Other stats on Monday include factory orders and finalized S&P Global Composite and Services PMIs. However, these will likely play second fiddle to the ISM survey-based stats.
On Thursday, initial jobless claims will also draw interest. An unexpected jump in jobless claims would ease the fear of further Fed rate hikes.
For the EUR:
It’s a relatively busy week for the EUR.
German trade data and service PMI numbers for member states and the Eurozone will move the dial on Monday. Barring a slide in Germany’s trade surplus, Italy and the Eurozone’s PMIs will likely have more impact.
Mid-week, the German economy is in the spotlight, with factory orders and industrial production in focus. Following disappointing numbers for March, further declines would fuel recessionary fears.
The third estimate of Eurozone GDP numbers will wrap up the week on Thursday. However, barring revisions from the second estimates, the numbers should have a limited impact on the EUR.
Beyond the numbers, investors should also consider ECB commentary. Executive Board members Luis de Guindos (Wed/Fri), Fabio Panetta (Wed), Edouard Fernandez-Bollo (Wed), Andrea Enria (Fri), and ECB President Christine Lagarde (Mon) are on the calendar to speak.
For the Pound:
It is a busier week ahead for the Pound. Finalized service and composite PMI numbers for May will draw interest on Monday. Revisions to the services PMI will provide direction.
On Tuesday, BRC Retail Sales Monitor numbers for May will also influence.
Other stats include construction PMI and house price data that should have a limited impact on the Pound.
With the economic calendar on the light side, Bank of England commentary will influence. However, no Monetary Policy Committee members are on the calendar to speak, leaving chatter with the media to provide direction.
For the Loonie:
It is a big week ahead on the economic calendar for the Loonie.
Ivey PMI numbers on Tuesday and labor productivity and trade data on Wednesday will draw interest ahead of employment numbers on Friday.
However, the Bank of Canada interest rate decision (Wed) will be the main event. The markets expect the BoC to stand pat, leaving the Rate Statement to move the dial. A dovish stance would catch investors by surprise as members will likely continue to raise concerns over inflation.
amp.fxempire.com