Preliminary Eurozone CPI data for May in focus today
Good day, everyone! Hope you’re all doing well as we look to get things going in the session ahead soon enough. Markets are mostly steady to begin the day as the focus now turns to the RBA June monetary policy decision, where the central bank is expected to cut its cash rate by 25 bps from 1.50% to 1.25%.
There isn’t much on the economic calendar in terms of releases today but of note we have more inflation data from the euro area along with RBA governor, Philip Lowe, who will be speaking at 0930 GMT at the central bank’s board dinner (questions from the audience are expected). Eamonn gave a heads up on that earlier here.
0830 GMT – UK May construction PMI
Prior release can be found here. Construction activity in the UK remains rather subdued in light of Brexit uncertainty and the print here should just reaffirm that notion. In any case, it shouldn’t be a relevant factor for the pound in trading today; barring any major surprises.
0900 GMT – Eurozone April unemployment rate
Prior release can be found here. Labour market conditions are still expected to hold tight so there won’t be much to gather from the release here.
0900 GMT – Eurozone May preliminary CPI figures
Prior report can be found here. Following the Easter bump in April, inflationary pressures are expected to tone down in May and the readings here should very well reflect that sentiment. It’ll be hard to really zoom into anything as the drop is more related to the fading of Easter seasonality, so we’ll have to wait on June readings to really get a grip on the region’s inflation outlook/trend in the coming months.
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading!