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The FxPro Analyst Team

Eurozone CPI MoM Figures Expected to Fall

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At 07:00 GMT, the ECB Non-Monetary Policy Meeting will take place. EUR crosses could be influenced by this event.

At 09:00 GMT, Eurozone Consumer Price Index – Core (YoY) (Apr) will be released. The consensus is for an unchanged reading of 0.7%. Consumer Price Index (MoM) (Apr) is expected to be 0.3% from 1.0% previously. Consumer Price Index (YoY) (Apr) is expected to be unchanged at 1.2%. Consumer Price Index – Core (MoM) (Apr) is expected at 0.2% from 1.4% prior. YoY Inflation rose to 2.0%, the highest levels in five years, in late 2016 and early 2017, but has since stabilized around 1.3%. The ECB is looking for inflation to “approach 2%”. CPI data is expected to show a decrease in the monthly figures, with yearly figures expected to remain in line with previous readings. EUR pairs may see volatility pick up due to this data.

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At 12:00 GMT, ECB President Mario Draghi is due to deliver opening remarks at an ECB event held in honour of Vítor Constâncio, in Frankfurt. EUR pairs may be influenced by this event.

At 12:30 GMT, US Housing Starts (MoM) (Apr) is expected at 1.310M from a previous number of 1.319M. Building Permits (MoM) (Apr) is expected to come in at 1.350M from the prior reading of 1.354M. This data is expected to show a small decrease in activity from previous readings. These data points have been recovering since hitting lows of 0.46M and 0.49M respectively after the financial crisis. The readings in February were the highest since those lows in both cases. USD crosses could see increased volatility around this data release.

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At 12:30 GMT, FOMC Member Bostic is due to speak about the economic outlook at the Augusta Cotton Exchange. Audience questions are expected. USD crosses may see spikes in volatility during this event.

At 13:15 GMT, US Industrial Production (MoM) (Apr) will be released. The consensus is for 0.6% from 0.5% previously. This measure rebounded strongly in March to reach the highest reading since December 2014, after having slipped below the zero line previously. Capacity Utilization (Apr) will also be released at this time, with an expectation for 78.4% v 78.0% previously. The expectation is for the number to exceed the two-year high from December. USD crosses may be impacted.

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At 16:00 GMT, SNB Chairman Jordan is due to speak about the Sovereign Money Initiative at a Vollgeld event, in Zurich. CHF crosses may be affected by any comments made.