On Monday, preliminary April inflation numbers from Germany will put the EUR/USD in focus. Softer-than-expected ﷽inflation figures could raise investor bets on a June ECB rate cut.
The French and German economies will be in focus on Tuesday. GDP numbers for France and Germany will draw investor interest. Moreover, GDP and inflation figures for the Eurozone will also warrant investor interest. The stats could influence speculation about multiple ECB rate cuts.On Wednesday, UK manufacturing sector PMI numbers will put the Pound in focus.
While the manufacturing sector accounts for less than 30% of the UK economy, the PMIs could reflect the demand environment. Downward revisions to the preliminary April survey could pressure the Pound. UK house price trends could also move the dial. A continued decline in house prices could impact consumer confidence and spending. Downward trends in consumer spending may dampen demand-driven inflation. On Friday, the all-important Services PMI will be in focus. An upward revision to the preliminary Services PMI could test investor bets on a Bank of England rate cut. The UK services sector accounts for over 70% of the UK economy and contributes to inflation. Beyond the numbers, Bank of England speeches also need monitoring.On Monday, GDP figures for March will put the Loonie in focus. A hotter-than-expected Canadian♕ economy could impact investor expectations of a near-term Bank of Canada rate cut.
Canadian trade data for March will also warrant investor attention on Thursday. Improving trade terms would drive buyer demand for the Canadian dollar. With the Canadian economy under scrutiny, investors should also monitor Bank of Canada chatter. BoC Governor Macklem and Senior Deputy Governor Rogers are on the calendar to speak on Thursday.Australian retail sales figures will impact buyer demand for the estrela bet:Aussie dollar. An upswing in retail sales couꩲld fuel demand-driven inflation and force the RBA into a more hawkish monetary policy stance.
Trade data will also draw investor interest on Thursday. Improving trade terms would support the Australian economy and the Aussie dollar. Other stats include housing sector data. However, these will likely play second fiddle to the retail sales and trade data.On Wednesday, the RBNZ Financial Stability Report will impact buyer demand for the estrela bet:Kiwi dollar. RBNZ Governor Orr will also be in focus Wednesday. Views on inflation, the economy, and the interest rate traje🉐ctorꦅy need consideration.
Industrial production, labor market, and retail sales figures for March could influence buyer appetite for the estrela bet:Japanese Yen on Tuesday. As the dust settles from the April 26 BoJ monetary policy decision, impr꧃oving demand could signal an improving demand environment. A lower unemployment rate could🐻 support higher wages, household spending, and consumer price trends.
On Wednesday, consumer confidence figures for Japan could signal near-term household spending plans. The Bank of Japan Monetary Policy Meeting Minutes will be in focus on Thursday. However, the markets may consider the BoJ minutes as dated. Beyond the economic calendar, investors should monitor Japanese government threats to intervene and bolster the Yen.