WEEKLY HIGH IMPACT NEWS: 27-May FRIDAY
12:30 US- GDP
14:00 US- University of Michigan Survey
17:15 US- Yellen Speech
00:00 GB/US- Holiday 31-MAY TUESDAY
07:55 DE- Employment
09:00 EZ- flash HICP
12:30 US- Core PCE Deflator
13:45 US- Chicago PMI
14:00 US- Consumer Confidence 1-JUNE WEDNESDAY
00:30 AU- GDP
all day Global PMIs
18:00 US- Beige Book 2-JUNE THURSDAY
11:45 EZ- ECB
12:15 US- ADP
12:30 US Weekly Jobless
15:00 US- Crude 3-JUNE FRIDAY
all Day Global PMIs
12:30 US- Employment
Trading Themes --
Ihe scheduled "discussion" with Fed Chair Yellen at Harvard will be at 17:15 GMT today. The hope had been is that she would clarify the outlook for Fed policy heading into the June and July FOMC meetings, but I doubt this is the kind of venue where she is likely even to discuss policy, but she might. U.S. Fixed Income markets close early ahead of the long weekend, so this might not be an opportune time for a major statement.
Yesterday saw another jump in a key U.S. housing statistic. Pending Homes Sales increased by over 5% after we saw a similar jump in New Homes sales earlier in the week. Pending Homes sales tend to be a reliable predictor of Existing Homes Sales. This suggests the economy might be improving.
The EURUSD has tested the psychological 1.1200 line again today. EURUSD is firm on what appears to be short-covering into long weekends in the U.K. and U.S. The EUR is mixed on its key crosses.
Both Japanese National and Core CPI remain in contraction (-0.30% y/y) as of April. The latest data keep the pressure on the BOJ to take actions to lift the economy out of its persistent deflation.
John M.Bland MBA co-founder global-View.com
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