Morning Brew 02 June 2021

Education
Erik
Erik Schafhauser

Senior Relationship Manager

Good Morning

Yesterday started very friendly for risk sentiment with equities rising strongly and the USD Index dropping. A stronger than expected ISM Manufacturing number changed the mood as it came at 61.2 vs. 60.9. Stocks gave up their gains and USD grew stronger. The Institute for Supply Management reports of labor and materiel shortages constraining growth.

The Australian GDP exceeded growth at 1.8% vs 1.6% expected

The USD Index is trading at 89.93, Gold and Silver fall to 1896 and 27.80, EURUSD trades at 1.2216 and GBPUSD at 1.4140. Oil rose to the highest levels since March with Brent futures rising 0.6% to USD 70.67

Ole Hansen stated: Ahead of today's OPEC+ meeting Brent crude oil has reached a four-month high above $70 while WTI crude oil trades at the highest level since October 2018. Driven by tightening market conditions as OPEC+ keep production tight and a continued recovery in global demand as vaccine rollouts support increased mobility.

Acc to a report by Reuters, Chinese Banks are struggling with huge USD Deposits, they rose by $242.2 billion in the last 16 months, equal to about 1.8% of gross domestic product .

 

Today there is little key data on the agenda, tomorrow there is a flurry of PMI and the US Jobless data ahead of the Non-Farm Payroll on Friday.

 

Safe Trading!

Economic Events for the next few days:

Local Start Date

Local Time

Country/Region

Indicator Name

Period

Reuters Poll

Prior

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%

 

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