Economic Calendar Updates
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- UK’s preliminary GDP data set to arrive on Wednesday
- US retail sales on Friday will define consumer spending for April
The week starting Monday, May 10, is set to bring major economic data, revealing how particular economies are faring in the transition period when the worst of the Covid-19 pandemic for the western world is now behind, and an economic recovery is generating both optimism and anxiety for the future.
On Tuesday, the UK’s central bank, the Bank of England, will hold a press conference led by Gov Andrew Bailey. The event is scheduled for 10:30 am EST. Mr. Bailey is expected to outline the pace of recovery, underpinned by a largely successful vaccination campaign.
Then on Wednesday, at 02:00 am EST, the UK will reveal its preliminary GDP data for the first quarter both on an annual and a quarterly basis. At the same time, UK’s manufacturing production numbers for March will be released. At 05:00 am EST, BoE’s Gov. Bailey will hold another press conference to discuss the economy and the outlook for growth and recovery. The US follows at 08:30 am EST with its Core CPI data for April. A key measure for inflation, the Consumer price index will be closely monitored by traders and investors.
Key Data from the EU and US
On Thursday, the US will report initial jobless claims for the previous week. The data is expected to arrive at 08:30 am EST. At the same time, the Producer price index (PPI) for April, will also be released. The index measures the change in the price of goods sold by manufacturers and it’s used as a gauge to measure consumer price inflation.
And on Friday, the European Central Bank will announce its monetary policy decision at 07:30 am EST. Investors will be on the lookout for any policy changes related to the pandemic emergency purchase program (PEPP). ECB President Christine Lagarde will provide a commentary about the economic conditions in the eurozone and the outlook for the economy.
Later, at 08:30 am EST, the US will report Core retail sales and retail sales for April. Both releases will detail how the economy performed in terms of consumer spending. Economists predict that because of the gradual reopening and the pent-up demand, Americans will spend more on restaurant meals, travel, and other services.
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