SNB monetary policy decision in focus later today
Good day, everyone! Hope you're all doing well as we look to get things going in the session ahead. It's been a decent start with the yen and aussie being notable movers.
The former is gaining as the risk mood continues to stay sour while the latter was brought lower after the latest jobs report highlighted further slack in the labour market with job gains largely attributed to part-time jobs amid a higher unemployment rate (though the participation rate also went up) than expected by markets.
There will be a couple of releases to move things along in the session ahead but besides the SNB, which is likely to be a non-event as well, there isn't much else to really help with market direction so expect traders to stay focused on the risk and dollar themes today.
0545 GMT - SECO releases its latest economic forecasts on the Swiss economy
Prior report can be found here. This is mainly seen as an accompaniment to the SNB's forecasts so it isn't really a major release by any means.
0600 GMT - Germany May final CPI figures
Preliminary figures can be found here. As these are final readings, they aren't expected to produce much - if any - impact unless they deviate substantially from initial estimates.
0630 GMT - Switzerland May producer and import prices
Prior release can be found here. General indication of inflationary pressures in the Swiss economy, a minor data point.
0730 GMT - SNB June monetary policy decision
Prior decision can be found here. No change is expected by the SNB and they should reiterate a similar message seen in their March meeting along with possibly lower economic projections. As such, this is most likely going to be a non-event but just keep your eyes and ears peeled in case. SNB chief Thomas Jordan's press conference will follow in the next half-hour after the central bank's decision.
0900 GMT - Eurozone April industrial production data
Prior release can be found here. With a meltdown in German industrial activity in April, there are downside risks associated with the report here. Expectation is for the monthly reading to fall by 0.5% but I reckon the drop could be deeper. A minor data point but feeds into overall Eurozone economic sentiment in the bigger picture.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!
