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Economic data coming up in the European session

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A couple of releases to move things along on the day

Major currencies are keeping steadier after a bit of a middling day yesterday where the dollar stormed back following early weakness, with equities also paring their early advance with US stocks ending up near little changed on the day.

The market seems to still be struggling for direction in general and will have to wait further on more clues with regards to the inflation debate.

That sets up a lot more expectations or at least some anticipation that Friday’s US job numbers will at least provide some catalyst for a short-term move at least.

Oil remains a standout performer as it knocks on the door of a push above $68 after having traded to its highest levels since 2018 yesterday. For now, the $68 is still limiting gains but is one to watch through the remainder of the week.

0600 GMT – Germany April retail sales data

Prior release can be found here. After the bump in March, retail sales activity is expected to moderate in April. Base effects will ensure a strong year-on-year reading but with tighter restrictions still in place during April, consumption had been affected though at least the outlook towards 2H 2021 remains optimistic.

0830 GMT – UK April mortgage approvals, credit data

Prior release can be found here. Mortgage activity is expected to keep robust amid the strong UK housing market while credit conditions are still estimated to be more subdued and will take some time before turning around.

0900 GMT – Eurozone April PPI figures

A lagging indicator of inflation in the region but it should reaffirm stronger price pressures in general, helped by rising input cost inflation.

1100 GMT – US MBA mortgage applications w.e. 28 May

Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. Amid the sudden turn higher rates this year, recent mortgage activity has dipped with purchases falling sharply alongside refinancing activity so it’ll be one to watch out for.

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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