Eurozone inflation figures for May due later today
The aussie pared slight gains following the RBA decision as the central bank reaffirmed its dovish stance, keeping expectations to only move in 2024.
So far today, overall market moves are mild after the bout of dollar selling into month-end yesterday. However, given that the UK and US were out, there might be some caveats to price action despite some technical levels at risk.
EUR/USD holds above 1.2200 but keeps below the 25 February high of 1.2243 for now. But GBP/USD has managed a break above the 1.4200 level though daily resistance around the 24 February high at 1.4241 may still limit gains for now.
US futures are little changed as the risk mood remains more tepid to start the new week.
Looking ahead, there will be some releases in Europe to move things along but barring any risk-related moves, the focus should be on whether yesterday’s dollar adjustment was a one-off that may reverse or if the return of UK and US traders will carry that to June.
0600 GMT – UK May Nationwide house prices
0700 GMT – Switzerland Q1 GDP figures
0715 GMT – Spain May manufacturing PMI
0730 GMT – Switzerland May manufacturing PMI
0745 GMT – Italy May manufacturing PMI
0750 GMT – France May final manufacturing PMI
0755 GMT – Germany May final manufacturing PMI
0800 GMT – Eurozone May final manufacturing PMI
The focus is on the final readings from France, Germany, and overall Eurozone but there shouldn’t be much that differs from the initial reports.
0755 GMT – Germany May unemployment change, rate
0830 GMT – UK May final manufacturing PMI
0900 GMT – Eurozone April unemployment rate
0900 GMT – Eurozone May preliminary CPI figures
Also, don’t forget that OPEC+ meets later today as well to decide on their next moves. I don’t see a major change to the status quo for the time being but look out for clues on what they may decide to do in the months ahead.
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.