Week Ahead 29 May – 2nd June 2017

The market spotlight will shift back towards the Eurozone next week, with key events due such as ECB President Draghi’s speech and numerous high impact data releases such as Retail Sales, CPI and PMI. Back at home, campaigning is hitting fever pitch as the main parties slug it out ahead of the election. GBP/USD took a hit last week as the Labour Party surged its way back into the race. Theresa May’s plans to cancel free school lunches and reduce free healthcare services for wealthy senior citizens as well as the terror attack in Manchester also had a negative impact on Cable during the week. While the FX markets will still be open on the bank holiday, activity will be muted.

Next week also features the all-important US Non-Farm Payroll release on Friday, which always provides real volatility in the markets. We await to see what the next crisis to hit Trump’s administration will be…

The full set of high-impact economic data likely to move the markets next week:

Monday

08:00     EUR         Private Loans (YoY) (Apr)
08:00     EUR         M3 Money Supply (3m) (Apr)
08:00     EUR         M3 Money Supply (YoY) (Apr)
13:00     EUR         ECB President Draghi Speech

Tuesday

06:00     GBP         Nationwide Housing Prices s.a. (MoM) (May)
06:00     GBP         Nationwide Housing Prices n.s.a (YoY) (May)
10:00     EUR         Business Climate (May)
10:00     EUR         Industrial Confidence (May)
10:00     EUR         Service Sentiment (May)
12:00     EUR         Consumer Price Index (MoM) (May)
12:00     EUR         Harmonised Index of Consumer Prices (YoY) (May)
12:30     USD         Personal Consumption Expenditures – Price Index (MoM) (Apr)
12:30     USD         Personal Income (Apr)
12:30     USD         Personal Spending (Apr)
12:30     USD         Core Personal Consumption Expenditures – Price Index (YoY) (Apr)
12:55     USD         Redbook Index (YoY) (May 26)
12:55     USD         Redbook Index (MoM) (May 26)
12:55     USD         S&P/Case-Shiller Home Price Indices (YoY) (Mar)
14:30     USD         Dallas Fed Manufacturing Business Index (May)
15:30     USD         4-Week Bill Auction
15:30     USD         3-Month Bill Auction
15:30     USD         6-Month Bill Auction

Wednesday

06:00     EUR         Import Price Index (YoY) (Apr)
06:00     EUR         Import Price Index (MoM) (Apr)
06:00     EUR         Retail Sales (YoY) (Apr)
06:00     EUR         Retail Sales (MoM) (Apr)
08:30     GBP         Consumer Credit (Apr)
08:30     GBP         Mortgage Approvals (Apr)
08:30     GBP         M4 Money Supply (YoY) (Apr)
08:30     GBP         M4 Money Supply (MoM) (Apr)
09:00     EUR         Unemployment Rate (Apr)
09:00     EUR         Consumer Price Index (YoY) (May)
09:00     EUR         Consumer Price Index – Core (YoY) (May)
10:00     EUR         FOMC Member Kaplan Speech
11:00     USD         MBA Mortgage Applications (May 26)
13:45     USD         Chicago Purchasing Managers’ Index (May)
14:00     USD         Pending Home Sales (YoY) (Apr)
14:00     USD         Pending Home Sales (MoM) (Apr)
18:00     USD         Fed’s Beige Book
20:30     USD         API Weekly Crude Oil Stock

Thursday

07:55     EUR         Markit Manufacturing PMI (May)
08:00     EUR         Markit Manufacturing PMI (May)
08:30     GBP         Markit Manufacturing PMI (May
n/a          GBP         10-y Bond Auction
11:30     USD         Challenger Job Cuts (YoY) (May)
12:15     USD         ADP Employment Change (May)
12:30     USD         Continuing Jobless Claims (May)
14:00     USD         ISM Prices Paid (May)
14:00     USD         Construction Spending (MoM) (Apr)
14:30     USD         EIA Natural Gas Storage Change (May 26)
15:00     USD         EIA Crude Oil Stocks Change (May 26)
n/a          USD         Total Vehicle Sales (May)

Friday

08:30     GBP         PMI Construction (May)
09:00     EUR         Producer Price Index (YoY) (Apr)
09:00     EUR         Producer Price Index (MoM) (Apr)
12:30     USD         Average Hourly Earnings (YoY) (May)
12:30     USD         Nonfarm Payrolls (May)
12:30     USD         Unemployment Rate (May)
12:30     USD         Average Hourly Earnings (MoM) (May)
12:30     USD         Labor Force Participation Rate (May)
12:30     USD         Average Weekly Hours (May)
12:30     USD         Trade Balance (Apr)
13:45     USD         ISM New York Index (May)
17:00     USD         Baker Hughes US Oil Rig Count
19:30     EUR         CFTC EUR NC Net Positions
19:30     USD         CFTC Gold NC Net Positions
19:30     USD         CFTC USD NC Net Positions
19:30     USD         CFTC Oil NC Net Positions
19:30     GBP         CFTC GBP NC Net Positions