In This Article:
On the Macro
For the Dollar:
It’s a relatively quiet week ahead for the Greenback, from an economic data perspective.
Key stats through the week are limited to April existing home sales and new home sales figures due out on Tuesday and Thursday respectively.
Alongside the Thursday numbers, prelim May private-sector PMI and the weekly jobless claims figures are also due out.
At the end of the week, April durable goods orders will also be in focus.
On the data front, core durable goods orders and service sector PMI numbers will have the greatest influence.
Outside of the stats, FED Chair Powell is due to speak on Monday, ahead of a number of FOMC members who are due to speak through the week. While the FOMC meeting minutes are also due out on Wednesday, trade war chatter may well continue to be the main area of focus.
The Dollar Spot Index ended the week up 0.68% to $97.995.
For the EUR:
It’s a particularly busy week ahead. Germany wholesale inflation and Eurozone consumer confidence numbers are due out in the early part of the week.
Expect the EUR to be particularly sensitive to consumer confidence numbers.
A data deluge on Thursday will be key in the week. Finalized German GDP numbers, prelim May private-sector PMI numbers and German business sentiment figures are due out.
We will expect the focus to be on Germany’s GDP, manufacturing and business climate index figures.
Outside of the stats, ECB President Draghi speaks on Tuesday ahead of the ECB monetary policy meeting minutes due out on Thursday.
The EUR/USD ended the week down 0.67% to $1.1158.
For the Pound:
It’s a busier week ahead. May industrial trend orders and April inflation and retail sales figures are due out.
April’s inflation figures, due out on Wednesday, will be the key driver in the week.
April retail sales figures will also garner some attention at the end of the week. The numbers may reveal whether March’s strong figures were, in fact, as a result of hoarding.
Outside of the numbers, the BoE Inflation Report Hearings on Tuesday will draw attention at the start of the week.
Brexit and the EU elections will be the key driver on the week, however. There’ll be plenty of action on the political front. The EU elections on Thursday and Brexit chatter from Parliament will drive the Pound.
The GBP/USD ended the week down 2.11% to $1.2724.
For the Loonie:
It’s another relatively quiet week ahead. March retail sales figures are due out on Wednesday ahead of Wholesale sales figures on Thursday.
The focus will be on the March retail sales figures that are forecasted to be Loonie negative.