At 12:30 GMT, US Producer Price Index Ex-Food and Energy (YoY) (Apr) is expected to be 2.4% against a previous reading of 2.7%. Producer Price Index (MoM) (Apr) is expected to be 0.2% from 0.3% previously. Producer Price Index Ex-Food and Energy (MoM) (Apr) is expected to be 0.2% against a previous reading of 0.3%. Producer Price Index (YoY) (Apr) is expected to be 2.8% from 3.0% previously. This data is expected to come in lower than expected, with the monthly numbers expected to be slightly softer than the previous readings. The yearly readings are showing bigger percentage declines, indicating a fall in consumer inflation. USD crosses may be affected by this data release.
At 12:30 GMT, Canadian Building Permits (MoM) (Mar) are expected to rise to 2.0% from a previous -2.6%. This shows an anticipated pick-up in the construction industry, although the metric has been showing smaller advances and declines recently compared with historic standards. CAD crosses may be impacted as a result of this data release.
At 14:30 GMT, US EIA Crude Oil Stocks change (May 4) data will be released with an expected draw of -0.719M forecasted, from a build of 6.218M last week. This data surprised to the upside last week, exceeding the expected build of 1.000M. Oil markets are in focus at the moment, after the US withdrew from the Iran Deal yesterday and this data release may add further volatility to the mix.
At 21:00 GMT, The Reserve Bank of New Zealand will release its Rate Statement, Interest Rate Decision and Monetary Policy Statement. The Bank is expected to hold rates at 1.75% and a Press Conference will take place an hour later at 22:00 GMT. NZD crosses will be exposed to additional volatility during this event.
