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Economic data coming up in the European session

A couple of light releases to move things along

Dollar
The dollar remains a little vulnerable to start the week, with EUR/USD hovering around its 25 February high @ 1.2243 and that remains a key resistance point to watch for now.
GBP/USD is also closing back in on 1.4200 though further resistance is seen from the 24 February high @ 1.4241 so that will be one to be mindful about moving forward.
Major currencies are little changed for now though the dollar is keeping steadier after having seen USD/CNY near 6.40 before reports of intervention by China authorities.
US equities had a solid session yesterday with futures also keeping slightly higher for now, with the Fed continuing to pledge patience on policy and that inflation is likely to be transitory; though we’ll see if there is anything new during the week.
0600 GMT – Germany Q1 final GDP figures
The preliminary report can be found here. The final release today should not be of any impact as the market focus remains on the 2H 2021 outlook.
0800 GMT – Germany May Ifo business climate index
Prior release can be found here. Business sentiment is expected to pick up with expectations in particular likely to show marked increase in optimism considering the vaccine progress and recent virus trend over the past two weeks.
0800 GMT – SNB total sight deposits w.e. 21 May
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.
1000 GMT – UK May CBI retailing, total distributive reported sales
Prior release can be found here. The readings here are an indicator of short-term trends in the retail and wholesale sector of the UK economy.

China State Planner once again says will address abnormal fluctuations in commodities such as iron ore, copper, corn

The National Development and Reform Commission of the People’s Republic of China (NDRC) is the State Planner

  • says will make plans to cope with abnormal fluctuations in commodities such as iron ore, copper, corn
This is not a new piece of information, saying again what we have been getting from China in past days, For example:

Singapore Q1 GDP +3.1% q/q and +1.3% y/y (expected +0.9%)

Data from Singapore for the January to March quarter 2021

GDP beats.
From the Ministry of Trade and Industry (bolding mine):

 

  • maintains 2021 GDP growth forecast at 4-6% range
  • says recent tightening of domestic restrictions & border controls represents setback to segments of economy
  • says broader economy should see recovery this year in line with global economic rebound
  • says possible that economy will outperform official 2021 growth forecast, but significant downside risks remain
  • says covid-19 is generally well under control domestically; making good progress vaccinating entire population
  • says pace of recovery of various sectors of economy this year is likely to be more uneven than earlier expected
  • says border entry restrictions on south Asia foreign workers will exacerbate severe labour shortages at construction sites & shipyards

 

more to come

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