U.S. Memorial Day Makes For Quiet Monday Session

 | May 28, 2018 02:41AM ET

All is quiet on the data front Monday, as traders in the United States pause for Memorial Day. Globally, reporting will be limited with only a few data sets scheduled.

The Swiss government will kick things off with a report on overall employment levels at 07:15 GMT. The data set is expected to show overall employment of 4.999 million in the Swiss economy during the first quarter, up from 4.962 million in the October-December period. The jobs data could have a direct impact on the performance of the Swiss franc.

About 45 minutes later, the Italian government will report on producer inflation for the month of April. The producer price index (PPI) captures prices paid at the factory-gate level, which may impact consumer prices in the future. Analysts have not yet provided a median estimate on Italy’s monthly PPI. In March, the index rose 0.4% month-on-month. That translated into an annualized rate of 2%.

Japanese employment data is also scheduled for late Monday GMT time. Unemployment in the world’s third largest economy likely held steady at 2.5% for April, according to a median estimate.

The economic calendar picks up on Wednesday and continues strong for the latter half of the week, culminating in US nonfarm payrolls on Friday. The US jobs report is arguably the most closely watched data set of the month.

May nonfarm payrolls are expected to show the creation of 185,000 jobs, up from 164,000 the previous month.


In terms of monetary policy, the Bank of Canada (BOC) is scheduled to deliver an interest rate verdict on Thursday. No change to the benchmark interest rate is expected at this time.

EUR/USD
Europe’s common currency extended its breakdown at the end of last week, as prices fell to their lowest levels since December. EUR/USD was down another 0.3% at the start of Asian trade, with the pair hovering around 1.1684. The bearish trend remains intact now that the euro has moved below a series of technical supports. EUR/USD is now eyeing major support around 1.1553, which is the low from November.