UK manufacturing PMI in focus amid thin liquidity conditions
Good day, everyone! Hope you're all doing well as we look to get things going in the European morning session. The kiwi is the main mover so far today after a poor labour market report reignited the RBNZ rate cut debate. Other major currencies are still relatively subdued, as evident by the EUR/USD range (9 pips only).
It's Labour Day today so most major markets in Europe are closed, so expect thin liquidity conditions to prevail although London desks will be open.
0600 GMT - UK April Nationwide house prices data
Prior release can be found here. General indication of housing market sentiment. Not a major release by any means.
0830 GMT - UK March mortgage approvals
0830 GMT - UK March consumer credit data
Prior report can be found here. A read on credit conditions in the UK economy, which hasn't really been too great with Brexit uncertainty weighing. A minor data point.
0830 GMT - UK April manufacturing PMI
Prior release can be found here. The March print was boosted by stockpiling and expectation this time around is for that to moderate as demand wears down in light of the build up of inventories. Looking ahead, be wary of the bullwhip effect that will come back to bite at the UK economy in the coming months.
1100 GMT - US MBA mortgage applications w.e. 26 April
Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. Not the biggest of data points, but a general indicator of the housing sector sentiment.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! For those taking the day off, have a good rest!
