0600 GMT – UK March ILO unemployment rate, employment change
0600 GMT – UK March average weekly earnings
0630 GMT – Switzerland April producer and import prices
0700 GMT – Spain April final CPI figures
0900 GMT – Germany May ZEW survey current conditions, economic sentiment
1000 GMT – US April NFIB small business optimism index
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
