German ZEW Survey, Richmond Fed Survey,US New Home Sales – During the European day, ECB Chief Economist Peter Praet will speak. His views are well known however so they might not cause much of a ripple in the FX market. JustMonday, an interview with him was published on the ECB website, quoting him as saying that “interest rates are still in the toolbox,” i.e. they can still move rates lower, and that “the risks of de-anchoring have increased.”
Bank of England Gov. Carney’s views are also familiar to the market. Nonetheless, last time he spoke GBP fell somewhat; it could do the same if he echoes comments by Monetary Policy Committee members Forbes and Vlieghe, who both recently raised doubts about whether the slowdown in the UK was entirely due fears around Brexit.
Germany’s ZEW survey for May is expected to improve, both with regards to the current situation and expectations. Following the improvement in the May PMIs announcedMonday, that probably wouldn’t be much of a surprise and I expect would only support EUR/USD marginally, if at all. A miss on the other hand could be significant for the currency.
Similarly, the Richmond Fed manufacturing index is expected to decline, but that too may not be much of a surprise after the Markit May manufacturing PMI fell yesterday and the Empire State manufacturing index fell last week.
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