Economic data coming up in the European session

Author: Justin Low | Category: News

German retail sales, final manufacturing PMI in the euro area on the agenda

May
A brand new week. A brand new month. It's nice to have a fresh start to things on a Monday, no? That said, just be reminded that it is a bank holiday in the UK today.

Japanese and Chinese markets are also out today and for the next two days as well, so that adds to the more tepid price action to start the week.

Major currencies are mostly little changed but the yen is tracking lower as we look towards European morning trade.

USD/JPY is extending its rebound towards the 61.8 retracement level of its April downswing @ 109.63 while CAD/JPY is inching towards its October 2018 highs @ 89.17-32.

Asian equities in general appear more subdued after the retreat in Wall Street on Friday but US futures are holding slightly higher for now awaiting Europe.

Economic releases are rather light in the session ahead so expect the focus to stay on risk sentiment, flows, and technicals as we get things underway in May.

You can also check out Adam's seasonal overview for the month here.

0600 GMT - Germany March retail sales data
Prior release can be found here. German retail sales is expected to bounce further in March after the big plunge in December and January but overall consumption is estimated to stay more subdued in general amid tighter restrictions.

0715 GMT - Spain April manufacturing PMI
0730 GMT - Switzerland April manufacturing PMI
0745 GMT - Italy April manufacturing PMI
0750 GMT - France April final manufacturing PMI
0755 GMT - Germany April final manufacturing PMI
0800 GMT - Eurozone April final manufacturing PMI
The focus of the readings will be on the final figures for France, Germany, and overall Eurozone. The manufacturing sector has shown much resilience since the turn of the year and the flash estimates have also reaffirmed that trend, so expect more of the same story to be reflected in the final figures later today.

0800 GMT - SNB total sight deposits w.e. 30 April
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.

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.
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