Summary:
- Preliminary core inflation from EMU for May will be released before noon
- US durable goods for April (final)
- UK construction PMI expected to have ticked up, risks tilted to the downside
9:30 am BST - UK construction PMI for May: On Tuesday, we were offered a huge disappointment when manufacturing PMI from the UK was released. Its monthly slide proved to be the largest since the 2016 Brexit referendum. Therefore, even as the consensus ahead of today’s reading points to a slight increase to 50.6 from 50.5, risks surrounding this release seem to be tilted to the downside. Keep in mind that the prime reason behind a steep fall we saw yesterday came from de-stocking.
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Open account Try demo Download mobile app Download mobile app10:00 am BST - inflation for May from EMU: The bar before today’s print has been set pretty low as the median estimate points to a 0.9% YoY increase in terms of core price growth in May. That means a significant decline compared to 1.3% YoY in April. At the same time, headline price growth is forecast to have decreased to 1.3% from 1.7% in annual terms. This report will come in two days before the European Central Bank meeting when it will present updated economic forecasts.
3:00 pm BST - US durable goods orders/factory orders: The data on durable goods orders for April is not expected to be a game-changer for the greenback as it will be the final calculation. Nevertheless, we will also get the factory orders data for the same month where the consensus suggests a 1% MoM decline.
Central bankers’ speeches:
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10:30 am BST - RBA’s Lowe
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1:30 pm BST - Fed’s Williams
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2:55 pm BST - Fed’s Powell
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8:45 pm BST - Fed’s Brainard
The EURUSD broke through its medium-term trend line yesterday on rising expectations with regard to rate cuts in the US. Source: xStation5
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