And on days when we don't get any big data, it can be a bit slow and uninspiring. So far today, we are at least seeing the dollar making a nice push higher. This has been helped by Treasury yields maintaining a bounce at a key technical juncture as noted here. But traders will continue to be hyped by major economic releases in the coming months. So, let's see what's on the agenda for next week.
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- Canada CPI Report for April (05/21)**
- RBNZ Monetary Policy Decision May (22/05)**
- UK CPI report for April (22/05)**
- US Existing Home Sales for April (05/22)
- May FOMC Meeting Minutes (05/22)***
- France, Germany and Eurozone preliminary PMIs for May (05/23)**
- UK preliminary PMIs for May (23/05)**
- US May Preliminary PMIs (05/23)**
- US Weekly Initial Jobless Claims (05/23)**
- US New Home Sales for April (05/23)
- UK retail sales data for April (24/05)
- Canadian retail sales data for March (05/24)
- US Durable Goods Orders for April (05/24)
The most important thing to watch will be the Fed meeting minutes, to get a better examination of their thoughts on future policy steps. This is especially after the lack of progress on inflation was mentioned in the meeting statement here. Since then, we've seen some better data developments. So, it would be interesting to try to pick up some clues from there.
Meanwhile, Purchasing Managers' Index (PMI) data will be in focus to gauge any further decline in the US economy. In Europe and the UK, it will be a test to see whether the better performance in the first quarter continues in the second quarter.
Apart from that, keep an eye on UK inflation data as well. This would help settle the score in the debate over a rate cut before the summer.
