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What are the main events for today?

Today, we don’t have market-moving releases in the European session, so it will mostly be about flows post-FOMC decision. In the American session we will get the US PPI and the US Jobless Claims figures.

We also hear from Fed’s Williams where the market will want to see if he backpedals on the dot plot and projections like Powell did.

12:30 GMT/08:30 ET – US May PPI

The US PPI Y/Y is expected at 2.5% vs.
2.2% prior, while the M/M measure is seen at 0.1% vs. 0.5% prior. The Core PPI
Y/Y is expected at 2.4% vs. 2.4% prior, while the M/M figures is seen at 0.3%
vs. 0.5% prior. I don’t expect this data to influence the
market pricing much but it might move the market nonetheless.

12:30 GMT/08:30 ET – US Jobless Claims

The US Jobless Claims
continue to be one of the most important releases to follow every week as it’s
a timelier indicator on the state of the labour market and the Fed is very focused on it right now. Initial Claims keep on hovering around
cycle lows, while Continuing Claims remain firm around the 1800K level.

This has led to a weaker
and weaker market reaction as participants become used to these numbers. Initial Claims are expected at 225K vs. 229K prior, while Continuing Claims are seen at 1800K vs. 1792K prior.

Central bank speakers:

16:00 GMT/12:00 ET – Fed’s Williams (neutral – voter).

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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