- Japan May trade deficit Y216.0 bln, exports +2.4% y/y, imports -8.7%, Y226.0 bln, +3.5% and -7.5% eyed, exports to US +7.4%, China +1.1%, Asia +3.3%.
- Japan May crude oil import volume +7.7%, LNG -11.4%, thermal coal -15.3%.
- Australia May Westpac/MI leading index 97.93, April 98.05, below trend.
- New Zealand Q1 current account balance NZ$660 mln surplus, year to March 31 NZ$8.6 bln deficit, -3.6% of GDP, NZ$240 mln surplus, NZ$9.01 bln deficit and -3.8% eyed.
- New Zealand Fonterra GDT price index -1.3%, volumes off too.
- (0300 ET/0700 GMT) Sweden June manufacturing confidence index, 100.6 eyed; last 100.5.
- (0300 ET/0700 GMT) Sweden June consumer confidence index, 99.1 eyed; last 98.8.
- (0400 ET/0800 GMT) Italy April trade balance global; last bln surplus.
- (0400 ET/0800 GMT) Italy April trade balance EU; last E490 mln surplus.
- (0430 ET/0830 GMT) UK May claimant count, -12.3k eyed; last -12.6k.
- (0430 ET/0830 GMT) UK April ILO unemployment, 5.5% eyed; last 5.5%.
- (0430 ET/0830 GMT) UK April average weekly earnings, 3-mo avge, +2.1% y/y eyed; last +1.9%.
- (0430 ET/0830 GMT) UK April average weekly earnings ex-bonus, +2.5% y/y eyed; last +2.2%.
- (0500 ET/0900 GMT) Euro Zone May inflation - final, +0.2% m/m, +0.3% y/y eyed; flash +0.2%, +0.3%.
- (0500 ET/0900 GMT) Euro Zone ex-food/energy, +0.1% m/m, +0.9% y/y eyed; last +0.2%, +0.7%.
- (0500 ET/0900 GMT) Switzerland June ZEW Investor Sentiment -0.10 m/m.
Key Events Ahead
- N/A London BoE/IMF/HKMA conference, various speakers (final day).
- N/A ECB Governing and General Council two-day meeting, Sweden bond auction.
- N/A Greece E1 bln 13-week, Portugal E1-1.25 bln each 3/12-mo bill auctions.
- (0430 ET/0830 GMT) BoE MPC June 4 meeting minutes, 9-0 vote for no change eyed.
- (0530 ET/0930 GMT) Germany E2 bln 0.5% 2025 Bund auction.
- (0900 ET/1300 GMT) OECD Mann presents report on finance/growth in London.
- (0945 ET/1345 GMT) BoE Rule speech at Barcelona conference.
- (1000 ET/1400 GMT) US TsySec Lew House testimony on FSOC annual report.
- (1330 ET/1730 GMT) BoE MPC Forbes LSE lecture.
- (1400 ET/1800 GMT) FOMC policy announcement/18:30 FOMC Chair Yellen press conference.
- N/A BoE Gov Carney speech at IOSCO dinner in London.
FX Recap
EUR/USD is supported above 1.1200 levels and currently trading at 1.1257 levels. It has made intraday high at 1.1265 and low at 1.1237 levels. The endless Greek´s debt story has gathered most of the market's attention this Tuesday. PM Alexis Tsipras addressed to the local Parliament, saying that Greece cannot accept deeper austerity demands from its international creditors, whilst German Angela Merkel demanded the country to fulfil the terms of its second aid program in order to get help. Yesterday US housing data resulted up beating, as permits for future projects climbed to the highest since 2007. Today Euro Zone Final CPI, Core CPI as well as German bond auction will be main focus in European session. Initial support is seen around 1.1144 and resistance is seen around 1.1386 levels.
USD/JPY is supported above 123.00 levels and posted a high of 123.46 levels. It has made intraday low at 123.33 and currently trading at 123.44 levels. The pair is trading flat around 123.40 levels in the Asian session as investors ignored Japanese trade data and remain on the sidelines ahead of the FOMC statement. In the meantime, the Greek issue could continue to support the Japanese Yen. Near term resistance is seen at 124.57 and support is seen at 123.02 levels.
GBP/USD is supported above $1.5600 levels. It made an intraday high at 1.5650 and low at 1.5630 levels. Pair is currently trading at 1.5638 levels. Today UK will release monetary policy meeting minutes as well as job data for the further direction to the parity. Initial support is seen at 1.5486 and resistance is seen around 1.5689 levels.
USD/CHF is supported above 0.9300 levels and trading at 0.9307 levels and made intraday low at 0.9302 and high at 0.9323 levels. Today Switzerland will release ZEW Investor Sentiment Data. Near term support is seen at 0.9242 levels and resistance is seen at 0.9372 levels.
AUD/USD is supported above 0.7700 levels and trading at 0.7721 levels. It has made intraday high at 0.7755 levels and low at 0.7714 levels. Pair has dropped on the back of commodity prices and iron ore falling to near all time lows. Today Australia released MI leading indicator index. The six month annualised deviation from trend growth rate in the Westpac-Melbourne Institute Leading Index , which indicates the likely pace of economic activity three to nine months in the future, declined from +0.19% in April to -0.02% in May. Initial support is seen at 0.7568 and resistance at 0.7811 levels.
