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.
All eyes in the coming week will be on the Fed, Bank of England and Norges Bank rate decisions on Wednesday and Thursday. Tuesday’s data schedule will highlight the strength of the German and Eurozone labour market, as well as soaring Eurozone PPI. US data of interest will be factory orders and JOLTS releases.
German Labour Market Statistics (0855 BST)
Unemployment is projected to fall by a further 15k in the German April labour report, 3k less than in March and the softest reading in 12 months as the labour market becomes saturated, leaving the unemployment claims rate unchanged at 5.0% at the pre-pandemic early 2020 level.
Euro Area Industrial Producer Prices / Unemployment (1000 BST)
Eurozone March factory-gate inflation will likely hit +36.3% y/y, almost 5pp above the February print and reaching yet another Euro-era high for the bloc. Prices are anticipated to have expanded by +5.0% m/m, with worsened supply-chain dynamics due to disruptions of the Ukraine war and China’s lockdowns. State intervention to bring down energy and fuel costs could see a turnaround in this trend in the coming months.
Euro area unemployment for March is seen remaining at the 6.8%-mark, the lowest on record for the region.
US Factory Orders (1500 BST)
Factory orders are expected to have picked up again in March to grow by 1.2% m/m, following the February slump to -0.5% m/m. Today we will also see the final print for US durable goods orders for March, to be confirmed at +0.8% m/m. This is substantially stronger than the -1.7% m/m fall of February.
The underlying reasons for improvements in March will be of particular interest, as global markets closely watch for supply-chain developments shifts in consumer demand.
US JOLTS (1500 BST)
JOLTS job openings will have hardly moved in March, seen at 11200k, 66k softer than in February however substantially above pre-pandemic levels which hovered in the 5000-7000k range. With the FOMC rate decision due on Wednesday, a 50bp hike is to be expected, with tight labour market conditions underpinning confidence as the Fed moves more aggressively to get a grip on 8.5% inflation.
Today's key policymaker appearances are limited to the BOE's Tom Mutton and BOC's Sr Deputy Rogers.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 03/05/2022 | 0755/0955 | ** |  | DE | Unemployment |
| 03/05/2022 | 0830/0930 | ** |  | UK | IHS Markit/CIPS Manufacturing PMI (Final) |
| 03/05/2022 | 0900/1100 | ** |  | EU | PPI |
| 03/05/2022 | 0900/1100 | ** | | EU | Unemployment |
| 03/05/2022 | - | *** |  | US | Domestic-Made Vehicle Sales |
| 03/05/2022 | - | | EU | ECB Lagarde & Panetta in Eurogroup Meeting | |
| 03/05/2022 | 1255/0855 | ** | | US | Redbook Retail Sales Index |
| 03/05/2022 | 1300/1500 | | EU | ECB Lagarde High School Q&A | |
| 03/05/2022 | 1400/1000 | ** | | US | Factory new orders |
| 03/05/2022 | 1400/1000 | ** | | US | JOLTS jobs opening level |
| 03/05/2022 | 1400/1000 | ** | | US | JOLTS quits Rate |
| 03/05/2022 | 1515/1615 | | UK | BOE Mutton Panellist at Bankers Association | |
| 03/05/2022 | 1630/1230 |  | CA | BOC Sr Deputy Rogers speaks on operational independence | |
| 04/05/2022 | 2100/0900 |  | NZ | RBNZ Financial Stability Report |
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.