The latest UK labour market report is due today
Risk trades produced a stunning turnaround yesterday and the positive vibes are continuing into the new day, with the dollar and yen seen weaker again across the board.
Cheap money continues to override the rules with the Fed helping to stoke sentiment once again and we are seeing US futures trade higher today. To be fair, some key technical levels held up in the S&P 500 and that is arguably part of the story as well.
For today, there isn’t much once again on the data docket to distract from the risk mood in general. We’ll be hearing from Fed chair Powell later in the day (during US trading) but the contents of his speech was already released earlier last week here.
0600 GMT – UK April average weekly earnings
0600 GMT – UK April ILO unemployment rate, employment change
0600 GMT – UK May jobless claims change, claimant count rate
Prior release can be found here. April saw a historic print in jobless claims change and much like everywhere else, that is likely to signify the peak of the economic slump. But amid the virus outbreak and lockdown measures, expect joblessness to remain high and the labour market to suffer as a result over the next few months too.
0600 GMT – Germany May final CPI figures
The preliminary release can be found here. As these are final figures, they aren’t expected to produce much – if any – market reaction.
0600 GMT – Germany May wholesale price index
Prior release can be found here. The index measures the value of sales made by wholesalers in Germany, it provides an indicator of consumption and retail pattern.
0900 GMT – Germany June ZEW survey current situation, expectations
Prior release can be found here. Current conditions are expected to remain highly subdued but expectations are estimated to improve further, which tells a similar divergent story (also evident in market pricing) as seen last month as well.
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.