Today’s economic calendar is exceptionally packed and will be rich in key data from both the Eurozone and the U.S., crucial from a market perspective.
We will hear a series of speeches from European Central Bank representatives and get Eurozone industrial production data, which is expected to rise considerably both year-on-year and month-on-month.
The highlight among central banker statements will be a press conference from Fed Chair Jerome Powell, shortly after U.S. data releases on retail sales, regional manufacturing activity, and jobless claims.
Economic calendar for today:
- 08:50, Eurozone – Speech by ECB’s Elderson
- 09:00, Poland – April inflation data:
- CPI forecast: +0.4% m/m (previous: +0.2%)
- CPI forecast: +4.2% y/y (previous: +4.9%)
- 09:00, Poland – GDP data:
- GDP q/q (Q1): previous: +1.3%
- GDP y/y (Q1): previous: +3.2%
- 09:00, U.S. – Monthly DOE report
- 09:30, UK – Labor productivity (Q4): previous: -2.4%
- 10:00, Eurozone – Labor market data:
- Employment change q/q (Q1): forecast: +0.1%, previous: +0.1%
- 10:00, Eurozone – March industrial production:
- Forecast: +2.5% y/y (previous: +1.2%)
- Forecast: +1.9% m/m (previous: +1.1%)
- 10:00, Eurozone – GDP data:
- GDP q/q (Q1): forecast: +0.4%, previous: +0.2%
- GDP y/y (Q1): forecast: +1.2%, previous: +1.2%
- 10:00, Eurozone – EU economic forecasts
- 10:00, Eurozone – Additional labor market data:
- Total employment (Q1): previous: 169.4353 million
- Employment change y/y (Q1): forecast: +0.8%, previous: +0.7%
- 11:15, Eurozone – Speech by ECB’s de Guindos
- 13:15, Canada – April housing starts:
- Forecast: 227.0K (previous: 214.2K)
- 13:30, Canada – March wholesale sales:
- Forecast: -0.4% m/m (previous: +0.3%)
- 13:30, Canada – March manufacturing sales:
- Forecast: -1.8% m/m (previous: +0.2%)
- 13:30, U.S. – Jobless claims:
- Initial claims: forecast: 229K (previous: 228K)
- 4-week average: previous: 227K
- Continuing claims: forecast: 1.890M (previous: 1.879M)
- 13:30, U.S. – April EIA report:
- Retail sales ex-gas/auto: previous: +0.8% m/m
- 13:30, U.S. – April inflation data:
- PPI y/y: forecast: +2.5% (previous: +2.7%)
- PPI m/m: forecast: +0.2% (previous: -0.4%)
- Core PPI y/y (ex-food/energy/transport): previous: +3.4%
- Core PPI m/m (ex-food/energy/transport): previous: +0.1%
- 13:30, U.S. – April retail sales:
- Headline: forecast: 0.0% m/m (previous: +1.4%)
- Year-on-year: previous: +4.6%
- Core retail sales: forecast: +0.3% m/m (previous: +0.5%)
- 13:30, U.S. – Philadelphia Fed Manufacturing Index (May):
- Forecast: -11.3 (previous: -26.4)
- 13:40, U.S. – Fed Chair Powell’s speech
- 14:15, U.S. – April industrial production:
- Forecast: -0.2% m/m (previous: +0.3%)
- Y/y: previous: +1.34%
- Capacity utilization: forecast: +0.2% m/m (previous: -0.3%)
- 15:00, U.S. – March business inventories:
- Forecast: +0.2% m/m (previous: +0.2%)
- 15:00, U.S. – March retail inventories excl. autos:
- Forecast: +0.4% (previous: +0.1%)
- 15:00, U.S. – NAHB Housing Market Index (May):
- Forecast: 40 (previous: 40)
- 18:00, U.S. – GDPNow forecast (Atlanta Fed, Q2):
- Forecast: +2.3% (previous: +2.3%)
- 19:05, U.S. – Speech by Fed Vice Chair for Supervision, Barr
- 21:30, U.S. – Federal Reserve bank reserve balances:
- Previous: $3.201T
- 21:30, U.S. – Federal Reserve balance sheet:
- Previous: $6.711B
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