Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
The week kicks of with markets watching Euro data to gauge the extent of rising fuel prices on the Eurozone trade balance. The focus in the afternoon will be Canadian manufacturing and the New York manufacturing survey.
Eurozone Trade Balance (1000 BST)
The Eurozone aggregate trade deficit is anticipated to grow by over 7bln EUR to 16.5bln in the seasonally adjusted March data. The trade balance slipped into the red in November. The non-seasonally adjusted number will see a fall in similar magnitude from -7.6bln EUR, a massive slide from March 2021’s 19.1bln EUR surplus.
The record March deficit will reflect soaring energy prices underpinned by strong sanctions on the Russian economy. The deficit will likely see little relief in upcoming months.
Canada Manufacturing & Wholesale Trade (1330 BST)
Manufacturing sales are expected to have risen +2.0% m/m in March (prelim estimate: +1.7%), down from the strong +4.2% m/m seen in February. Petroleum and coal, primary metal and paper production were highlighted as drivers of growth.
Wholesale sales are likely to flatline at 0.0%, still an improvement on February’s -0.4% m/m dip.
This follows Canadian housing starts data, seen ticking up by 4k to 250k in April and remaining elevated above pre-pandemic levels, despite a slow downwards trend.
US Empire State Manufacturing Survey (1330 BST)
An almost 10-point slump is pencilled in for the Empire manufacturing index for May, with forecasts expecting a fall to 15.0 (April 24.6).
The marked upbeat April survey was underpinned by strong new orders and shipments, whilst delivery times lengthened less severely than in previous months, implying that supply-chain disruptions from both the Ukraine war and Chinese lockdowns were so far manageable.
Today’s key policymaker appearances include the ECBs Fabio Panetta and Philip R. Lane who will be discussing the digital Euro, followed by NY Fed’s John Williams in the afternoon.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 16/05/2022 | 0600/0800 | * |  | DE | Wholesale Prices |
| 16/05/2022 | 0820/1020 |  | EU | ECB Panetta Speech at Digital Euro Event | |
| 16/05/2022 | 0840/1040 | | EU | ECB Panetta & Lane in Discussion on Digital Euro | |
| 16/05/2022 | 0900/1100 | * | | EU | Trade Balance |
| 16/05/2022 | 1215/0815 | ** |  | CA | CMHC Housing Starts |
| 16/05/2022 | 1230/0830 | ** |  | US | Empire State Manufacturing Survey |
| 16/05/2022 | 1255/0855 | | US | New York Fed's John Williams | |
| 16/05/2022 | 1300/0900 | * | | CA | Home Sales – CREA (Canadian real estate association) |
| 16/05/2022 | 1400/1500 |  | UK | BOE TSC to discuss May MPR | |
| 16/05/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 13 Week Bill |
| 16/05/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 26 Week Bill |
| 16/05/2022 | 2000/1600 | ** | | US | TICS |
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.