Inflation and GDP growth readings highlight a busy morning in Europe
Good day, everyone! Hope you're all doing well as we gear towards what will be a packed session in the European morning later. There hasn't been much currency movements so far today as the aussie is the only notable mover having pared its earlier gains after Chinese PMI data disappointed market expectations.
It's going to be a bit of a busy one in terms of economic releases today, so let's see what we have in store for us in the hours ahead.
0530 GMT - France Q1 preliminary GDP figures
The Q4 final release can be found here. The growth figures today need to be taken collectively to gauge overall Eurozone economic growth in Q1 but expect the euro to have some minor reaction to any notable misses/beats to the individual releases as well.
0600 GMT - Germany May GfK consumer confidence data
Prior release can be found here. The reading measures the level of consumer confidence in economic activity. A minor data point.
0600 GMT - Germany March import price index
Prior release can be found here. A negligible data point as it is a lagging indicator of inflationary pressures in the German economy.
0645 GMT - France April preliminary CPI figures
Prior report can be found here. Much like the GDP growth figures being released today, the inflation figures need to be taken collectively to build the overall outlook in April before we get the overall Eurozone reading on Friday.
0700 GMT - Switzerland March KOF leading indicator index
Prior release can be found here. The data here measures the future trends of overall economic activity in the Swiss economy. Not a major release by any means.
0700 GMT - Spain Q1 preliminary GDP figures
The Q4 final release can be found here. Expectation and reaction is very much similar to the French reading earlier in the day.
0700 GMT - Spain April preliminary CPI figures
Prior report can be found here. Feeds into overall inflation outlook in the Eurozone economy for April but must be taken alongside the other readings in the region today as well.
0755 GMT - Germany April unemployment change, rate
Prior release can be found here. The labour market in Germany has been tightening steadily over the past few years so there isn't much to really gather from the data set here.
0900 GMT - Eurozone Q1 preliminary GDP figures
The Q4 final release can be found here. Expectation is that growth is to remain subdued but slightly improved than in the previous quarter. Nonetheless, be wary of any reaction to a beat/miss but the focus could turn towards Italian data released later where markets will be watching for further recession risk.
0900 GMT - Eurozone March unemployment rate
Prior release can be found here. Labour market conditions have been tightening steadily and the reading here is expected to reflect that still. Low-tier data for now.
0900 GMT - Italy April preliminary CPI figures
Prior report can be found here. Similar sentiment/expectation to the Spanish and French readings that will be released earlier.
1000 GMT - Italy Q1 preliminary GDP figures
The Q4 final release can be found here. With Italy entering into a technical recession at the end of last year, a further contraction in the economy to start 2019 will not do euro sentiment much good as it will highlight the severeness of the headwinds still faced by the region in light of hope that things will rebound later in the year.
1200 GMT - Germany April preliminary CPI figures
Prior report can be found here. In the build up, we'll see the state readings being released and that will give us an indication of what to expect from the national release here. Focus of course is on the Saxony report, which will have the core reading pinned in there. But as mentioned earlier, this needs to be taken alongside other readings in the region to gauge overall inflation outlook for April ahead of Friday's Eurozone release.
I wish you the best of days to come and good luck with your trading!
