Economic data to come during the European session

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Australian survey on business confidence and conditions is due Tuesday


UK to release GDP figures today

The big story of the day so far is that the kiwi is hammered lower by the RBNZ, while the central bank has almost doubled its quantitative easing program while reaffirming that negative rates are not on the table when ‘These are future political decisions.

This drops the kiwi, the NZD / USD dropping from an initial peak at 0.6098 to a low of 0.6008. The other major currencies traded more modestly in tight ranges after risky trades retreated to night trading amid US-Chinese concerns.

The mood for risk remains lukewarm at the moment, but with a certain fear that is settling on the market, equities are struggling to manage so far this week in a milder climate as well as key technical levels which still hold (still looking at the 61.8 retracement level on the S&P 500).

0600 GMT – Preliminary UK figures for Q1 GDP

The previous report (Q4) can be found here. British economic growth was already flat before the virus crisis (remember Brexit?), So the latest developments will only exacerbate the milder underlying tones from last year. As we have seen everywhere else in the world, economic conditions should reflect a contraction in the United Kingdom in the context of a decline in activity due to the virus epidemic as well as locking measures.

0600 GMT – UK trade balance data in March

An earlier version can be found here. Trade conditions are expected to be moderate due to the fallout from the virus epidemic, but all of this should be captured in the Q1 GDP report.

0600 GMT – UK monthly GDP data for March

0600 GMT – UK manufacturing, industrial and construction production in March

An earlier version can be found here. It will simply be an accompaniment to the Q1 GDP report which will be published at the same time.

0900 GMT – Industrial production data for March of the euro zone

An earlier version can be found here. Industrial production is expected to drop amid the region’s foreclosure measures, but this has already been well wired by previous data points and Q1 GDP in the eurozone two weeks ago.

1100 GMT – US MBA mortgage applications w.e. May 8

Weekly US housing data measure the change in the number of MBA-supported mortgage applications over the week. Not the largest of the data points, but a general indicator of sentiment in the housing sector.



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