Germany Q1 preliminary GDP figures are due today
The market mood is more tepid to start the Friday, on the back off an impressive turnaround in US stocks in overnight trading. Wall Street managed to reverse losses of roughly 1.7% to post gains of over 1% - for the S&P 500 and the Dow - to end the day.
Meanwhile, gold looks to be testing waters of a technical breakout of its recent wedge pattern but the momentum is halted a little as stocks made a recovery yesterday.
As for major currencies, not much is happening on the day as the risk mood remains more tepid for now. After a couple of sessions of a risk sell-off, dip buyers are back again.
The question now is, will they keep the momentum going into the weekend? Or will sellers be able to find conviction to really drive a possible downside move this week further?
As such, risk will be the key driver of trading sentiment in the sessions ahead.
0600 GMT - Germany April PPI figures
Prior release can be found here. A proxy and lagging indicator of inflation pressures in the German economy, a minor data point.
0645 GMT - France April final CPI figures
The preliminary release can be found here. As this is the final release, it shouldn't do much to shift the dial in the market whatsoever.
0800 GMT - Germany Q1 preliminary GDP figures
Prior (Q4) report can be found here. The virus outbreak and start of lockdown measures is expected to weigh sharply on the economy but all of this is very much a given, even the fact that April and Q2 figures are surely set to be much worse than today's numbers.
0900 GMT - Eurozone March trade balance data
Prior release can be found here. Amid the start of lockdown measures in the region, trade conditions are expected to be more subdued but all of this pertains to Q1 now - which we have a good idea about the situation already.
0900 GMT - Eurozone Q1 secondary GDP estimate
The preliminary release can be found here. I wouldn't expect much revisions in the secondary estimate and even if there is any, it should be rather negligible. Q2 figures are going to be worse, so the picture in the first quarter is starting to fade into the background already.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
