Today is going to be a boring day as the UK and the US are on holidays enjoying the long weekend. On the calendar, we only have the German IFO Business Climate Index and ECB's Lane speaking in the afternoon.
08:00 GMT German IFO Business Climate Index
The German IFO Business Climate Index is an economic indicator based on a monthly survey of about 9,000 German firms across various industries, including manufacturing, services, trade, and construction.
Conducted by the IFO Institute, the index measures companies' current business situation and their expectations for the next six months. It is widely used to gauge the health of the German economy and predict economic trends.
The IFO has a high correlatation with the German Composite PMI given that they measure basically the same thing. Since we have already seen the PMIs last week, the IFO becomes redundant at this point.
- IFO 90.3 expected vs. 89.4 prior.
- Current Conditions 89.9 expected vs. 88.9 prior.
- Expectations 90.5 expected vs. 89.9 prior.
12:00 GMT/08:00 ET ECB's Lane Speech
The ECB's Chief Economist Philip Lane (dove - voter) will deliver a keynote speech on "Inflation in the Eurozone" at the Institute of International and European Affairs (IIEA) in Dublin, Ireland.
Lane has already spoken with the Financial Times where he confirmed once again that the central bank is going to cut rates in June and after that move down gradually remaining in restrictive territory. Therefore, this one is going to be redundant as well.
