The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic data front. Industrial production figures for the Eurozone and finalized member state inflation figures for April will be in focus.
Barring marked revisions from prelim inflation figures, expect industrial production numbers for the Eurozone to be key.
Following some disappointing stats from the U.S last week, expect the EUR to be more sensitive to any weak numbers.
At the time of writing, the EUR was down by 0.11% to $1.2135.
For the Pound
It’s a particularly busy day ahead on the economic calendar. 1st quarter GDP numbers are due out along with industrial and manufacturing production figures. Trade data for March are also due out.
Expect the GDP, manufacturing production, and trade data to have the greatest impact on the Pound.
The BoE has turned hawkish, Unlike other central banks battling with the COVID-19 pandemic, the BoE also had to deal with Brexit. That suggests an earlier shift in policy than most as the UK economy reopens ahead of its peers across the EU.
On the monetary policy front, BoE Governor Bailey is scheduled to speak later in the day. Expect any views on today’s stats and on the economic outlook to draw interest.
At the time of writing, the Pound was down by 0.17% to $1.4118.
Across the Pond
It’s a relatively quiet day ahead on the economic calendar. April inflation figures are due out later today.
Following market angst over inflation in the early part of the week, we can expect a responsive Dollar to the numbers.
At the time of writing, the Dollar Spot Index was up by 0.15% to 90.277.
For the Loonie
It’s another quiet day ahead on the economic calendar. There are no material stats to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of crude oil inventories, the IEA’s monthly report, and market risk sentiment.
Expect any downside for the Loonie to be limited, however.
At the time of writing, the Loonie was down by 0.04% to C$1.2107 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.