The US is back from vacation today, and this should put the forex market at full capacity after a period of low trading volumes. This means we could see some bigger flow-driven moves today, especially as we approach the end of the month. Volatility can also rise if there is a surprise in economic data.
First up at the bottom of the hour is Canada's April Producer Price Index report. The market is at 63% for a Bank of Canada rate cut on June 5, so every piece of economic data from here will be a market mover. I'm also carefully monitoring any kind of BOC leak this week.
We then turn to US housing data at 9 a.m. ET with home price numbers from the FHFA and Case-Shiller.
Top billing comes at 10 a.m. ET with US Consumer Confidence for May. This is a good indicator for the future and the consensus is 95.9 out of 97.0.
Fedspeak includes Kashkari at 9:55 AM ET and Cook at 1:05 PM ET.
