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.
There are no data events scheduled in Europe due to a public holiday. The main data events to follow in the US include the release of initial jobless claims and producer price inflation, both published at 1330BST.
US jobless claims seen edging higher
U.S. jobless claims filed through May 8 are set to have risen marginally to 500,000 from 498,000 through May 1, according to the Bloomberg consensus. Continuing claims filed through May 1 are expected to ease to 3.64 million from 3.69 million through April 24.
April's nonfarm payroll report came in weaker than expected as significantly fewer jobs have been added than anticipated. Additionally, the unemployment rate ticked up in April for the first time since April 2020, raising concern about the underlying strength of the employment outlook.
Source: U.S. Department of Labor
US producer price inflation
The monthly PPI for final demand is expected to decelerate to 0.3% in April after rising by 1.0% in March. The annual PPI rose by 4.2% in March, showing the highest level since September 2011, when the PPI y/y increased by 4.5%. April is expected to see an increase to 5.8%.
Survey evidence is in line with market forecasts. The ISM manufacturing PMI report saw prices rise for the eleventh consecutive month and to the highest level since July 2008. Similarly, the IHS manufacturing PMI report noted another increase in prices due to raw material shortages in April.
The events calendar holds several interesting events in the cards, including speeches by BOE's Jon Cunliffe, Richmond Fed's Tom Barkin, BOC's Tiff Macklem, Fed's Christopher Waller and St. Louis Fed's James Bullard.
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.