Summary:

• CB Consumer Confidence to be released in the afternoon

• Several ECB members scheduled to speak today

As the most important reports planned for this week are going to be released in the second part of it Tuesday seems to be the lull before the storm. However, as several European central bankers will deliver their speeches today we may get a glimpse of what is to come in the following days. The Conference Board consumer confidence reading is the only major data piece scheduled for release today. Oil traders may be disappointed as yesterday there was a holiday in the US and therefore API inventories data is going to be released tomorrow (not today) and the DOE report is going to see daylight on Thursday (not Wednesday).

3:00 pm BST – US, Conference Board Consumer Confidence for May. A slowdown in the European Union signalled by soft indicators (mainly PMIs) is not seen on the other side of the Atlantic Ocean. Consumers’ confidence in the US economy remains solid and is strengthening even further what can be seen by looking at the latest UoM consumer sentiment and CB consumer confidence readings. Today’s print is expected to show a little slide as economists surveyed by Bloomberg point for a 128 pts against prior 128.7 pts. Nevertheless, this should not bother anyone as the gauge stays at elevated levels.

Central bank speakers scheduled for today:

9:30 am BST – ECB’s Visco

10:00 am BST – Riksbank’s Ohlsson

10:30 am BST – ECB’s Mersch

4:30 pm BST – ECB’s Lautenschlaeger

5:00 pm BST – ECB’s Villeroy

5:00 pm BST – ECB’s Coeure

EURUSD easily erased yesterday’s early trading gains and firmly broke below the support zone. In case ECB members make some dovish remarks we may see a closure of today’s candlestick below 1.16 handle. Source: xStation5