Summary:

• Industrial production in the UK should bring an increase in May
• German economic sentiment index will be released during the day
• Crude oil inventories by API will be published at the end of the day

Today is going to be quite a calm day. Today’s economic calendar is illustrating two important points. At the beginning of the day, we will get to know some releases concerning industrial production in the Great Britain. On top of that, we will be offered data by API about oil inventories in the evening.

9:30 am BST – British industrial production: After yesterday’s news (both David Davis and Boris Johnson stepped down) the British pound fell. What will today’s industrial data produce? The median forecast points to rather an optimistic view (1.9% yoy). In addition to this release, we will be offered manufacturing production, trade balance as well as construction output – all releases for May.

10:00 am BST – ZEW Economic Sentiment: This index illustrates sentiment among analysts and institutional investors in connection with German economic conditions. It assesses situation in Germany within next six months. In the previous month ZEW Economic Sentiment showed -16.1 pts. Today’s forecast is about -18.2 pts.

9:40 pm BST – US oil inventories by API: In the previous week oil drew investors’ attention. Probably, it will be continued in the current week. The latest release reported a 4.5 million barrels decrease.

Central bank speakers for today:

• 9:00 am BST – ECB’s Visco
• 5:30 pm BST – ECB’s Angeloni
• 6:00 pm BST – ECB’s Lautenschlaeger

The GBPUSD saw a meaningful decrease yesterday mainly due to two political bombshells. Source: xStation5