Economic calendar: US housing data in the spotlight

Summary:

  • US existing home sales for April is the most interesting reading today
  • Poland’s labour market data to come in before noon
  • A lot of central bankers’ speeches on the agenda

9:00 am BST - Poland’s labour market data for April: The Polish labour market has thrived in recent months and this positive trend is expected to continue. At the same time, the pace of employment growth is forecast to slow down due to labour supply constraints while the pace of wage growth should stay firm. Expectations for today suggest a 6.5% YoY increase in wages and a 3% YoY rise in employment - both values refer to the enterprise sector (firms hiring at least 9 employees).

3:00 pm BST - US existing home sales for April: A number of both new and existing homes sold so far this year compared to the final months of the past year. This is in line with what we have seen in the average mortgage rate in the United States (it has fallen to 4.4% from above 5% of late). Based solely on this measure one may expect a further improvement in the US housing market. Having this in mind the consensus for today’s reading points to a 2.7% MoM increase (up to 5.35 million from 5.21 million).

Central bankers’ speeches:

  • 9:00 am BST - Riksbank’s Floden

  • 10:00 am BST - ECB’s Guindos

  • 11:30 am BST - ECB’s Visco

  • 3:00 pm BST - Riksbank’s Ohlsson

  • 3:45 pm BST - Fed’s Evans

  • 5:00 pm BST - Fed’s Rosengren

The USDNOK is trading in the neighbourhood of the pivotal supple zone at around 8.8020. Source: xStation5

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