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Economic data coming up in the European session

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Euro area PMI readings for May on the agenda

The market is keeping steadier so far today, with yesterday seeing dip buyers step in while the dollar faded its Fed minutes gains with the pressure back on again.

EUR/USD is holding above 1.2200 and looking towards the February high @ 1.2243 next while GBP/USD is honing in on the 1.4200 handle once more.

Risk sentiment is still the key driver for the time being but the modestly positive tones from yesterday are at least helping to feed some calm ahead of Europe.

US futures are up 0.2% and that is giving the market a sense of tranquility for now.

0600 GMT – UK April retail sales data

Prior release can be found here. As the UK economy starts to reopen, retail sales activity in April is expected to sizzle. The year-on-year readings may show a stark jump but that owes to base effects, so keep that in mind.

0715 GMT – France May flash manufacturing, services, composite PMI

0730 GMT – Germany May flash manufacturing, services, composite PMI

0800 GMT – Eurozone May flash manufacturing, services, composite PMI

Despite vaccinations gathering pace, stricter virus measures should see the euro area economies keep thereabouts in May as it did in April with perhaps a bias towards slightly better activity overall.

0830 GMT – UK May flash manufacturing, services, composite PMI

Prior release can be found here (manufacturing) and here (services). The UK economy should continue to keep pace with the jump in April as overall conditions are gradually improving as restrictions are eased further going into the summer.

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.

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