The week kicks off slowly for Markets, but really starts to pick up on Tuesday with Eurozone inflation data.<\/p>\n
Core CPI is expected to stay soft at 2% YoY, while monthly numbers remain flat \u2013 with European inflation hanging around 2%, the European Central Bank should hold still for a while now.<\/p>\n
A very small 10 bps cut premium is priced in for the rest of the year, but except for a sudden fundamental change, the ECB Main policy rate should stay between 2% to 2.15%.<\/p>\n
In the UK, attention turns to Friday with Retail Sales (expected +0.4% MoM), a release that could give the Pound some direction after a quiet stretch. A weak number would reinforce the idea that consumer demand remains fragile, while a beat may push back some dovish expectations from the Bank of England.<\/p>\n
For North America and actually for all markets, the spotlight is firmly on the US labor market.<\/p>\n
Thursday\u2019s ADP Employment Change will provide a first look, before Friday\u2019s Nonfarm Payrolls report sets the tone. Markets expect around 78k jobs added \u2013 downward revised expectations after the prior month surprise revisions.<\/p>\n
The US unemployment rate is still only at 4.2%!<\/p>\n
Alongside payrolls, Average Hourly Earnings will be crucial to gauge wage pressures.<\/p>\n
Less influential but released at the same time, Canadian employment data (including unemployment, currently at 6.9%) could bring extra volatility to USDCAD.<\/p>\n
Don’t forget the Canadian Trade Balance data, releasing on Thursday at 8:30 A.M.<\/p>\n
Finally, don\u2019t overlook PMI releases across the board \u2013 ISM Manufacturing on Tuesday, ISM Services on Thursday\u2013 all of which will feed into the global growth narrative.<\/p>\n","protected":false},"excerpt":{"rendered":"The week kicks off slowly for Markets, but really starts to pick up on Tuesday with Eurozone inflation…\n","protected":false},"author":2,"featured_media":101392,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[84,467,56,54,55],"class_list":["post-101391","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-markets","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/101391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=101391"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/101391\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/101392"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=101391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=101391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=101391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}