Economic calendar (GMT0):
(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)
04:30 Australia Announcement of the RBA decision on the discount rate 1.75% 1.75% 1.75%
04:30 Australia RBA Rate Statement
05:00 Japan Leading Economic Index (Preliminary) April 99.1 Revised From 93.3 100.8 100.5
05:00 Japan Coincident Index (Preliminary) April 110.2 Revised From 111.1 112.2
06:00 Germany Industrial Production s.a. (MoM) April -1.1% Revised From -1.3% 0.7% 0.8%
06:45 France Trade Balance, bln April -4.2 Revised From -4.37 -4 -5.2
07:30 United Kingdom Halifax house price index May -0.8% 0.3% 0.6%
07:30 United Kingdom Halifax house price index 3m Y/Y May 9.2% 8.9% 9.2%
The U.S. dollar traded mixed against the most major currencies ahead of the release of the U.S. economic data. Final productivity in the U.S. non-farm businesses is expected to decline at a 0.6% annual rate in the first quarter, after a 1.7% drop in the fourth quarter.
Final unit labour costs are expected to increase 4.0% in the first quarter, after a 2.7 gain in the fourth quarter.
The euro traded lower against the U.S. dollar despite the better-than-expected economic data from the Eurozone. Eurostat released its revised gross domestic product (GDP) data for the Eurozone on Tuesday. Eurozone’s revised GDP rose 0.6% in first quarter, up from the preliminary reading of 0.5%, after a 0.4% gain in the fourth quarter.
On a yearly basis, Eurozone’s revised gross domestic product (GDP) increased 1.7% in first quarter, up from the preliminary reading of 1.5%, after a 1.7% rise in the fourth quarter.
Household spending gained 0.6% in the first quarter, while gross fixed capital formation climbed 0.8%.
Exports climbed by 0.4% in the first quarter, while imports rose by 0.7%.
Destatis released its industrial production data for Germany on Tuesday. German industrial production rose 0.8% in April, exceeding expectations for a 0.7% gain, after a 1.1% decline in March. March’s figure was revised up from a 1.3% decrease.
German industrial production excluding energy and construction climbed by 1.1% in April.
The British pound traded higher against the U.S. dollar on the latest poll results. According to a YouGov poll for the Times on Monday, 43% of respondents would vote for “Remain”, while 42% would vote for “Leave”.
The Canadian dollar traded higher against the U.S. dollar ahead of the release of the Canadian economic data. Canada’s seasonally adjusted Ivey purchasing managers’ index is expected to decline to 51.5 in May from 53.1 in April.
EUR/USD: the currency pair fell to $1.1338
GBP/USD: the currency pair rose to $1.4608
USD/JPY: the currency pair increased to Y107.89
The most important news that are expected (GMT0):
12:30 U.S. Unit Labor Costs, q/q (Finally) Quarter I 2.7% 4%
12:30 U.S. Nonfarm Productivity, q/q (Finally) Quarter I -1.7% -0.6%
14:00 Canada Ivey Purchasing Managers Index May 53.1 51.5
19:00 U.S. Consumer Credit April 29.67 18
23:50 Japan Current Account, bln April 2980 2318.9
23:50 Japan GDP, q/q (Finally) Quarter I -0.4% 0.5%
23:50 Japan GDP, y/y (Finally) Quarter I -1.7% 1.9%
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