Guide to today’s important data and events

Lot of economic dockets scheduled for today, with moderate risk associated. Focus is on Euro zone inflation and factory orders from US.

Data released so far -

• Australia - Quarter one current account deficit came at -10.7 billion. Reserve bank of Australia kept its policy unchanged.

• India - Reserve bank of India (RBI) cut rates by 25 basis points for third time this year.

Upcoming -

• Spain - Unemployment change stats to be released at 7:00 GMT. In April unemployment decreased by 118,900. Similar improvement is expected today. House price index is to be released at 9:00 GMT.

• Germany - Unemployment stats to be released at 7:55 GMT.

• Greece - Manufacturing PMI is scheduled at 8:00 GMT.

• UK - Details on consumer credit, money supply and mortgage approvals are scheduled for release at 8:30 GMT, along with construction PMI. BRC shop price index is scheduled at 23:00 GMT.

• Euro zone - Euro zone inflation reading will be released at 9:00 GMT, both consumer and producer price index.

• US - Low key economic dockets scheduled for release from US. Redbook index is scheduled at 12:55 GMT, followed by ISM New York at 13:45 GMT. Most important data is factory orders, scheduled at 14:00 GMT, along with TIPP economic optimism and followed by total vehicle sales at 17:30 GMT.

• New Zealand - Dairy price index is scheduled for release today.

• Australia - AIG performance of services index is to be released at 23:30 GMT,

• Auctions - US will be auctioning 1 month bills at 15:30 GMT. UK will auction 10 year bonds.