Summary:
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Canadian wholesale sales data expected to show an increase
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Will API data help extend rally on the oil market?
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BoE members to testify on inflation report
As this week is almost all about the Super Wednesday not many important readings are scheduled for the other days of the week. The story is no different on Tuesday as we have only two notable releases planned. In the early afternoon wholesale sales reading from the Canadian economy is scheduled for release while in the evening oil traders will get weekly piece of data from API. It is worth to note that the additional volatility may spur on the GBP tied FX pairs in the morning as several MPC members are scheduled to testify in front of Parliament on the latest inflation report.
1:30 pm BST – Canada, Wholesale Sales for March. Canadian dollar was a subject to some hectic swings in May. Despite broad USD strength Loonie managed to recoup some ground against the greenback after late-April slump. Wholesale sales data may be to some extent used as a predictor of future consumer spending. Today’s reading is expected to show a 0.6% MoM increase against last month’s 0.8% MoM decrease.
9:30 pm BST – API Weekly Crude Oil Inventories. Oil is one of the main market themes as of late thanks to the Trump’s withdrawal from the Iranian accord. Geopolitical tensions have driven prices on the oil market to the multi year highs with Brent touching the $80.50 handle. However, we have seen some pullback recently what may herald that to upside potential on this market is running out. Today’s API oil stocks reading may provide fuel for the oil traders and allow them to add to recent gains in case a major draw is signalled.
Central bank speakers scheduled for today:
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9:15 am BST – BoE’s Vlieghe
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9:15 am BST – BoE Governor Carney
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9:15 am BST – BoE’s Ramsden
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9:15 am BST – BoE’s Saunders
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10:00 am BST – Bank of Finland Governor Liikanen
After a short pullback OIL seems to be reapproaching the $80 handle. Will API data provide additional fuel? Source: xStation5