All Day, The European Council will be meeting today to discuss a range of issues. EUR pairs can move in reaction to this event.
At 08:00 GMT, German Unemployment Change (Jun) is expected to be -8K against the previous -11K. Unemployment Rate s.a. (Jun) is expected to be 5.2% against the previous 5.2%. This number is expected to slip further after falling last month. The data is showing that more labour market participants are working with the unemployment rate at a ten year low. EUR traders will be closely following this data release.
At 08:30 GMT, UK Gross Domestic Product (Q1) will be out with an expected headline number of 0.1% (QoQ) and 1.2% (YoY) from a reading of 0.1% (QoQ) and 1.2% (YoY) previously. Mortgage Approvals (May) are expected to weaken at 62.200K from a previous 62.455K. The consensus is for a reading generally in line with expectations after the previous release was down as the economic output slows. The data has remained positive since 2012, so any deviation can spark a turn in market sentiment, especially one that gives a reading below zero. GBP pair may see an impact from this data.
At 09:00 GMT, Eurozone Consumer Price Index – Core (YoY) (Jun) is expected to be 1.0% against the previous 1.0%. Consumer Price Index (YoY) (Jun) is expected to be 2.0% against the previous 1.9%. The recovery in the Euro area is still strong and this data exceeded expectations for the last reading, giving a new data high for 2018. If the data meets expectations today it will match the 2017 high which was the highest reading since 2013. The ECB will be taking note of this release. EUR crosses can be impacted by this data release.
At 12:30 GMT, US Personal Consumption Expenditures – Price Index (May) is expected to be 0.2% (MoM) and 2.2% (YoY) from 0.2% (MoM) and 2.0% (YoY) previously. Core Personal Consumption Expenditures – Price Index (May) is expected to be 0.1% (MoM) and 1.9% (YoY) from 0.2% (MoM) and 1.8% (YoY) previously. Personal Income (MoM) (May) is expected at 0.4% from 0.3% previously. Personal Spending (May) is expected at 0.4% from 0.6% previously. This data is expected to come in largely as expected today. USD crosses may be heavily traded as a result of these data points.
At 12:30 GMT, Canadian Gross Domestic Product (MoM) (Apr) is expected to be 0.0% from 0.3% prior. This data is expected to show that growth has flat lined and is turning lower from the previous month’s high. CAD crosses can see spikes in volatility as a result.
At 14:45 GMT US Chicago Purchasing Managers’ Index (Mar) is expected to be 60.0 against a prior read of 62.7. The consensus is for a slip in the index since the last release which had rebounded higher from 57.6. USD pairs may be moved by this data.
At 17:00 GMT, Baker Hughes US Rig Count numbers will be released. The prior number last Friday showed that there were 862 Oil rigs in operation up from 863 the previous week. With Oil down from its high price levels in recent times, there was bigger than expected draw in inventories on Wednesday, which put a bid under price.