Economic calendar: CPI data in the spotlight

• European stock markets set to open higher
• US CPI data for April in the spotlight
• Earnings from Disney and Toyota Motor Corp

Futures based on indexes from the Old Continent point to slightly higher opening of today’s trading session in Europe. Markets are looking nervous ahead of the macro publications scheduled for today, which are likely to dictate how the future monetary policy of the major central banks will be created. The crypto market extends bearish trend with Bitcoin losing 0.08% and trading below $27,700. This week is full of surprises for crypto investors, after Binance withdrawal problems, now investors are speculating about Binance bankruptcy.

Traders will be offered top-tier macro publication today that may help them to designate the next trend after consolidation. Investors’ attention is primarily focused on the CPI inflation reading from the US. This data will probably outweigh which direction FED will take on the next FOMC meeting. Currently, most investors anticipate a pause on the next meeting with only 25% chances on the 25 bp hike. Besides CPI data, the economic calendar is relatively light.

Macro calendar:

• 01:00 pm BST: Central Bank of Romania Interest Rate decision

• 01:30 pm BST:

  • CPI inflation (YoY). Forecast: 5.0% YoY. Previously: 5.0% YoY.

  • Core CPI inflation (YoY). Forecast: 5.5% YoY. Previously: 5.6% YoY.

  • CPI inflation (MoM). Forecast: 0.4% MoM. Previously: 0.1% MoM.

  • Core CPI inflation (MoM). Forecast: 0.4% MoM. Previously: 0.4% MoM.

Central bankers' speeches:

• 05:00 BST: SNB Chairman Jordan Speaks

Top Wall Street earnings:

• Disney Corp (DIS.US)

• Toyota Motor Corp (TM.US)

• Honda Motor Company (HMC.US)