The Day Ahead

  • European stock markets set to open lower
  • Cryptocurrencies slump
  • AUDUSD erases post-RBA gains

Futures markets point to a lower opening of the European cash session today, following a mixed trading in Asia. USDJPY jumped above 133.00, reaching the highest level since 2002. Cryptocurrencies are taking a hit with Bitcoin dropping over 6%. AUD jumped following a bigger-than-expected rate hike from the RBA but all of those gains have been erased already.

Economic calendar for the day ahead lacks top-tier releases. Investors will be offered final services PMI from the UK or US trade balance but those rarely have a major impact on the markets. As the ECB meeting is scheduled for this Thursday and the FOMC meeting is scheduled for the next, the calendar of central bankers speeches is also empty due to the blackout period.

8:00 am BST – Spain, industrial production for April. Expected: -0.2% YoY. Previous: 0.1% YoY

9:30 am BST – UK, services PMI for May (final). First release: 51.8

9:30 am BST – Euro area, Sentix index for June. Expected: -20.2. Previous: -22.6

1:30 pm BST – US, trade balance for April. Expected: -$89.5 billion. Previous: -$109.8 billion

9:40 pm BST – API report on oil inventories. Expected: -1.8 mb

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