Good Morning Traders! This Friday we get UK Retail Sales and Eurozone PMI.
Here is what to expect.
Sentiment
The Bank of Japan maintained current monetary settings and gave no overt indication of a change in its policy stance, which put a stop to market speculation about the likelihood of an interest rate hike in the near future and put some pressure on the yen.
The prognosis for higher longer-term policy rates is being cemented by this week's Federal Reserve meeting, as seen by the Treasury 10-year yields edging above 4.5% for the first time since 2007.
As the yen remains in the spotlight before the central bank makes its policy decision later on Friday, Japan's leaders are prepared to respond to any abrupt changes in the currency.
Data released hours before the central bank's policy meeting showed that consumer inflation in Japan exceeded estimates, which raises some concerns about the Bank of Japan's pricing outlook.
Consumer confidence in the UK reached its best point in over two years as wages began to climb faster than inflation, alleviating the strain of rising costs on household budgets.
After the Federal Reserve hinted at a future increase in US interest rates this year, appetite for risk assets was dampened, obscuring the actual tightness in the crude market and sending oil on its way to its first weekly loss in four.
Docket
02:00 AM ET
UK Retail Sales MoM
Median Forecast 0.5 %| Prior -1.2% | Range 1.2%/-0.4%
UK Retail Sales YoY
Median Forecast -1.2%| Prior -3.2% | Range -0.6%/-2.1%
UK Core Retail Sales MoM
Median Forecast 0.7%| Prior -1.4% | Range 1.5%/-0.3%
BoJ Press Conference (Tentative)
03:15 AM ET
French Mfg PMI Flash
Median Forecast 46.1 | Prior 46.0 | Range 47.0/44.9
03:30 AM ET
German Composite PMI Flash
Median Forecast 44.7 | Prior 44.6 | Range 46.0/43.5
German Mfg PMI Flash
Median Forecast 39.5 | Prior 39.1 | Range 41.0/38.5
German Services PMI Flash
Median Forecast 47.1 | Prior 47.3 | Range 50.0/46.3
04:00 AM ET
Eurozone Mfg PMI Flash
Median Forecast 44| Prior 43.5| Range 45.0/42.5
04:30 AM ET
UK Mfg PMI Flash
Median Forecast 43.2 | Prior 43.0| Range 47.0/41.0
UK Services PMI Flash
Median Forecast 49.4 | Prior 49.5| Range 51.0/48.4
UK Composite PMI Flash
Median Forecast 48.7 | Prior 48.6 | Range 50.3/47.5
Speakers
07:00 AM ET
ECB's de Guindos Speaks
08:00 AM ET
Germany's Habeck Speaks
Good Luck Today Traders!
