Economic calendar: What to watch on Monday?

Summary:

  • Industrial production from the UK and Italy are the most important releases this morning
  • Housing data from Canada
  • US data on new vacancies created in the economy in April

9:00 am BST - Italian industrial production for April: The European industrial sector has had a tough time recently and the most recent release from Germany suggested no breakthrough on the horizon. On the other hand, the data from France released on Friday brought better than expected numbers in case of industrial output. Although Germany has the largest contribution to growth at the European level, other countries matter as well. Hence, today’s reading from Italy is important and the consensus points to 0% MoM.

9:30 am BST - UK industrial production for April: The UK pound has got a bit of relief of late due to the weakening US dollar. However, its future will depend more on incoming Brexit-related revelations rather than macroeconomic data per se. In the nearest future a change in the post of Prime Minister could be remarkably important for the sterling. The median estimate calls for a 1% MoM decline after a 0.7% MoM increase in March. Apart from this reading we will also get data on construction output and foreign trade.

1:30 pm BST - Canadian housing data for April: The Canadian dollar strengthened on Friday in the aftermath of employment reports from the US and Canada. Technically it left the bullish channel by breaking below its lower boundary. Hence, from this point of view buyers may count on further CAD appreciation. The consensus points to 210k of new housing starts, while building permits are expected to have risen 1.8% MoM.

3:00 pm BST - US JOLTS for April: Despite a miss we were offered on Friday, the US labour market remains one of the brightest spots in the economy. This notion is also justified by a number of new vacancies created there (JOLTS). Expectations suggest JOLTS to have grown to 7496k from 7488k.

Central bankers’ speeches:

  • 10:30 am BST - BoE’s Haldane

  • 6:00 pm BST - BoE’s Saunders

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