Today's macro calendar is exceptionally light, and due to holidays in the USA and UK, markets in these countries will remain closed. The only significant publication will be the May report from the German IFO institute. Expectations indicate a slight improvement in business sentiment over the past month.
However, a calm first day does not necessarily mean an equally calm rest of the week, which may prove particularly interesting in the context of recent events. Reports from several eurozone member countries, including Germany and France, will be published. The June ECB rate cut is already priced in, and according to the ECB, further cuts will depend on upcoming data. Therefore, this week's reports may have greater significance for the outlook on future rate cuts.
Next, we will see the second GDP report for the first quarter of 2024 and the PCE inflation readings from the USA. PCE inflation, which measures services purchased by consumers, is the Federal Reserve's preferred measure. Therefore, its readings may have even greater significance than CPI in shaping the Federal Reserve's monetary policy.
Detailed weekly calendar:
27 May: Monday
- Bank holidays in the US and UK (no cash session)
- 09:00 AM BST - Germany, Ifo institute data for May
28 May: Tuesday
- 02:30 AM BST - Australia, retail sales for April
- 14:00 PM BST - USA, Conference Board index for May
- 14:30 PM BST - USA, Dallas FED index for May
29 May: Wednesday
- 07:00 AM BST - Germany, GfK index for June
- 08:00 AM BST - Spain, retail sales for April
- 09:00 AM BST - Poland, CPI inflation for May
- 13:00 PM BST - Germany, CPI inflation for May
- 21:40 PM BST - USA, API oil inventory change data
30 May: Thursday
- Bank holiday in Poland (no cash session)
- 08:00 AM BST - Spain, CPI inflation for May
- 08:00 AM BST - Switzerland, GDP report for Q1
- 13:30 PM BST - USA, GDP report for Q1
- 13:30 PM BST - USA, jobless claims
- 15:00 PM BST - USA, new home sales for April
- 15:30 PM BST - USA, gas inventories data
31 May: Friday
- 00:50 AM BST - Japan, retail sales for April
- 02:30 AM BST - China, CFLP PMI data
- All day - CPI reports from France, Italy and the eurozone
- 13:30 PM BST - US, PCE inflation report for April
- 13:30 PM BST - Canada, Q1 GDP report
- 14:45 PM BST - USA, Chicago PMI data for May
