Good Morning Traders! This Thursday we get German GDP data as our headline event.
Here is what else to expect.
Sentiment
As the US was placed on a ratings watch late Wednesday, House Speaker Kevin McCarthy's hope that White House and GOP negotiators would strike an agreement in time to escape a potentially catastrophic default didn't calm experts.
According to Fitch Ratings, the nation's AAA credit rating may be downgraded to reflect the deepening political impasse impeding a compromise to resolve the country's debt-ceiling situation.
As President Joe Biden and House Speaker Kevin McCarthy attempt to sway public opinion in favour of respective positions during the discussions, recent surveys indicate that US citizens blame Republicans and Democrats equally for the impasse over the debt ceiling.
Millions of Americans are due a combined $25 billion in Social Security payouts on Friday, June 2. And above all else, that might be the deciding factor in forcing an end to the party impasse over extending the debt ceiling.
After a significant reduction in US inventories and a warning to short-sellers from Saudi Arabia, oil managed to extend its three-day advance. Crude also found support as tensions over the US debt-ceiling standoff increased.
Docket
02:00 AM ET
German GDP Final QoQ
Median Forecast 0.0% | Prior 0.0% | Range 0.2%/-0.1%
German GDP Final YoY NSA
Median Forecast 0.2% | Prior 0.2% | Range 0.3%/0.2%
Speakers
04:45 AM ET
SNB's Maechler Speaks
05:00 AM ET
ECB's de Guindos Speaks
Good Luck Today Traders!
