The most important data releases scheduled for today are already out.
Japan's GDP growth in Q1 surprised on the upside (growing by 2.1% y/y). However, the GDP deflator (3.4%) also exceeded expectations, fueling concerns about the inflationary situation in the country. Markets are currently pricing in a June rate hike at nearly 80%. However, despite the BoJ's intervention, the yen remains under pressure. The USD/JPY pair once again broke the 159 mark this morning.
Chart 1: USDJPY (13.05 - 19.05)
Source: xStation, 19.05.2026
Data from the British labor market proved mixed. It showed a further increase in the unemployment rate (to 5%) and the largest decrease in payrolled employees since the COVID pandemic. Wages rose more than expected (4.1%), however. This mix calls for caution from the Bank of England. Market expectations for interest rate hikes have fallen. Investors expect policymakers to hold in June and consider a rate hike at the July meeting.
Chart 2: UK PAYE Payrolled Employees Monthly Change (2014 - 2026)
Source: ONS via Bloomberg, 19.05.2026
Macroeconomic Calendar
19th of May
- Japan – Q1 Preliminary GDP (00:50)*
- Australia – May Consumer Confidence (01:30)*
- Australia – May RBA Minutes (02:30)*
- UK – March Wage Growth (07:00)*
- UK – March Unemployment Rate (07:00)*
- Eurozone – March Trade Balance (10:00)
- USA – Weekly ADP Labour Market Data (13:15)
- US – April Pending Home Sales (3:00 PM)
All in UK time.
* - already published
20th of May (Morning Hours)
- China – 1- and 5-year LPR Rate Decision (02:00)
- Germany – April PPI inflation (07:00)
- UK – April CPI Inflation (07:00)
- UK – April PPI inflation (07:00)
Earnings
19th of May
- Home Depot (before the US stock exchange opens),
- MakeMyTrip (before the US stock exchange opens),
- Keysight Technologies (after the US stock exchange closes).
—
Michał Jóźwiak, Financial Markets Analyst at XTB
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