There might not be any major releases or key risk events today but let’s take a look at what else is on the calendar for the remainder of the week.
- France May flash manufacturing, services, composite PMI (23/5)**
- Germany May flash manufacturing, services, composite PMI (23/5)**
- Eurozone May flash manufacturing, services, composite PMI (23/5)**
- US May flash manufacturing, services, composite PMI (23/5)**
- NZ Q1 retail sales (24/5)*
- RBNZ May monetary policy decision (24/5)***
- UK April CPI figures (24/5)**
- Germany May Ifo business climate index (24/5)*
- US Treasury secretary Yellen to speak on the economy (24/5)**
- FOMC May meeting minutes (24/5)**
- US weekly initial jobless claims (25/5)*
- US Q1 GDP second estimate (25/5)*
- UK April retail sales data (26/5)*
- US April durable goods orders (26/5)**
There will be plenty to sieve through but at the end of the day, it’s all about interpreting how the data impacts the outlook of the US economy in particular and how that plays into the Fed outlook. Adding to that, will be how things go with the debt ceiling talks and that should have a broader impact on risk sentiment.
Besides that, we will have more isolated risk events in the form of the RBNZ policy decision and UK inflation.