In the European session, the main highlight is the UK April Retail Sales report. Retail Sales ex-Fuel Y/Y is expected at 4.4% vs. 3.3% prior, while the M/M figure is seen at 0.3% vs. 0.5% prior.
Retail sales rose for the third consecutive month in March and the data has been generally good. This is generally a market moving release for the GBP but it shouldn’t change anything in terms of interest rates expectations.
In the American session, we get the Canadian Retail Sales data. The Retail Sales ex-Autos M/M is expected at 0.0% vs. 0.5%. Same as for the UK data, the report shouldn’t change anything for rates expectations after the recent upside surprise in the Canadian inflation data.
Central bank speakers:
08:30 GMT/04:30 ET – ECB’s Lane (neutral – voter)13:45 GMT/09:35 ET – Fed’s Musalem (neutral – voter)14:30 GMT/10:30 ET – BoE’s Pill (neutral – voter)16:00 GMT/12:00 ET – Fed’s Cook (dove – voter)16:15 GMT/12:15 ET – ECB’s Schnabel (neutral – voter)
This article was written by Giuseppe Dellamotta at www.forexlive.com.