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The USD Basket (DX) continues to show strength as markets start pricing in a June US interest rate hike. Still the currency in focus this week, we’re light on US data but heavy on fed speeches. Data-wise, PMI and New Home Sales (and related prints) present a wider picture than Thursday’s Jobless Claims – and really, no one cares about the employment tranche of the data because employment is seen as being right where the Fed wants it.
Speech-wise, Bullard is set to talk today (Monday), Kashkari is due to discuss energy on Wednesday and Janet Yellen rounds off the week on Friday. Expect markets to jump on many a word from all three.
GBP is recovering this morning after suffering at the hands of some interesting BoE commentary last Friday. We don’t see it as having been anything special, however. At the last ‘Super Thursday’ data deluge, Mark Carney suggested that about 50% of the GBP’s 9% fall since Nov 2015 could be attributed to Brexit risks. So for Kristin Forbes to come out Friday and say that not all the recent macro data disappointments are Brexit related fits perfectly well within the Super Thursday outlook. Was the GBP sell-off overdone then?
Suffice to say the Euro remains a relative slave to both the USD and GBP.
UK Economic Announcements
Nothing of note
Intl Economic Announcements
14:45 Manufacturing PMI (US)
15:00 Consumer Confidence (EU)
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UK Economic Announcements
00:05 Consumer Confidence
09:30 Mortgage Lending Figures, PSNB
Intl Economic Announcements
07:00 GDP (GER)
10:00 ZEW Survey (GER)
13:30 Durable Goods Orders (US)
15:00 New Home Sales (US)
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UK Economic Announcements
11:00 CBI Distributive Trades Surveys
Intl Economic Announcements
07:00 Consumer Confidence (GER)
09:00 IFO data (GER)
12:00 MBA Mortgage Applications (US)
14:00 House Price Index (US)
15:30 Crude Oil Inventories (US)
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UK Economic Announcements
09:30 Preliminary GDP, Index of Services
Intl Economic Announcements
07:00 Import Price Index (GER)
13:30 Jobless Claims, Continuing Claims (US)
15:00 Pending Home Sales (US)
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Intl Economic Announcements
13:30 Preliminary GDP (US)
15:00 Uni. of Michigan Sentiment (US)
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Have a great week ahead!
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