Data releases continue to take a back seat for now
It is still all about the risk mood to start the week, and equities ended the day yesterday with monstrous gains as we see investors make the most of vaccine developments as well as the remarks from Fed chair Powell since the weekend.
That saw the dollar and yen crumble and that mood is still carrying over for the most part today, although they have consolidated overnight losses to start the day.
Meanwhile, the gold breakout is starting to look like a fake out as price closed under the April high of $1,747.36.
Economic data will once again matter little in the session ahead as the focus is all on risk, so expect coronavirus and US-China headlines to hog the limelight.
0600 GMT - UK March average weekly earnings
0600 GMT - UK March ILO unemployment rate
0600 GMT - UK April claimant count rate, jobless claims change
Prior release can be found here. The focus here will be on unemployment and the jobless figures, although the pessimism is already somewhat baked in. Wage pressures are still expected to remain more subdued, reaffirming the ongoing trend.
0900 GMT - Eurozone March construction output data
Prior release can be found here. Construction activity is expected to slump amid lockdown measures in most parts of the region in March. A minor data point since this pertains to Q1.
0900 GMT - Germany May ZEW survey current situation, expectations
Prior release can be found here. Economic sentiment is still expected to remain subdued for the most part as the fallout from the virus outbreak continues to rampage on. Lockdown measures are only starting to be lifted but it will take a while before consumer and investor sentiment starts to pick up again to translate to better days for the economy.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Remember, stay safe out there.
