Nothing else in terms of data release to divert attention from the ECB’s political decision
The dollar is slightly stronger after a few mixed tones in trading yesterday, despite a new rally in stocks where the Dow Jones gained more than 2%.
The mood for risk is, however, lukewarm as we start the new day with Asian stocks approaching stable levels while US futures are also slightly down but nothing too noticeable.
All eyes will turn to the ECB in the coming session, where the central bank should take a more proactive approach and expand the size of its PEPP stimulus.
06:30 GMT – Switzerland May IPC figures
07:30 GMT – Germany May PMI construction
Construction activity is expected to pick up slightly from April to May, but will likely still reflect the generally depressed general economic conditions in the German economy, as other PMI measures have shown.
08:30 GMT – UK PMI construction May
0900 GMT – April euro area retail data
11:30 GMT – US May Challenger job cuts and layoffs
11.45 GMT – The ECB announces its monetary policy decision of 4 June
12:30 GMT – ECB President Christine Lagarde holds a press conference
Lagarde’s language / communication will be interesting, and it is likely to be pressed on the PEPP stimulus, whether they develop it or not today. In addition, the ECB will publish its latest macroeconomic projections and, Lagarde having excluded its previous “soft” scenario, its latest opinion will be watched today.
That’s all for the coming session. I wish you all the best days ahead and good luck with your trading! Stay safe there.