EUROPEAN session review: US Labor market report may spur volatility growth

Data released: 

06:00 GMT Germany Industrial Production s.a. (MoM) (Apr) 0.2% 0.4% -0.6% 

06:00 GMT Germany Industrial Production n.s.a. w.d.a. (YoY) (Apr) 1.8% _ 2.9% 

06:00 GMT Germany Trade Balance s.a. (Apr) €17.7B €15.2B €15.0B 

06:00 GMT Germany Current Account n.s.a. (Apr) €18.4B _ €19.7B 

07:00 GMT Switzerland Foreign Currency Reserves (May) 444.4B _ 438.9B 

07:15 GMT Switzerland Consumer Price Index (YoY) (May) 0.2% 0.1% 0.0% 

07:15 GMT Switzerland Consumer Price Index (MoM) (May) 0.3% 0.2% 0.1% 

07:15 GMT Switzerland Industrial Production (YoY) (Q1) 4.3% _ -0.5% 

07:15 GMT Switzerland Industrial Production (QoQ) (Q1) 0.5% _ 0.4% 

08:30 GMT UK Consumer Inflation Expectations 2.6% _ 2.8% 

08:30 GMT UK Total Trade Balance (Apr) £-1.843B _ £-1.100B 

08:30 GMT UK Goods Trade Balance (Apr) £-8.924B £-8.650B £-8.293B 

08:30 GMT UK Trade Balance; non-EU (Apr) £-3.783B £-3.100B £-3.418B 

The market still discusses yesterdays ECB’s news. Meantime in US economists are expecting a rise of 210,000 jobs in May nonfarm-payrolls, but there is a bit of trepidation after private-sector payrolls disappointed on Wednesday, showing the slowest pace of jobs growth in four months.
In U.S. economic news, weekly jobless claims rose to 312,000, essentially in line with expectations of 311,000.

EURO 

The euro consolidates after yesterday’s news. ECB’s Hansson noted ECB measures should help demand and lift inflation 

- ECB goal is to incite banks to lend 

- doesn’t expect Euribor to turn negative 

- may be years before inflation starts to rise fast 

EUR/USD trades at $1.3640. Above resistance comes at $1.3730, with a stronger one - on $1.3770/80. If the rate resumes falling and breaks under $1.3500, losses may widen to $1.3440. Initial surropt comes at $1.3630 (23.4% Fibo of yesterday’s rally). Below - at $1.3585 (50%) and $1.3500 (Thursday’s lows).

POUND 

Data released showed United Kingdom Total Trade Balance down to £-1.843B in April from previous £-1.1B.

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