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This week has a slower start, with Spanish factory-gate inflation setting the scene for Euro inflation due this week, followed by US Durable Goods and the Dallas Fed Manufacturing Survey due later in the day.
Spain Producer Prices (0800 BST)
Spanish factory-gate inflation is due ahead of their preliminary June headline inflation print on Wednesday. Spanish PPI is anticipated to soar again in the May print, possibly testing the 50% y/y level despite the 2pp softening in April off the all-time high of 47.0% y/y. The devil will be in the details, whereby last month saw energy prices decelerate and non-durable, intermediate and capital goods all up: a sign of substantial inflationary spillovers.
Spanish factory-gate inflation running at 15.6% y/y in April excluding energy:
Source: INE
This week sees German inflation on Wednesday (following the round of state CPI readings in the morning), French inflation on Thursday and Italian and Eurozone inflation due Friday. The year-on-year harmonised prints are expected to tick up 0.2-0.4pp across these countries, with only German CPI to stall at the 8.7% mark.
US Durable Goods Orders (1330 BST)
Durable goods orders are seen all but stalling at +0.1% m/m in the May preliminary print, down from +0.5% m/m in April. Excluding transportation, the industry looks a little stronger, seen expanding at 0.4% m/m again in May. Capital goods orders are also due, which are an important signal of investment plans. Signs of increased interest rates spilling over into reduced investment will be watched for as a signal of slowing growth.
US Dallas Fed Manufacturing Survey (1530 BST)
The Dallas Fed Survey will likely point towards further manufacturing industry decline in June, after the index nosedived to -7.3 in May, the lowest in two years and slipping into contractionary territory. New orders are likely to plunge again and focus will also be on continued wage and price inflation.
The only policy-maker appearances scheduled for Monday are ECB President Christine Lagarde opening the ECB’s 2022 Central Banking Forum, closely followed by the Executive Board member Isabel Schnabel’s speech on financial stability threats at the event.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 27/06/2022 | 0700/0900 | ** |  | ES | PPI |
| 27/06/2022 | 1230/0830 | ** |  | US | Durable Goods New Orders |
| 27/06/2022 | 1400/1000 | ** | | US | NAR Pending Home Sales |
| 27/06/2022 | 1430/1030 | ** | | US | Dallas Fed manufacturing survey |
| 27/06/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 2 Year Note |
| 27/06/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 26 Week Bill |
| 27/06/2022 | 1700/1300 | * | | US | US Treasury Auction Result for 13 Week Bill |
| 27/06/2022 | 1700/1300 | * | | US | US Treasury Auction Result for 5 Year Note |
| 27/06/2022 | 1830/2030 |  | EU | ECB Lagarde Opens ECB Forum | |
| 27/06/2022 | 1900/2100 | | EU | ECB Schnabel on Financial Stability at ECB Forum |
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.