Market Overview

Eurozone CPI is due to be released today

At 09:00 GMT, Eurozone Consumer Price Index (Apr) will be released with a consensus for 0.5% (MoM) and 1.9% (YoY) from 0.3% (MoM) and 1.9% (YoY) previously. Consumer Price Index – Core (Apr) is expected at 0.3% (MoM) and 1.1% (YoY) from 0.2% (MoM) and 1.1% (YoY) prior. Labour Cost (Q1) is expected to come in at 1.9% from 1.5% previously. CPI data is expected to show an inecrease in the monthly figures, with yearly figures expected to remain in line with the previous reading. EUR pairs can see volatility pick up due to this data.


At 09:45 GMT, ECB’s Coeure is scheduled to give a speech today at a conference in Paris. Comments made can move prices in EUR crosses.

At 10:30 GMT, The Central Bank of Russia will release its Interest Rate decision which is likely to keep rates on hold at 7.25%. RUB crosses can be impacted from this event.


At 13:15 GMT, US Industrial Production (MoM) (May) will be released. The consensus is for 0.2% from 0.7% previously. This measure rebounded strongly, to reach the highest reading since December 2014 in March, after slipping below the zero line in the previous reading. Capacity Utilization (May) is also released at this time with an expectation for 78.1% v 78.0% previously. The expectation is for the number to remain close to the two year high from December. USD crosses can be impacted.


At 14:00 GMT, US Michigan Consumer Sentiment Index (June) is expected to come in at 98.5 against a previous 98.0. The March reading was a record high for the index at 102.0 and the data is showing the number holding under the 100.0 level since. USD pairs can react to this data release as a barometer of consumer spending.


At 17:00 GMT, Baker Hughes US Oil Rig Counts is due to be released with a headline number from last week of 862. As this number creeps higher more and more rigs are coming into operation increasing the supply of oil onto the market and adding downward pressure on prices. WTI Oil can become volatile around this data release and it will be in traders’ minds when trading resumes on Monday.


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