Economic calendar: DoE release to draw attention

Summary:

• DoE to report a change in US oil stocks this afternoon
• Housing market data from Canada
• Mario Draghi to take the floor in Frankfurt

1:15 pm GMT - Canadian housing starts for April: Canadian housing starts are forecast to have increased 195.5k last month compared to 192.5k in March. Although it is a second-tier reading and its impact on markets could be subdued, it constitutes a part of the overall hot housing market in Canada. Therefore, this part of the economy could be under scrutiny in judging where will be the next move in rates there.

3:30 pm GMT - DoE release on US oil stocks: The API report released yesterday showed a surprising increase in US oil inventories, hence the consensus ahead of today’s governmental report could be skewed somewhat to the upside. While oil stocks are expected to have increased 0.7 million barrels last week, gasoline stocks are forecast to have decreased 0.9 million barrels. Keep in mind that the release could affect oil prices in the short-term.

Central bankers’ speeches:

• 9:15 am GMT - BoE’s Ramsden

• 12:30 pm GMT - ECB’s Draghi

• 1:30 pm GMT - Fed’s Brainard

• 1:40 pm GMT - Riksbank’s af Johnick