Today's economic calendar is relatively light, with investors primarily focused on U.S. labor market data, the minutes from the European Central Bank's latest monetary policy meeting, and remarks from major central bank officials. This morning's German trade data showed weaker-than-expected export and import growth, while the trade surplus came in slightly above forecasts.
In the U.S., the key release will be weekly jobless claims, which could influence expectations for the Fed's next policy decisions amid persistent inflationary pressures. Comments from Fed, ECB and Bank of England officials may also attract attention, particularly against the backdrop of rising energy prices and the risk of further monetary tightening.
In the bond market, attention will turn to the auction of 30-year U.S. Treasuries, which will provide insight into demand for long-term government debt following the recent surge in yields to levels not seen in more than two decades. PepsiCo is also scheduled to report quarterly earnings before the U.S. market opens.
Economic Calendar
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5:00 AM GMT – Japan: Economy Watchers Survey Index: 47.0 (forecast: 46.7; previous: 46.4).
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6:00 AM GMT – Germany: Trade Balance: EUR 19.5 billion (forecast: EUR 19 billion; previous: EUR 21.3 billion).
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6:00 AM GMT – Germany: Imports m/m: 0.9% (forecast: 2.8%; previous: -5.7%).
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6:00 AM GMT – Germany: Exports m/m: -0.8% (forecast: 0.9%; previous: -0.8%).
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11:30 AM GMT – Eurozone: Minutes from the European Central Bank's (ECB) latest monetary policy meeting.
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12:30 PM GMT – U.S.: Initial Jobless Claims (forecast: 200K; previous: 197K).
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12:30 PM GMT – U.S.: Continuing Jobless Claims (forecast: 1.7M; previous: 1.701M).
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2:00 PM GMT – U.S.: Wholesale Inventories m/m, revised (forecast: 0.7%; previous: 0.7%).
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2:00 PM GMT – U.S.: Wholesale Sales m/m (previous: 0.8%).
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2:30 PM GMT – U.S.: EIA Natural Gas Storage Change (forecast: +82 Bcf; previous: +64 Bcf).
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3:30 PM GMT – U.S.: 4-Week Treasury Bill Auction (previous yield: 3.890%; bid-to-cover ratio: 2.830).
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5:00 PM GMT – U.S.: 30-Year Treasury Bond Auction (previous yield: 5.308%; bid-to-cover ratio: 2.610).
Central Bank Officials' Speeches
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8:05 AM GMT – SNB: Martin Schlegl speaks.
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9:15 AM GMT – BoE: Megan Greene speaks.
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10:00 AM GMT – ECB: Philip Lane speaks.
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10:30 AM GMT – BoE: Huw Pill speaks.
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12:15 PM GMT – BoE: Andrew Bailey speaks.
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1:00 PM GMT – BoE: Clare Lombardelli speaks.
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2:40 / 5:40 PM GMT – Fed: Alberto Musalem speaks.
Source: XTB
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