- Futures indices indicate a higher opening for the trading session in Europe
- Key CPI data in the USA
- CPI and ZEW in Germany
The positive sentiment in the markets continues on the second day of this week as investors await confirmation of the decline in inflation in the USA in today's data released at 01:30 PM BST. A significant decrease in CPI inflation to 4.1% YoY is expected, compared to 4.9% YoY the previous month. However, analysts do not anticipate such a significant decline for core inflation, which is estimated to be at 5.3% in May, compared to a reading of 5.5% last month. These are the latest and likely the most crucial data before tomorrow's Fed interest rate decision. Currently, the market prices in an 81% chance of maintaining the target interest rate in the range of 5.00-5.25%.
The German DAX index is up 0.4% today and is currently trading around 16,200 points. Investors have already received CPI readings at 07:00 AM BST. Inflation in May was at 6.1% YoY. In less than 1.5 hours at 10:00 AM BST, the ZEW sentiment index will also be published. A decrease to -12.5 points is expected in June, compared to -10.7 points last month.
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Economic calendar:
10:00 AM BST, Germany - ZEW Economic Sentiment Index for June
- Expected: -12.5, Previous: -10.7
01:30 PM BST, USA - CPI for May CPI:
- Expected: 4.1% YoY, Previous: 4.9% YoY
- Core CPI: Expected: 5.3% YoY, Previous: 5.5% YoY
09:40 PM BST, USA - Weekly Crude Oil Inventories
- Expected: -1.3 mn brk, Previous: -1.71 mn brk
Central bank speeches:
- 03:00 PM BST, UK - Bailey, BoE Chairman
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