Meta to buy nuclear power from Constellation Energy Corp.More from BoE's Bailey: Business surveys are probably better guide to UK outlookZelensky's insults directed at Russia's delegation clashed with spirit of negotiationsUS calls on Vietnam to cut reliance on China in list of trade demands - reportEU reportedly says did not get US letter demanding "best offer" on trade talksBoE's Bailey: Gradual and careful remain my guides for ratesBoE's Mann: Voted to hold rates unchanged in May as labour market not loosened as expectedMore from Dhingra: Disinflation process has continuedBOE's Breeden: Confident that disinflationary process is progressing at a steady paceBoE's Dhingra: Would have preferred bank rate to have followed a different pathEurozone May preliminary CPI +1.9% vs +2.0% y/y expectedMore from BoJ Ueda: See no need now to change our baseline view on Japan's economyThere is risk that wage outlook could change significantly due to tariffs impact - UedaBOJ governor Ueda: Uncertainty surrounding domestic, overseas economy is highOECD cuts global outlook as Trump tariffs bite at US growthSwitzerland May CPI -0.1% vs -0.1% y/y expectedFX option expiries for 3 June 10am New York cutTrade uncertainty continues to fill the air in marketsReserve Bank of Australia assistant Gov Hunter says Australia's exporters well placedMore from Ueda: Japan’s real wages are negative, wage growth may slow then rebound
The Eurozone CPI missed expectations across the board with the core measure falling to 2.3% vs 2.7% prior and services inflation to 3.2% vs 4.0% prior. This hasn't changed the market pricing much as the ECB is already widely expected to cut this week by 25 bps and then deliver at least another cut by year-end.
BoE's speakers, on the other hand, remain confident that the disinflationary trend will continue and that the path for rates is to the downside amid growth risks that according to BoE's Bailey are not captured by GDP data.
In the American session, the focus switches to the US Job Openings data and a few Fed speakers. The Job Openings data is for April and the consensus sees a drop to 7.100M vs 7.192M prior. That shouldn't change much for the market given that it's now old news and we have the more timely Jobless Claims and NFP reports coming up later in the week.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
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