A light start to the week amid market holidays in some parts of Europe
Happy Monday, everyone! Hope you're all doing well as we look to get things going in the session ahead. It's been a more friendly start to proceedings so far for risk sentiment and the dollar following the close on Friday.
The big talking point is Trump indefinitely suspending Mexico tariffs and that has helped the risk mood in Asia Pacific trading this morning. Meanwhile, the dollar was beaten up after a bit of a lackluster non-farm payrolls report but is recouping some of that loss in early trades today amid more chatter of dovish central banks globally i.e. ECB and BOJ.
0800 GMT - Italy April industrial production data
Prior release can be found here. General gauge of industrial activity in the Italian economy, which has improved slightly in Q1 but overall economic sentiment remains subdued. A minor data point.
0800 GMT - SNB total sight deposits w.e. 7 June
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.
0830 GMT - UK April monthly GDP data
0830 GMT - UK April manufacturing, industrial, construction output data
Prior release can be found here. Overall economic activity in the UK is expected to struggle slightly in Q2 amid a slowdown in the manufacturing sector as the stockpiling effect begins to fade. The services sector hasn't been stellar either so that should keep economic conditions near flat levels in April and May. As we move closer towards the start of the Tory leadership contest, that remains the key focus for the pound. As such, the data here means little in the grand scheme of things for near-term direction in the currency.
0830 GMT - UK April trade balance data
An indication of trade conditions pertaining to the UK economy. Not a major release by any means at this point in time.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!
