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.
Friday sees a relatively quiet start to the European day, but all focus is on the U.S. employment report at 1330BST.
The session starts with the release of Eurozone construction PMI data at 0830BST and UK data at 0930BST. Both data sets are expected to confirm the ongoing recovery in the construction industry on both sides of the channel. However, the reports are likely to flag up the ongoing issues of supply of building materials and what seems the soaring cost of everything from timber to cement.
At 1000BST, the Eurozone retail sales data will be released and will confirm the solid recovery on year ago data but that sales remain volatile on a monthly basis as economies come out of restrictions at varying paces. April sales are expected to decline 1.2% on month after a 2.7% gain in March.
U.S. LOOKING FOR MORE JOBS GAINS
The U.S. non-farm payroll report will be released at 1330BST. Employers likely added 663,000 jobs through May, according to market consensus, more than doubling April's disappointing 266,000 gain.
The same factors that kept workers at home in April, like childcare issues, enhanced unemployment benefits, and virus fears, likely extended into May, though analysts say high wages have probably enticed some to reenter the labor force, as highlighted in the latest MNI Reality Check.
Average hourly earnings should increase 0.2% after spiking 0.7% in April, according to consensus, with the unemployment rate in May should dip down to 5.9% after ticking up to 6.1% in April.
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.