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Economic calendar (GMT0):
(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)
00:00 Japan Labor Cash Earnings, YoY April 1.5% Revised From 1.4% 0.9% 0.3%
01:45 China Markit/Caixin Services PMI May 51.8 52 51.2
07:50 France Services PMI (Finally) May 50.6 51.8 51.6
07:55 Germany Services PMI (Finally) May 54.5 55.2 55.2
08:00 Eurozone Services PMI (Finally) May 53.1 53.1 53.3
08:30 United Kingdom Purchasing Manager Index Services May 52.3 52.5 53.5
09:00 Eurozone Retail Sales (MoM) April -0.6% Revised From -0.5% 0.3% 0.0%
09:00 Eurozone Retail Sales (YoY) April 1.8% Revised From 2.1% 1.9% 1.4%
The U.S. dollar traded mixed against the most major currencies ahead of the release of the U.S. labour market data. Analysts expect that U.S. unemployment rate is expected to decline to 4.9% in May from 5.0% in April. The U.S. economy is expected to add 162,000 jobs in May, after adding 160,000 jobs in April.
The U.S. factory orders are expected to rise 1.9% in April, after a 1.5% gain in March.
The U.S. trade deficit is expected to widen to $41.3 billion in April from $40.44 billion in March.
The ISM non-manufacturing purchasing managers' index is expected to decline to 55.5 in May from 55.7 in April.
The euro traded lower against the U.S. dollar after the release of the mixed economic data from the Eurozone. Eurostat released its retail sales data for the Eurozone on Friday. Retail sales in the Eurozone were flat in April, missing expectations for a 0.3% rise, after a 0.6% fall in March. March's figure was revised down from a 0.5% decrease.
Non-food sales were flat in April, food, drinks and tobacco sales increased 0.5%, while automotive fuel sales were down 0.1%.
On a yearly basis, retail sales in the Eurozone climbed 1.4% in April, missing forecasts of a 1.9% gain, after a 1.8% increase in March. March's figure was revised down from a 2.1% rise.
Markit Economics released final services purchasing managers' index (PMI) for the Eurozone on Friday. Eurozone's final services purchasing managers' index (PMI) rose to 53.3 in May from 53.1 in April, up from the preliminary reading of 53.2.
The increase was driven by rises in employment and input prices.
Eurozone's final composite output index increased to 53.1 in May from 53.0 in April, up from the preliminary reading of 52.9.
The increase was mainly driven by a rise in output.
"The final PMI numbers for May have come in slightly ahead of the earlier flash readings, but still point a Eurozone economy which seems unable to move out of low gear," Chief Economist at Markit Chris Williamson said.
"The survey data are signalling a GDP rise of 0.3% in the second quarter, suggesting the growth spurt seen at the start of the year will prove frustratingly short-lived," he added.
The British pound traded mixed against the U.S. dollar after the release of the better-than-expected services PMI data from the U.K. Markit's and the Chartered Institute of Purchasing & Supply's services purchasing managers' index (PMI) for the U.K. rose to 53.5 in May from 52.3 in April, exceeding expectations for an increase to 52.5. The increase was driven by a faster growth in output. Employment continued to rise in May.
"The PMI surveys show that the pace of economic growth remained subdued in May, as 'Brexit' worries exacerbated existing headwinds. The data so far indicate that the second quarter is likely to see the economy grow by just 0.2%," the Chief Economist at Markit Chris Williamson said.
The Canadian dollar traded mixed against the U.S. dollar ahead of the release of the Canadian economic data. The Canadian trade deficit is expected to narrow to C$2.45 billion in April from C$3.41 billion in March.
EUR/USD: the currency pair declined to $1.1136
GBP/USD: the currency pair traded mixed
USD/JPY: the currency pair was up to Y109.02
The most important news that are expected (GMT0):
12:30 Canada Labor Productivity Quarter I 0.1% 0.4%
12:30 Canada Trade balance, billions April -3.41 -2.45
12:30 U.S. Average workweek May 34.5 34.5
12:30 U.S. Average hourly earnings May 0.3% 0.2%
12:30 U.S. International Trade, bln April -40.44 -41.3
12:30 U.S. Unemployment Rate May 5% 4.9%
12:30 U.S. Nonfarm Payrolls May 160 164
13:45 U.S. Services PMI (Finally) May 52.8 51.2
14:00 U.S. Factory Orders April 1.5% 1.9%
14:00 U.S. ISM Non-Manufacturing May 55.7 55.5
16:30 U.S. FOMC Member Brainard Speaks
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