And we will have Germany and Spain kick things off today, before getting to France, Italy, and Eurozone readings tomorrow. The expectation is that inflation pressures are estimated to stay elevated across the region and that will continue to vindicate the ECB to act in July.
Switching the focus back to today, it's best to be reminded that US markets are closed in observance of Memorial Day. That might make for a slower start to the new week, though month-end trading warrants some emphasis.
The dollar is looking more tepid after posting back-to-back weekly drops for the first time this year, though changes among major currencies are relatively light so far on the day. There might be scope for added softness in the dollar should Treasury yields continue to come down - three weeks in a row now - as markets look past Fed rate hikes.
Elsewhere, US stocks enjoyed a stellar week with the S&P 500, Nasdaq, and Dow all gaining by over 6%. More importantly, the S&P 500 and Nasdaq snapped seven straight weeks of losses and the Dow eight. That's quite an overdue bounce technically with potential to rebound further but the storm clouds are still looming for the most part.
Risk developments are slightly more positive with China easing lockdown measures in Shanghai and Beijing, with the former also announcing added steps to bolster the economy.
Looking ahead, there will be quite a number of releases to move things along but it may well be a quiet session in Europe. Trading today could very much be a placeholder for month-end trading and the return of US markets tomorrow.
0600 GMT - Germany April import price index
0700 GMT - Spain May preliminary CPI figures
0700 GMT - Switzerland May KOF leading indicator index
0800 GMT - SNB total sight deposits w.e. 27 May
0900 GMT - Eurozone May final consumer confidence
0900 GMT - Eurozone May economic, industrial, services confidence
1200 GMT - Germany May preliminary CPI figures
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
