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Todays Calendar: Powell’s Speech And Canadian Retail Sales

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  • European indices set to open higher
  • Powell to speak on the economy in the evening
  • Canadian retail sales data for March

Futures markets point to a higher opening of the European cash session. DAX futures (DE30) painted a fresh all-time high above 16,300 pts earlier today but has pulled back a bit since. Moods on the markets are upbeat as traders are being constantly reminded that debt ceiling negotiations are progressing with House Speaker McCarthy saying yesterday that the debt ceiling deal could be put to a vote on the House floor as soon as next week.

Economic calendar for the final trading day of the week is light. Traders were offered German PPI data for April this morning and it showed a smaller year-over-year drop than expected – from 6.7 to 4.1% YoY while the market expected 4.0% YoY. Nevertheless, the release did not have a major impact on the market. CAD may see some moves in the early afternoon when Canadian retail sales data for April is released at 1:30 pm BST. However, central bankers’ speeches may be the biggest source of FX volatility in the afternoon as there is a number of them scheduled, including speeches from Fed Chair Powell and ECB President Lagarde.

1:30 pm BST – Canada, retail sales for March.

  • Headline. Expected: -1.5% MoM. Previous: -0.2% MoM
  • Ex-autos. Expected: -0.8% MoM. Previous: -0.7% MoM

Central bankers’ speeches

  • 10:45 am BST – BoE Haskel
  • 1:45 pm BST – Fed Williams
  • 2:00 pm BST – Fed Bowman
  • 2:55 pm BST – ECB Schnabel
  • 4:00 pm BST – Fed Chair Powell
  • 4:00 pm BST – ECB Schnabel
  • 8:00 pm BST – ECB President Lagarde

Top Wall Street earnings

  • Deere & Company (DE.US) – before market open
  • FootLocker (FL.US) – before market open
  • Catalent (CTLT.US) – before market open
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