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 ends on a quieter note on the data front. The key focus for markets will be US personal income and spending data due in the afternoon.
ECB M3 (0900 BST)
ECB M3 money supply is anticipated to have grown at 6.2% y/y in April, a touch lower than seen in March. This would be the sixth month of gradual slowing.
US Personal Income & Consumption, Wholesale Inventories (1330 BST)
Wholesale inventories are seen softening to +2.0% m/m in the April preliminary print, down from 2.3% m/m in March. This would be the third month of modest easing off the February high of +2.8% m/m.
Personal income is expected to grow at 0.5% m/m again in April as compensation continues to grow amidst an extremely tight labour market.
Personal spending is seen softening to +0.7% m/m from the upside surprise of +1.1% m/m in March. The April print will highlight recent shifts in consumer confidence, following the Conference Board survey which ticked down moderately in April as purchasing intentions weakened on the back of rising interest rates. On the other hand, strong gasoline and food price inflation may boost April spending.
Michigan Sentiment Index (Final) (1500 BST)
The May U. Michigan index is expected to be confirmed at 59.1 in today’s final May release. This was a 6.1-point drop from April’s strengths, bringing sentiment back just below March levels.
This would confirm the weakest reading since 2011. 8.3% inflation continues to weigh on consumer’s confidence in May, as the last few months of strong demand and high optimism begins to wane. 50bp hikes remain pencilled in for the upcoming June and July meetings as confidence in the strength of the US labour market continues to outweigh any hints of recessionary outlooks.
Today’s key policymaker appearance will be limited to the ECB’s Chief Economist Philip R. Lane at a BOJ-IMES Conference policy panel discussion.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 27/05/2022 | 0600/0800 | ** |  | SE | Retail Sales |
| 27/05/2022 | 0800/1000 | ** |  | EU | M3 |
| 27/05/2022 | 1135/1335 | | EU | ECB Lane Panelist at BOJ-IMES Conference | |
| 27/05/2022 | 1230/0830 | ** |  | US | Personal Income and Consumption |
| 27/05/2022 | 1230/0830 | ** | | US | Advance Trade, Advance Business Inventories |
| 27/05/2022 | 1400/1000 | *** | | US | Final Michigan Sentiment Index |
| 27/05/2022 | 1500/1100 |  | CA | Finance Dept monthly Fiscal Monitor (expected) |
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.