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What to watch

MARKET INSIGHT
  • After a relatively risk-on Asian session, we saw a strong UK labour market print with single month earnings growing at a record pace and vacancies outnumbering the unemployed for the first time. This has helped the SONIA strip move lower than either the Euribor or Eurodollar strips while the pound is gaining ground (but still underperforms the Scandis and AUD since the NY close).
  • We look for central bank speakers to be closely watched again. We are due to hear from the ECB's Centeno, BOE's Cunliffe and Fed's Bullard. Riksbank's Ohlsson's speech on monpol in times of war could be interesting at 12:15BST. He was at the February meeting one of the most hawkish members but in the April Minutes seemed to be a bit less hawkish than Skingsley, and on a similar level on the hawk/dove scale to Ingves.
  • The data highlight for the remainder of the day will be US retail sales. We also receive the second print of Eurozone GDP.
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  • After a relatively risk-on Asian session, we saw a strong UK labour market print with single month earnings growing at a record pace and vacancies outnumbering the unemployed for the first time. This has helped the SONIA strip move lower than either the Euribor or Eurodollar strips while the pound is gaining ground (but still underperforms the Scandis and AUD since the NY close).
  • We look for central bank speakers to be closely watched again. We are due to hear from the ECB's Centeno, BOE's Cunliffe and Fed's Bullard. Riksbank's Ohlsson's speech on monpol in times of war could be interesting at 12:15BST. He was at the February meeting one of the most hawkish members but in the April Minutes seemed to be a bit less hawkish than Skingsley, and on a similar level on the hawk/dove scale to Ingves.
  • The data highlight for the remainder of the day will be US retail sales. We also receive the second print of Eurozone GDP.