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

Jun-06 05:18
Date Time Country Event
06-Jun 700 DE Manufacturing Orders
06-Jun 800 ES Industrial Production
06-Jun 830 EU S&P Global Final Eurozone Construction PMI
06-Jun 1000 EU Retail Sales
06-Jun 1000 IT Retail Sales
06-Jun 1315 EU ECB Deposit/ Main Refi/ Lending Rate
06-Jun 1345 EU ECB Monetary Policy Press Conference
06-Jun 315 EU ECB's Lagarde presents monpol decision on podcast
07-Jun 700 DE Trade Balance/ IP
07-Jun 745 FR Foreign Trade
07-Jun 900 EU ECB's Schnabel at the Federal Ministry of Finance
07-Jun 1000 EU GDP (final)/ Employment
07-Jun 315 EU ECB's Lagarde in Atelier Maurice Allais
10-Jun 900 IT Industrial Production
12-Jun 700 DE HICP (f)
13-Jun 800 ES HICP (f)
13-Jun 1000 EU Industrial Production

Historical bullets

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

May-07 05:18
Date Time Country Event
07-May 700 DE Manufacturing Orders/ Trade Balance
07-May 745 FR Foreign Trade
07-May 830 EU S&P Global Final Eurozone Construction PMI
07-May 1000 EU Retail Sales
08-May 700 DE Industrial Production
08-May 800 ES Industrial Production
08-May 900 IT Retail Sales
09-May 1315 EU ECB's De Guindos remarks at Panel Civico
09-May 1315 EU ECB's Cipollone on financial instrument tokenisation
10-May 800 EU ECB's Cipollone presentation on digital euro
10-May 900 IT Industrial Production
10-May 945 EU ECB's Elderson in roundtable at ASVIS/ECCO
13-May 800 EU ECB's Cipollone in Eurogroup meeting
14-May 700 DE HICP (f)
14-May 800 ES HICP (f)
14-May 800 EU ECB's De Guindos participates in ECOFIN meeting
14-May 1000 DE ZEW Current Conditions/Expectations Index
14-May 1415 EU ECB's Schnabel speech at scientific conference

EURGBP TECHS: Bearish Threat Still Present Despite S/T Gains

May-07 05:15
  • RES 4: 0.8704 76.4% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8683 High Jan 2
  • RES 2: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 1: 0.8601/45 61.8% of the Apr 23 - 30 bear leg / High Apr 23
  • PRICE: 0.8577 @ 06:12 BST May 7
  • SUP 1: 0.8547/31 Low May 2 / Low Apr 30
  • SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase

A bear threat in EURGBP remains present despite recent gains - a correction. A resumption of weakness would refocus attention on support at 0.8521, the Apr 17 low. Clearance of this level would strengthen a bearish theme and signal scope for a move towards the key support at 0.8498/93, the Feb 14 low and Aug 23 2023 low. Key resistance has been defined at 0.8645, the Apr 23 high. First resistance to watch is 0.8601, a Fibonacci retracement.

US TSYS: Treasury Futures Edge Higher Post RBA

May-07 05:12
  • Treasury futures have ticked higher post the RBA keeping rates on hold, although we still remain inside Mondays ranges. The 10Y is trading up + 02+ from NY closing levels at 108-31, and just below Mondays highs of 109-01+.
  • Earlier we saw a Block flattener trade sell the 5Y buy the 30Y, while there were also a couple of TU-FV-UXY Flys going across the screen.
  • The cash treasury curve is little changed today, yields are 1-2bps lower, We currently trade near sessions best levels after initially opening 0.5bps higher across the curve. The 2Y yield is now -1.7bps at 4.814%, while the 10Y yield is -1.8bps at 4.481%.
  • Across local rate markets: ACGBs curve is slightly steeper yields are 6-7bps lower, NZGB curve has pivoted at the 7yr, yields are 2-6bps lower while JGBs continue to see better buying in the belly of the curve with yields 1bp higher to 2.5bps lower.
  • Looking Ahead: Little on the data calendar for the week, focus will turn to Fed speakers with MN Fed Kashkari at 1130ET.