Morning Brew - May 31st

Erik Schafhauser

Senior Relationship Manager

Good Morning

Going in to the first week of June with the US and the UK on Holidays today.

The Chinese PMI came slightly lower than expected at 51.0 vs. 51.1 expected and drove the CSI 300 down by 0.4%.

Joe Biden's budget proposal comes at $6 trillion, roughly 50% higher than pre-COVID-19 federal spending.

There is little significant movement in Indexes with most stuck near highs and  looking for the strength to break higher. The USD Index is again above the 90 level, the EURUSD at 1.22 and Cable at 1.4190. Bitcoin retreated to 34k and Gold and Silver are fairly strong at 1906 and 27.95.

Focus this week will be on the Nonfarm Payroll on Friday as an indication of Fed Policy going  forward.

 

Safe Trading

 

Economic Events for the next few days:

Local Start Date

Local Time

Country/Region

Indicator Name

Period

Reuters Poll

Prior

31 May 2021

01:50

Japan

Industrial O/P Prelim MM SA

Apr

4.1%

1.7%

31 May 2021

03:00

China (Mainland)

NBS Manufacturing PMI

May

51.1

51.1

31 May 2021

08:00

Denmark

GDP QQ Prelim

Q1

0.7%

31 May 2021

08:00

Denmark

GDP YY Prelim

Q1

-1.5%

31 May 2021

08:00

Denmark

Unemployment Rate

Apr

4.1%

31 May 2021

09:00

Turkey

GDP Quarterly YY

Q1

6.7%

5.9%

31 May 2021

09:00

Switzerland

Official Reserves Assets CHF

Apr

990,524.58M

31 May 2021

09:00

Austria

GDP Growth QQ Final

Q1

0.2%

31 May 2021

11:00

Italy

CPI (EU Norm) Prelim MM

May

0.9%

31 May 2021

11:00

Italy

CPI (EU Norm) Prelim YY

May

1.0%

31 May 2021

12:00

Portugal

GDP QQ Final

Q1

-3.3%

31 May 2021

14:00

Germany

CPI Prelim YY

May

2.3%

2.0%

31 May 2021

14:00

Germany

HICP Prelim YY

May

2.5%

2.1%

31 May 2021

14:00

India

GDP Quarterly YY

Q4

1.0%

0.4%

31 May 2021

15:00

Israel

Interest Rate Decision

May

0.10%

1 Jun 2021

02:30

Japan

Jibun Bank Mfg PMI

May

52.5

1 Jun 2021

02:30

South Korea

IHS Markit Mfg PMI

May

54.6

1 Jun 2021

03:30

Australia

Building Approvals

Apr

17.4%

1 Jun 2021

03:30

Australia

Current Account Balance SA

Q1

14.5B

1 Jun 2021

03:30

Australia

Net Exports Contribution

Q1

-0.1%

1 Jun 2021

03:45

China (Mainland)

Caixin Mfg PMI Final

May

51.7

51.9

1 Jun 2021

06:30

Australia

RBA Cash Rate

Jun

0.10%

0.10%

1 Jun 2021

07:00

India

IHS Markit Mfg PMI

May

52.0

55.5

1 Jun 2021

08:00

United Kingdom

Nationwide house price mm

May

2.1%

1 Jun 2021

08:00

United Kingdom

Nationwide house price yy

May

7.1%

1 Jun 2021

08:00

Russia

Markit Mfg PMI

May

50.4

1 Jun 2021

08:15

India

Cash Reserve Ratio

4 Jun

1 Jun 2021

08:15

India

Repo Rate

4 Jun

1 Jun 2021

08:15

India

Reverse Repo Rate

4 Jun

1 Jun 2021

09:00

Turkey

Manufacturing PMI

May

50.4

1 Jun 2021

09:45

Italy

Markit/IHS Mfg PMI

May

60.7

1 Jun 2021

09:50

France

Markit Mfg PMI

May

59.2

1 Jun 2021

09:55

Germany

Markit/BME Mfg PMI

May

64.0

1 Jun 2021

09:55

Germany

Unemployment Chg SA

May

9k

1 Jun 2021

09:55

Germany

Unemployment Rate SA

May

6.0%

6.0%

1 Jun 2021

10:00

Euro Zone

Markit Mfg Final PMI

May

62.8

1 Jun 2021

10:30

United Kingdom

Markit/CIPS Mfg PMI Final

May

66.1

1 Jun 2021

11:00

Italy

GDP Final QQ

Q1

-0.4%

1 Jun 2021

11:00

Italy

GDP Final YY

Q1

-1.4%

1 Jun 2021

11:00

Turkey

ITO Istanbul Retail Prices

May

1.01%

1 Jun 2021

11:00

Euro Zone

HICP Flash YY

May

1.9%

1.6%

1 Jun 2021

11:00

Euro Zone

HICP-X F&E Flash YY

May

0.8%

1 Jun 2021

11:00

Euro Zone

Unemployment Rate

Apr

8.1%

8.1%

1 Jun 2021

14:00

Brazil

GDP QQ

Q1

3.2%

1 Jun 2021

14:00

Brazil

GDP YY

Q1

-1.1%

1 Jun 2021

14:00

New Zealand

Milk Auctions

1 Jun, w/e

4,150

1 Jun 2021

14:30

Canada

GDP QQ Annualized

Q1

9.6%

1 Jun 2021

14:30

Canada

GDP MM

Mar

0.4%

1 Jun 2021

15:00

Brazil

Markit Mfg PMI

May

52.3

1 Jun 2021

15:30

Canada

Markit Mfg PMI SA

May

57.2

1 Jun 2021

15:45

United States

Markit Mfg PMI Final

May

61.5

1 Jun 2021

16:00

United States

ISM Manufacturing PMI

May

60.8

60.7

1 Jun 2021

16:30

Mexico

Markit Mfg PMI

May

48.4

2 Jun 2021

02:30

Indonesia

IHS Markit PMI

May

54.6

2 Jun 2021

03:30

Australia

Real GDP QQ SA

Q1

3.1%

2 Jun 2021

03:30

Australia

Real GDP YY SA

Q1

-1.1%

2 Jun 2021

14:00

Brazil

Industrial Output YY

Apr

10.5%

2 Jun 2021

15:00

Mauritius

REPO Rate

Q2

1.85%

2 Jun 2021

23:00

Chile

Interest Rate

May

0.50%

2 Jun 2021

Indonesia

Inflation YY

May

1.42%

3 Jun 2021

02:30

Japan

Services PMI

May

49.5

3 Jun 2021

03:30

Australia

Retail Sales MM Final

Apr

1.1%

3 Jun 2021

03:30

Australia

Trade Balance G&S (A$)

Apr

5,574M

3 Jun 2021

03:45

China (Mainland)

Caixin Services PMI

May

56.3

3 Jun 2021

06:15

Saudi Arabia

IHS Markit Comp PMI

May

55.2

3 Jun 2021

07:00

India

IHS Markit Svcs PMI

May

49.0

54.0

3 Jun 2021

08:00

United Kingdom

Reserve Assets Total

May

178,963.97M

3 Jun 2021

08:00

Russia

Markit Services PMI

May

55.2

3 Jun 2021

09:00

Turkey

CPI MM

May

1.68%

3 Jun 2021

09:15

South Africa

Std Bank Whole Econ PMI

May

53.7

3 Jun 2021

09:50

France

Markit Serv PMI

May

56.6

3 Jun 2021

09:50

France

Markit Comp PMI

May

57.0

3 Jun 2021

09:55

Germany

Markit Services PMI

May

52.8

3 Jun 2021

09:55

Germany

Markit Comp Final PMI

May

56.2

3 Jun 2021

10:00

Euro Zone

Markit Serv Final PMI

May

55.1

3 Jun 2021

10:00

Euro Zone

Markit Comp Final PMI

May

56.9

3 Jun 2021

14:30

United States

Initial Jobless Clm

24 May, w/e

3 Jun 2021

15:45

United States

Markit Comp Final PMI

May

68.1

3 Jun 2021

15:45

United States

Markit Svcs PMI Final

May

70.1

3 Jun 2021

16:00

United States

ISM N-Mfg PMI

May

62.9

62.7

4 Jun 2021

03:00

Philippines

CPI YY

May

4.5%

4 Jun 2021

08:15

India

Cash Reserve Ratio

4 Jun

4.00%

3.50%

4 Jun 2021

08:15

India

Repo Rate

4 Jun

4.00%

4.00%

4 Jun 2021

08:15

India

Reverse Repo Rate

4 Jun

3.35%

3.35%

4 Jun 2021

14:30

United States

Non-Farm Payrolls

May

621k

266k

4 Jun 2021

14:30

United States

Unemployment Rate

May

5.9%

6.1%

4 Jun 2021

14:30

United States

Average Earnings YY

May

0.3%

4 Jun 2021

14:30

Canada

Employment Change

May

-207.1k

4 Jun 2021

14:30

Canada

Unemployment Rate

May

8.1%

4 Jun 2021

15:00

Brazil

Markit Services PMI

May

42.9

4 Jun 2021

15:00

Brazil

Markit Composite PMI

May

44.5

4 Jun 2021

16:00

United States

Factory Orders MM

Apr

1.1%

 

(Refinitiv)

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