In the European session, the only highlight is the release of the German ZEW. The data is unlikely to be market moving given that it won’t change anything for the ECB.
In the American session, we have the US Retail Sales, Import Prices, Industrial Production and the NAHB Housing Market Index. Finally, late in the day, we get the BoC Meeting Minutes.
The focus will be on the US Retail Sales report. The consensus sees a negative figure for May with -0.7% M/M expected vs +0.1% prior. The ex-Autos measure is seen at +0.1% vs +0.1% prior, while the Control Group is expected at +0.3% vs -0.2% prior.
Other than the economic data, the Israel-Iran situation is also worth to keep an eye on, although as long as oil supply is not impaired, the market won’t care much about it even if they continue to bomb each other for longer.
Traders will also be attentive on Trump related headlines as the President left the G7 Summit earlier than planned to “attend to many important matters”. People have been wondering whether it was because of the Israel-Iran conflict.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
