Big week ahead for all Sterling exchange rates - Weekly Outlook 4th - 8th of May.
Growing signs that the pace of the Covid-19 pandemic’s spread has peaked is leading to a growing number of countries either easing lockdown restrictions or announcing intentions to do so in the near future. In Europe, Italy and Spain are further lowering their curbs from today, and will be followed by France next week. In the US, a state-by-state approach is being taken with some already announcing a loosening up. Some Asian countries have also outlined plans.
In the UK, however, current lock-down conditions remain in place, though PM Johnson has promised that a “road map” out of the current social distancing measures will be released this week. An update is required by 7th May at the latest as then the current lock down order expires. Sky News has learned that PM Johnson is expected to outline full details of how the UK will exit lockdown on Sunday!Meanwhile, amid news from both the UK and the US on progress in developing a covid-19 vaccine, EU Commission President Van der Leyen will host a conference call of global leaders today to discuss the financing of further research.
There's plenty of data due this week and it will also be the turn of the UK's central bank (BoE) to announce its latest policy decisions. The decision is actually going to be at 7 am, rather than the usual 12pm. Other key news includes Euro zone Retail Sale data and also on Friday the latest US Non-Farm Payroll and unemployment data from the US.
Tuesday, 5th May, 2020
09:00 EU - Spanish Unemployment Data (Apr)
09:30 UK - Services Sector Data (Apr)
13:30 US - Trade Balance (Mar)
14:45 US - Consumer confidence
15:00 US - Manufacturing Data (May)
Wednesday, 6th May, 2020
07:00 EU - German Factory Orders (Mar)
07:55 EU - Retails Sales (Mar)
13:15 US - Employment Change (Apr)
15:30 US - Oil Stocks Change
Thursday, 7th May, 2020
07:00 UK - BoE Policy Meeting
07:00 UK - BoE Policy Meeting Minutes
07:00 EU - German Industrial Production Data
07:30 UK - BoE Governor Bailey Speech.
00:00 UK - Financial Stability Report.
13:30 US - Non-farm productivity (Q1)
13:30 US - Initial Jobless Claims
Friday, 8th May, 2020
00:00 UK - Bank Holiday.
08:30 EU - German Trade Balance (Mar)
13:30 US - Non-farm payrolls (Apr)
13:30 US - Unemployment Rate (Apr)