EUROPEAN SESSION

In the European session, we don’t have much on the agenda other than a couple of low tier releases like the construction PMIs and Eurozone retail sales. None of the data is going to change anything for the respective central banks or the market as the focus remains on the US-Iran war and increasing energy prices.

AMERICAN SESSION

In the American session, the main highlight is the US Jobless Claims data. Initial Claims are expected at 215K vs 212K prior, while Continuing Claims are seen at 1845K vs 1833K prior. The data has been improving steadily since the start of the year, especially on the continuing claims side, which could lead to a lower unemployment rate.

The ADP yesterday beat expectations and the employment components in the ISM PMIs have improved further. Everything suggests that the labour market is indeed stabilising and the NFP report tomorrow might surprise to the upside again.

CENTRAL BANK SPEAKERS

• 08:50 GMT/03:50 ET – ECB’s de Guindos (neutral – voter)
• 09:35 GMT/04:35 ET – ECB’s Rehn (dovish – voter)
• 10:00 GMT/05:00 ET – ECB’s Nagel (neutral – voter)
• 17:00 GMT/12:00 ET – ECB President Lagarde (neutral – voter)