UK labour market report the key highlight in the European morning
Good day, everyone! Hope you're all doing well as we prepare for the session ahead. The aussie is the notable laggard so far on the day after the RBA's minutes hinted at growing dovish tones by the central bank in angling towards a rate cut moving forward.
Other major currencies remain subdued for the most part as markets are continuing to try and find its footing on the new day. The economic calendar in Europe is rather light today but there will be a couple of notable releases:
0830 GMT - UK February average weekly earnings
0830 GMT - UK February ILO unemployment rate
0830 GMT - UK March jobless claims change, claimant count rate
Prior report can be found here. Given that the focus is off Brexit for a while, near-term directional movement in the pound may well be dictated by economic releases once again. Wages have been growing in a solid manner as of late and the data here should show more of the same. That said, any reaction to the beat/miss here is likely to be faded down the road as markets turn back their attention to Brexit next week.
0900 GMT - Eurozone February construction output data
Prior release can be found here. One of the later releases of Eurozone factory data, so a lot of the underlying softness has already been factored in during other releases. Low-tier data.
0900 GMT - Germany April ZEW survey current situation, expectations
Prior release can be found here. A forward indicator of German and Eurozone economic sentiment. A minor data point but feeds into expectations ahead of the PMI releases due on Thursday, so something to keep an eye on in any case.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!
