LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)

May-28 05:18

Date	Time	Country	Event
28-May	555	EU	ECB's Schnabel in panel at BOJ-IMES conference
28-May	900	EU	ECB Consumer Expectations Survey
29-May	700	DE	GFK Consumer Climate
29-May	745	FR	Consumer Sentiment
29-May	900	EU	M3
29-May	900	IT	ISTAT Business/Consumer Confidence
29-May	900	DE	North Rhine Westphalia/Bavaria CPI
29-May	1300	DE	HICP (p)
30-May	800	ES	HICP (p)
30-May	1000	EU	Unemployment
30-May	1000	IT	PPI
31-May	700	DE	Import/Export Prices/ Retail Sales
31-May	745	FR	HICP (p) / PPI / Consumer Spending/ GDP
31-May	900	IT	GDP (f)
31-May	1000	EU	HICP (p)
31-May	1000	IT	HICP (p)

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Apr-26 19:31

[The below is an excerpt from the full MNI Fed Preview - full note here]

Real GDP was softer than expected in advance Q1 data at 1.6% (cons 2.5) after 3.4% in Q4.
Consumer spending growth was also softer than expected at 2.5% (cons 3.0) but beyond that the downside surprises were from a larger than expected drag from net exports, courtesy of stronger imports, and changes in inventories.
The upshot is that final domestic demand still provided a solid contribution to real GDP growth of 2.8pps after two quarters averaging 3.6pps.
Combined with a rebound in import strength, it’s another quarter that doesn’t look even close to being recessionary and, as above, it’s come with a surprise uplift in core inflation.
Within the details, consumption has seen unusual divergence. Goods consumption is indicated particularly weak in Q1 at -0.4% considering the strength in the retail sales control group (the latest two monthly reports having helped push out Fed rate cut expectations), but services consumption accelerated to its strongest quarter since 3Q21 at +4.0%. That could further offer further concerns about the persistence of service price inflation in the months ahead.

Apr-26 19:14

Treasuries looked to finish mostly higher Friday, curves flatter with the short end mildly weaker (2s10s -3.478 at -33.043). Intermediates trade near the middle of this morning's wide post-data range, Jun'24 10Y +6.5 at 107-18 (107-09L/107-27.5H).
Treasury futures trade higher after the latest PCE data comes out in-line to slightly higher -- deemed less hawkish in light of Thursday's Q1 beat:
- PCE Deflator MoM (0.3% vs. 0.3%), YoY (2.7% vs. 2.6% est, 2.5% prior)
- PCE Core Deflator MoM (0.3% vs. 0.3% est), YoY (2.8% vs. 2.7% est, 2.8% prior).
- Treasuries support receded after a very strong Supercore: 0.39% M/M in Mar after 0.19 (initial 0.18) in Feb and 0.75 (initial 0.66) in Jan).
- Meanwhile, Personal Income (0.5% vs. 0.5% est, 0.3% prior), Personal Spending (0.8% vs. 0.6% est, 0.8% prior), Real Personal Spending (0.5% vs. 0.3% est, 0.4% prior).
- Treasury futures held gains after the latest University of Michigan data: Sentiment (77.2 vs. 77.9 est), Current Conditions (79.0 vs. 79.3 prior), 1 Yr Inflation (3.2% vs. 3.1% prior), 5-10 Yr Inflation unchanged at 3.0% vs. 3.0% est.
- Focus turns to next week's FOMC policy annc on Wednesday, followed by the latest employment data next Friday.

Apr-26 19:01

USDCAD has drifted back below 1.3660 from its earlier high of 1.3696, with the latest move back to pre-PCE levels coming with a broader step lower for the USD.
The technical trend direction just about remains higher with declines deemed corrective, but the pair is increasingly testing this having declined ~100 pips over the week.
Support is seen at the 1.3636 touched fractionally after the PCE release (after 1.3637 overnight) before a more notable 1.3604 (50-day EMA), whilst resistance is seen at 1.3763 (Apr 22 high).
As noted above, yield differentials have slipped a little today but still hold a solid move away from historical lows, whilst BoC pricing has shifted to closer to a 50/50 chance of a June cut.

Moving closer to the 50-day EMA (note that support level given in text is for last close)Source: Bloomberg

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