Week to May 29th

Memorial Day 4-day week, Markets rise on lockdown, US-China sabre-rattling

MY CALL THIS WEEK : SELL EURAUD

Markets were buoyant this week as the lockdown release proceeded, despite Trump’s sabre-rattling with China over the resumed crackdown on Hong Kong, with a new security law, widely seen as removing the territory’s independence. There was a distinct rotation out of tech into companies seen to benefit from the reopening, which suggests a rare week where value stocks outperform momentum stocks.

However, USD continued to fall, presumably assessing the government cost of the lockdown, and notably, haven assets Gold, bonds and JPY did not pull back, ending the week flat.

Sell in May on did not really happen this year, and next week is a new month, traditionally also weak. The NFP estimate is already dire (as are Canadian and German jobs estimates). There is a lot of other data in the week. However, it seems the US-China war of words has started again, and this, along with coronavirus statistics will probably be the driving force. Watch out, though for any surprises from the ECB, and possibly Canada and Australia, all of whom have rate set meetings.

Mon May 25

With exchanges closed, futures markets in equities and Oil took their cue from the continuing end of the lockdown, and rose throughout the day. With London also closed there was very forex volatility and the dollar was flat, as was Gold. Bond markets are were closed, although bond futures were slightly up.

Tuesday May 26

Having effectively gapped up over the long weekend, the initial cash rallies faded, and markets were flat on the day. Chinese markets recovered on potential new stimulus from the PBoC, and there was a recovery in Hong Kong after the sharp politically-related falls last week. The dollar was generally down, but although JPY was up, the other haven assets Gold and bonds were not, and Oil continued to rally. 

Wednesday May 27

The US declaration that they no longer considered Hong Kong to be independent of China (and therefore sanctions and tariffs were applicable) was not, and caused a sharp fall after the US open, although markets recovered later with SPX closing 1.5% up. The riskier NDX was only 0.55% up, showing the mixed message.

The Eurozone pandemic plan was well received, and EUR was 0.32% in contrast to Brexit-troubled GBP down 0.56%. USD was generally down, with only JPY weaker. Bonds and Gold had a roller-coaster day, but ended roughly flat. Oil was sharply down. All in all, a mixed messages day where natural correlations failed.

Thursday May 28

Markets were down today as China enacted the Hong King security bill, but only at the end, leaving European indices in the green. The US GDP print was bad, at -5%, but no worse than expected. Again USD was down across the board. Gold and JPY were up, but bonds were slightly down. Gold and Oil rose on the weaker dollar.

Friday May 29

Markets fell all day on Friday, waiting to see if President Trump would restart the trade war. He held a press conference late in the day, and although he said he would eliminate special treatment for Hong Kong, crucially, he did not say he would pull out of the Phase 1 trade agreement. Markets shot up, to close up, on the day, especially for tech stocks. The dollar was still down, but JPY retreated sharply after the Trump announcement. Oil was up in line with equities, and so surprisingly were Gold and Bonds.

WEEKLY PRICE MOVEMENT

The biggest riser this week was NKY, up a very strong 7.3%. AUDJPY was the strongest pair up 2.16%. Cryptos were up slightly, and once again FANGS were variable, generally underperforming NDX

My call to sell EURJPY was my worst for weeks, the pair rose by 2.02%, wiping out nearly a third of accumulated profit. 17 weeks, 7 wins and a profit of 4.43%. This week I am selling EURAUD.

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day. Recoveries in line were seen in most FANGs, but not NFLX, which has not really fallen like the others.

NEXT WEEK (all times are GMT)

(Calendar High volatility items are in bold)

• New month
• NFP Week
• ECB/Aus/Canada rate decisions
• US-China tension

Monday June 1

New months sometime herald changes in sentiment. Today’s data is pretty much all manufacturing PMIs. All are expecting slight rebounds.

23:00 AUD Aus Commonwealth Bank Manuf PMI (Sunday)

01:00 AUD Aus TD Securities Inflation (YoY)(May)

01:45 CNY China Caixin Manuf PMI( May) (e49.6 p49.4)

07:55 EUR Germany Markit Manuf PMI(May)

08:30 GBP UK Markit Manuf PMI(May)

13:30 CAD Canada Markit Manuf PMI(May)

13:45 USD US Markit Manuf PMI(May)

14:00 USD ISM Manuf PMI(May) (42.5 p41.5)

Tuesday June 2

No European or US news today. Watch out for Hong Kong headlines, and also Brexit matters ahead of the Jun 18 EU Summit.

01:00 AUD Aus HIA New Home Sales (MoM)(Apr)

04:30 AUD RBA Rate Decision/Statement (e0.25% hold)

14:30 NZD NZ GDT Milk Index (time approx.)

Wednesday June 3

The jobs prints from Germany and US (ADP) are the main events today, together of course with the Canadian rate decision.

01:10 AUD RBA Bullock speech

01:30 AUD Aus Q1 GDP (QoQ e-0.3% p0.5%)

01:45 CNY China Caixin Services PMI (May)

07:55 EUR Germany Unemployment Rate/Change (Rate e200k p373k)

07:55 EUR Germany Markit PMI Composite( May)

08:30 GBP UK Markit Services PMI (May)

09:00 EUR Eurozone Unemployment Rate (Apr) (e8.2% p7.4%)

12:15 USD US ADP Employment Change(May) (e-9.5M p-20.2M)

13:45 USD US Markit Composite/Services PMIs

14:00 USD ISM Non-Manufacturing PMI (Apr) (e43.0 p41.8)

14:00 CAD BoC Rate Decision/Statement (e0.25% hold)

14:30 WTI EIA Oil Stocks

Thursday June 4

The first ECB after the €750 billion COVID-19 support package should be interesting. Traders will be watching for further stimulus.

01:30 AUD Aus Imports/Exports/TB(Apr)

09:00 EUR Eurozone Retail Sales (YoY)(Apr)

11:45 EUR ECB Rate Decision/Statement (e0% hold)

12:30 USD US Initial Jobless Claims (May 29) (p2.6M)

12:30 EUR ECB President Lagarde Presser

12:30 CAD International Merchandise Trade(Apr)

18:00 CAD BoC's Gravelle speech

Friday June 5

The NFP estimate is enormous, but still half the figure from last month. Anything positive may well be seized on by bulls.

06:00 EUR Germany Factory Orders s.a. (MoM)(Apr)

12:30 USD US NFP/AHE/UnEmp (NFP e-10M p-20.5M)

12:30 CAD Canada NFP/AHE/UnEmp (NFP e-4M, p-2M)

15:00 CAD Canada Ivey PMI

Week to May 22nd

Opening surge on vaccine hopes, Ranging all week, US-China tensions

MY CALL THIS WEEK : SELL EURJPY

The week started with a strong gap up ad surge on hopes of a potential COVID-19 vaccine from MRNA (whose stock gapped up 30%), and positive comments from Fed Chair Powell but failed to advance much further as poor data (including another new 2.5m Jobless Claims) and rising US-China tensions tempered enthusiasm.  However, Monday’s gains were not lost, and Gold and the yen fell, showing some degree of positive sentiment.

Monday is Memorial Day, and also a holiday in the UK shortening the final week of May which has been more flat than bearish this year. Earnings season is over,  and there isn’t much news other than another preliminary read of US GDP (QoQ est -5%). Look out for any further war of words between the US and China, and of course any COVID-19 second wave effect as many people exit lockdown.

Mon May 18

Markets gapped up hugely over the weekend on new of a potential COVID-19 vaccine from MRNA (whose stock gapped up 30%), and carried on rising all day after Fed Chair Powell told CBS 60 Minutes “there’s a lot more we can do to help the economy”. SPX closed at a two-month high. Oil rose sharply in line with equities. The haven trio bonds, gold and JPY were sharply down, the latter even against an otherwise falling dollar, following the dovish Fed remarks. A classic risk-on day. 

Tuesday May 19

Initially, markets held Monday’s gains as TreasSec Mnuchin confirmed the governments commitments to COVID-19 bailouts. However we had turnaround Tuesday into the US close, as some profit was taken. (Non-US indices were still up, as they close earlier). MRNA stock had been falling since the gap up. Gold and Bonds also reversed back up, although JPY continued to fall, again the only currency to do so, which can also be put down to forex being mainly traded in London hours.

Wednesday May 20

Markets were back up again today, although only matching Tuesday’s high, following positive Fed minutes indicating further support for the economy, which of course means printing more money, and the dollar was down again everywhere except GBP, following the UK inflation miss at 0600. The equity push was led by FB and AMZN which made new all-time highs. Oil was up in line. Oddly Gold and bonds continued upwards, the latter possibly on the new US 20-year bond auction

Thursday May 21

Pessimism started in Asia, with HSI down 3.4% on news of a new Chinese ‘national security’ law in Hong Kong, aimed at quelling protest, and Donald Trump claimed China was behind a disinformation and propaganda attack on the US. This was followed by another depressing Initial Jobless Claims report of 2.4 million, just one of many bad reports, for example New Home Sales hit a 10-year low. Markets were down everywhere. Oil ignored all this, and was up following the EIA stock report beat.

The dollar broke its three-day losing snap, and rose against all currencies (although it was practically flat against JPY). Bonds were flat as well, although Gold, reacting to the dollar reversal, was down 1.46%.

Friday May 22

US and European markets initially dipped on Friday but ended the day roughly flat going into the long weekend. By contrast the HSI was down 5.6%, its worst day in five years on China’s new laws. SecState Pompeo called the plans a “death knell” for autonomy in the territory, and this was reflected in Gold and bonds, both up. Oil also pulled back after gaining all week. USD was again up across the board, except for JPY which was flat, in line with the earlier dips.

WEEKLY PRICE MOVEMENT

Indices had a strong week, although all the beginning, and the biggest riser was DAX. NZDJPY was the strongest performer up 3.31%. Crypto had a fairly flat week, and FANGs were rather variable swinging from a 5.48% loss on NFLX to a 11.4% gain on FB.

My choice last week of NZDCAD paid off, up 2.04%. 16 weeks, 7 wins, net profit 6.45%. I am still bearish about equity markets, so I will sell EURJPY this week, also considering the new EU pandemic plan, which will be expensive. (My other choice was to sell EURUSD, but you can never tell with USD when markets fall).

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day. Recoveries in line were seen in most FANGs, but not NFLX, which has not really fallen like the others.

NEXT WEEK (all times are GMT)

(Calendar High volatility items are in bold)

• Memorial Day 4-day week
• US and Canada GDP
• Expect more China tension
• End of month

Monday May 25

Markets are closed today in the US and the UK, so forex will be calm as well as equities, unless of course something happens in Asia. Ramadan ended this weekend, so there may be increased activity from Islamic countries. There are rate decisions in Romania and Israel.

06:00 EUR Germany Q1 Final GDP

08:00 EUR Germany IFO Business Sentiment

17:30 CAD BoC Governor Poloz speech

22:45 NZD NZ Imports/Exports/TB

Tuesday May 26

A quiet day on news, so COVID-19 and China will drive the markets. There is a rate decision in Hungary. Markets are closed in Indonesia.

06:00 EUR Germany Gfk Consumer Confidence Survey

12:30 USD Chicago Fed National Activity Index

13:00 USD US Housing/Home Price Indices

14:00 USD US New Home Sales/Consumer Confidence

14:30 USD Dallas Fed Manufacturing Business Index

21:00 NZD RBNZ Financial Stability Report

Wednesday May 27

The EU presents a continent-wide pandemic recovery plan today. Remember that most of Europe is borderless. The debate will be, as ever, whether richer countries should support poorer ones.

Here is a useful chart from Reuters showing the effect of COVID-19 policies on EURUSD, both from the Fed and ECB.

There is little scheduled news.

08:00 EUR EU Financial Stability Review

14:00 USD Richmond Fed Manufacturing Index

Thursday May 28

Today is the heaviest news day, with the 1230 batch of US data, the Jobless Claims being the most important. There are rate decisions in South Korea and Poland.

12:00 EUR Germany Prelim CPI (YoY e0.6% p0.8%)

12:30 USD US ND Capital Goods (p-0.8%)

12:30 USD US Prelim PCE QoQ

12:30 USD US Initial Jobless Claims (May 22) (e2.0M p2.4M)

12:30 USD US Q1 Prelim GDP (Annualised e-5.0% p-4.8%)

12:30 CAD Canada Current Account

14:00 USD US Pending Home Sales

15:00 USD US EIA Oil Stocks

23:30 JPY Tokyo CPI (Core YoY e0.1% p-0.1%)

23:30 JPY Japan Jobs/Unemp

23:50 JPY Japan Industrial Production (p-5.2%)

Friday May 29

The last trading day of the month may bring volatility, especially as “Sell in May” does not appear to have happened this year. There are rate decisions in Colombia and Chile.

06:00 EUR Germany Retail Sales

09:00 EUR Eurozone CPI (Core YoY e0.9% p0.9%)

12:30 USD US Prelim PCE (MoM and YoY)/Personal Income

12:30 CAD Canada Q1 Final GDP (Annualised p0.3%)

13:45 USD Chicago PMI

14:00 USD Michigan CSI

Week to May 15th

Markets turn down, Worst Retail Sales ever, Earnings season pause and Opex

MY CALL THIS WEEK : BUY NZDCAD

In a week that saw reality bite, with WHO reporting a (so far small) second wave in countries which are furthest in lockdown release, and Fauci’s gloomy Senate testimony, the sharp move down for markets came when Fed Powell said that more needs to be done to support the economy. SPX was down 5.46% at its lowest point in the week, although some relief came in the last couple of days. There was notable sector divergence, with NDX managing to break even for the week, whereas lockdown-affected sectors like aviation fell heavily, AAL down 10.85% for example. Oil rose all week, but of course from a very low base, but a clear and constant move up in yen, gold and bonds, and to an extent the dollar, showed how any equity rallies are being driven by cheap or free money, rather than solid earnings hopes.

Next week has plenty of events, the retail phase of earnings season, led by giant WMT, Senate testimony on Tuesday and a Thursday speech by Fed Chair Powell, both on COVID-19 and the FOMC minutes, a Chinese interest rate decision, inflation from Japan, the UK and Canada, and another weekly set of no doubt depressing PMIs from Europe. But the patchwork reopenings, and arguments against will probably take centre stage, as traders continue to try and work out the endgame.

Mon May 11

A mixed day today with DJIA down but NDX up, as comments about reopening from New York governor Cuomo were balanced by general concern about the cost of the lockdown. The mood was positive overall, with Gold, bonds and JPY clearly down. USD was up across the board. Oil was flat on the day.

Tuesday May 12

US health official Dr Fauci warned today that a vaccine is still a while off, and it was a Turnaround Tuesday, as stocks fell around 2%, although AAPL outperformed, up 1.14% on the day. The turnaround was reflected in Gold, Bonds and JPY all up. The dollar was also down after the US CPI miss. Oil was surprisingly up, although this was not reflecting in the USO ETF which has failed to fully track the price of Oil recently.

Wednesday May 13

The downward trend continued today after Fed Chair Powell said that more needs to be done to support the economy, with airlines and banks falling particularly hard. Again the triple haven set (Gold, Bonds, JPY) were up, the latter being the only currency to gain against the dollar. Oil had a flat day, with reaction to the equity market being balance by a strong trend up from this historic low.

Thursday May 14

Despite another shocking Initial Jobless Claims figure of nearly 3 million, markets rallied today after an initial drop, as markets tested but ultimately were supported by the May 4 SPX 2780 low, and closed over 1% up. Oil was up in line, and CAD followed it. However, Gold and bonds were also up, showing that sentiment had not necessarily changed. However, JPY was down on what was otherwise a flat day for USD.

Friday May 15

Markets dipped today and then recovered, ending up marginally green on the day (SPX was up 0.39%), as Thursday’s recovery rally continued despite the worst Retail Sales print in history. In fact, there was a element of sell the rumour buy the news as the XRT Retail ETF was up nearly 2%. There were also rumblings of the trade war reopening as China threatened to “restrict or investigate” certain US chipmakers if the US continues to block Huawei’s supply chain. Oil was up again and bonds and JPY were down in line with the market, although Gold carried on rising. The dollar was fairly flat overall.

Just to show you how this is still a sentiment-driven market, look how well the Google Trends search terms for a second wave (fear) and a vaccine (hope) correlate with the SPX price over the last few weeks. The trends are of course inverted on the left-hand chart.

WEEKLY PRICE MOVEMENT

All indices were down this week, with DAX the largest faller at 4.03%. The weakest currency was NZD and the strongest was the dollar, with NZDUSD down 3.32% the worst performer. Cryptos pulled back sharply in the line with the equity markets, and with Bitcoin finding $10,000 to be a barrier. FANGS generally followed the market, except for NFLX which outperformed.

My call to buy EURUSD initially paid off, but eventually failed, losing 1.37%. Fifteen weeks, six wins, net profit 4.41%. I think NZD should recover a little, and CAD may fall with Oil next week, so I am buying NZDCAD.

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day. Recoveries in line were seen in most FANGs, but not NFLX, which has not really fallen like the others.

NEXT WEEK (all times are GMT)

(Calendar High volatility items are in bold)

• More lockdown release
• UK, Japan, Canada inflation
• Chinese rate decision
• Powell Senate Testimony

Monday May 18

Like Mondays often are, today is quiet. The German BuBa monthly report is released. ‘BAT’ stock BIDU reports after the bell.  Markets are closed in Canada.

23:50 JPY Japan 20Q1 Prelim GDP (e-1.2% p-1.8%) (Sunday)

Tuesday May 19

Chair Powell’s Senate Health Committee testimony today is the star event. The retail phase of earnings season opens with DJIA components WMT and HD reporting before the bell. There is a rate decision in Indonesia. Markets are closed in Turkey.

01:30 AUD RBA Meeting Minutes

06:00 GBP UK Claimant Count/UnEmp/AHE (UnEmp e4.4% p4.0%)

09:00 EUR Germany ZEW Economic Sentiment Survey (e33.5 p28.2)

12:30 USD US Building Permits/Housing Starts

14:00 USD Fed Chair Powell testifies

14:30 NZD NZ GDT Milk Index

Wednesday May 20

The Chinese rate decision is probably the most important print of the day. The FOMC minutes may move things, but are foreshadowed by the Powell testimony on Tuesday. Retails earnings continue with TGT and LOW before the bell. As well as China, there are rate decisions in Thailand and Iceland.

01:30 CNY PBoC Rate Decision/Statement (e3.85% hold)

06:00 GBP UK CPI (YoY e0.9% p1.5%)

09:00 EUR Eurozone CPI

12:30 CAD Canada CPI (p1.6%)

14:30 WTI EIA Oil Stocks (May 15)

18:00 USD FOMC Minutes

18:00 CAD BoC Lane speech

23:00 AUD Aus Commonwealth Bank Manuf Prelim PMI

23:50 JPY Japan Imports/Exports/PB

Thursday May 21

Todays retail earnings reports before the bell are BBY, TJX and ROST. After the bell is NVDA. There are rate decisions in South Africa, Turkey and the Phillippines. Banks are closed the Nordic countries, Germany and France for Ascension Day, although markets are open.

02:30 AUD RBA Governor Lowe speech

07:30 EUR Germany Markit Manuf Prelim PMI (e40.0 p34.5)

08:00 EUR Eurozone Markit Composite Prelim PMI (e24.0 p13.6)

08:30 GBP UK Markit Services Prelim PMI (e22.1 p13.4)

12:30 USD Philly Fed Manuf Survey (May)

12:30 USD US Initial Jobless Claims (May 15) (p2981k)

13:45 USD US Markit Markit Prelim PMIs

14:00 USD US Existing Home Sales (MoM)(Apr)

17:00 USD Fed Clarida speech

18:30 USD Fed Chair Powell speech

22:45 NZD NZ Retail Sales (QoQ p0.7%)

23:30 JPY Japan National CPI (ex Food YoY e-0.1% p0.4%)

Friday May 22

A quieter day on releases. The third and largest of the ‘BAT’ stocks, BABA, reports today before the bell.

06:00 GBP UK PSBR

06:00 GBP UK Retail Sales

11:30 EUR ECB MPC Minutes

12:30 CAD Canada Retail Sales (MoM p0.3%)

14:30 EUR ECB Lane speech

Week to May 8th

Lockdowns easing start, Worst unemployment since 1930s, Strong week for tech

MY CALL THIS WEEK : BUY EURUSD 

Despite the worst NFP since the 1930s, the recovery of Oil, a transportation leading indicator, moves towards lockdown easing and the huge central bank stimuli around the world pushed markets higher this week, with tech outperforming as it often does. NDX is only 5% off its all-time high.

Although there is plenty of inflation data (directly and via proxies such as Retail Sales) next week, there is nothing momentous scheduled, and earnings season pauses prior to the retailer finale next week. It is likely that volatility will continue to decline as it has done for weeks now.

Mon May 4

Monday was a fairly quiet day with US indices ending flat. The day was V-shaped, which meant European indices missed the closing rally and were down on the day. (There were technical adjustments for the German DAX which was closed on Friday, but fell in futures). There was a sharp sell-off in airlines after Warren Buffett revealed that he had exited the sector. However lockdown-resistant tech companies outperformed. The currency picture was very mixed, with a 1.7% pullback in EUR, retracing last week’s gains, and a 1.25% advance for CAD, following Oil which was up 4.3%. Nevertheless, the early fall meant haven assets Gold, JPY, and Bonds were slightly up.

Tuesday May 5

News of some lockdown easing, and declining COVID-19 death rates, some more pharma vaccine news, and a strong move up in Oil led to a positive day in markets. The currency picture was the same as yesterday, with EUR falling to produce a green candle for DXY, despite CAD advancing again (following Oil). Bonds were down in line, but Gold ignored the haven rule, and advanced.

Wednesday May 6

Indices took a breather today, after the shocking minus 20.2 million ADP print, with DAX particularly hard hit after the 15.7% drop in factory orders, the worst figure since the 1970s. Oil also pulled back after its two-day run, despite the moderate EIA beat. All currencies except for JPY were down. Oddly, bonds were down, as was Gold.

Thursday May 7

Indices resumed their upward trend, with NDX turning positive for the year, but there were still signs of haven buying with Gold up 1.5% and Bonds up 0.61%, and although the dollar was up across the board (except CAD), the yen drop was weaker than other currencies. The new BoE Governor Bailey’s statement caused a brief GBP rally, although nothing in the larger picture. Despite a poor Ivey PMI print, CAD reverted to its mean, rising all week with the Oil recovery, although ironically Oil did not rise today. Such is the delay in asset correlation.

Friday May 8

The 75th anniversary of the end of World War II in Europe (with British and French markets closed) also brought the worst NFP print seen since the beginning of that war, and there was not even a wobble, such are today’s strange markets. The ‘unlock down’ trend continued with markets up well over 1%, and Oil up nearly 5%. The dollar was down generally, as EUR made a recovery. However CAD continued to fall, as unlike the US, the Canadian NFP, at minus 2M was much larger than the estimate, as was JPY which fell in line with Bonds and Gold to reflect equity risk-on. 

WEEKLY PRICE MOVEMENT

The strongest index was NDX, although this is partly to do with its closure on Friday. The largest forex move was EURAUD down 2.92%. Bitcoin enjoyed a third week of gains, although ETH, which had rallied in previous weeks did not join it. FANGs generally performed in line with NDX, showing that not all tech gains are narrowed into these popular stocks

My call to sell GBPAUD paid off, one of the larger movers at 2.47%. Fourteen weeks, six wins, and a running total of 5.78%. This week, I am taking a bigger chance and buying EURUSD.

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day. Recoveries in line were seen in most FANGs, but not NFLX, which has not really fallen like the others.

NEXT WEEK (all times are GMT)

(Calendar High volatility items are in bold)

• Coronavirus sentiment dominates
• Partial end to lockdown
• US, China and German inflation
• Earnings season pause

Monday May 11

A new week which again is likely to be sentiment driven. There is no significant scheduled news today. A number of small pharma companies report, but generally this week is a pause, with retail reporting next week. Markets are closed in a number of Islamic countries this week for Ramadan which continues until May 22. Russia is closed today for Victory Day.

Tuesday May 12

The inflation prints today look fairly modest in their declines, and will be compared with Retail Sales later in the week. Two Fed speakers today, Quarles at 1400 and Mester, the hawk at 2100, straight after the bell.

01:30 CNY China CPI (Apr) (YoY e3.7% p4.3%)

02:00 AUD Aus Budget Release (time approx.)

06:00 CNY China FDI (time approx.)

12:30 USD US CPI (Apr) (Core YoY e1.7% p2.1%)

18:00 USD Monthly Budget Statement (Apr)

Wednesday May 13

The NZ rate decision will be interesting, as the first from that country deep into the pandemic. UK GDP is of course only up to Mar 31, and so does not fully reflect the damage to the UK economy. NDX heavyweight CSCO and “BAT” stock (Chinese FANG) TCEHY report after the bell.

00:30 AUD Aus Westpac Consumer Confidence( May)

01:30 AUD Aus Wage Price Index (QoQ e0.5% p0.5%)  

02:00 NZD RBNZ Rate Decision/Statement (e0.25% hold)

03:00 NZD RBNZ Press Conference

06:00 GBP UK Industrial Production (Mar) (MoM e-5.8% p0.1%)

06:00 GBP UK 20Q1 Prelim GDP (QoQ e-2.0% p0.0%)

09:00 EUR Eurozone Industrial Production

12:30 USD US PPI

14:30 WTI EIA Crude Oil Stocks Change (May 8)

Thursday May 14

The Australian NFP estimate of minus 575k is only one third (population adjusted) of the US or Canadian figure. It will be interesting to see if this estimate is met. Otherwise the key print today is the US Initial Jobless Claims. There are rate decisions in Egypt and Mexico.

01:00 NZD NZ Budget Release

01:00 AUD Aus Consumer Inflation Expectations (May)

01:30 AUD Aus NFP/Unemp (NFP e-575k p5.9k) 

06:00 EUR Germany CPI (Apr) (YoY e0.8% p0.8%)

08:00 EUR Eurozone Economic Bulletin

12:30 USD US Initial Jobless Claims (May 8) (e2.5M p3.17M)

22:30 NZD Business NZ PMI(Mar)

Friday May 15

Monthly Option Expiration provides additional volatility today, but the key release is US Retail Sales.

02:00 CNY China NBS Press Conference/Ind Production/Retail Sales

06:00 EUR Germany 20Q1 Prelim GDP (e-3.8% p-3.8%)

09:00 EUR Eurozone Employment Change (YoY)(Q1) Prel

09:00 EUR Eurozone 20Q1 Prelim GDP (e-3.3% p-3.3%)

12:30 USD US Retail Sales (Apr) (Control Group e-3.9% p1.7%)

12:30 CAD Canada Retail Sales (Mar) (p0.3%)

13:15 USD US Industrial Production (MoM)(Apr)

14:00 USD US Prelim Michigan CSI (e68.0 p71.8)