Economic data to come during the European session

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Australian survey on business confidence and conditions is due Tuesday


May final services PMI readings for the euro area are expected today

The dollar is again on the back foot alongside the yen, the latter recording in particular a prolonged decline in overnight transactions, as the USD / JPY exceeded 108.00 to even exceed its daily moving averages to establish almost 108.50.

The risk rally continues to progress as the market continues to adopt the half-full glass approach as we begin to see the AUD / USD move closer to 0.7000 and the EUR / USD take a look above the level of 1.1200 for the first time in two and a month and a half.

Futures in the United States also held slightly higher, as the risk climate in Asia was also much more positive after yesterday’s stable and solid performance on Wall Street.

With risk being the main driver, the main risks remain essential, so keep that in mind as we look to the Bank of Canada meeting today, the ECB meeting tomorrow, and then the wages report nonagricultural from the United States (even if an indicator is lagging) on ​​Friday
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0545 GMT – Figures for Switzerland in Q1

The previous report (Q4) can be found here. Amid the virus epidemic and foreclosure measures in the region, the Swiss economy is expected to contract in the first quarter, as conditions in the second quarter will be worse. Q1 data is negligible at this stage.

07:15 GMT – Spain May services, PMI composite

07:45 GMT – Italy May services, PMI composite

0750 GMT – Final services France May, PMI composite

0755 GMT – Germany May final services, PMI composite

0800 GMT – May final services for the euro area, PMI composite

The focus is on the final readings for France, Germany and the whole of the euro area, but they should not tell us anything new, that is to say the conditions are better than in April , but far from normal because many companies are learning to adapt to the current situation.

0755 GMT – Germany May change in unemployment rate, rate

The previous version can be found here. The jobless change is expected to remain high, but not as much as it was observed in April, with the unemployment rate expected to further increase slightly. The government’s solution for short-time working is undoubtedly the main reason for keeping the numbers low, but these are still tough times for the job market in general – everywhere.

08:30 GMT – UK May final services, PMI composite

The preliminary version can be found here. The final readings here should simply reaffirm that April saw the bottom of the downturn in business activity, but that general conditions remain very moderate and that it will take a long time to recover.

0900 GMT – April PPI figures for the euro zone

The previous version can be found here. A delayed and indirect indicator of inflationary pressures, not a major press release.

0900 GMT – April unemployment rate in the euro area

The previous version can be found here. Unemployment is expected to climb higher, but not surprisingly, as government regimes slightly distort the numbers – not to mention that the ILO definition of an unemployed person is rather obscure in this case.

1100 GMT – US MBA mortgage applications w.e. May 29

Weekly US housing data measure the change in the number of MBA-supported mortgage applications over the week. As the latest figures show, this is not quite your typical slowdown as the housing market has quickly adapted to the fallout from the virus. With ultra low rates staying in place for an extended period of time, this could start to build a bubble in this space.

That’s all for the coming session. I wish you all the best days ahead and good luck with your trading! Stay safe there.



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