ECB Cuts Rates, NFP and Lagarde Speech Today
Yesterday, the European Central Bank ECB cuts rates by 25 basis points, marking the first cut in five years. This move hints at potential further rate cuts not only by the ECB but also by other central banks globally.
Today will be front-loaded with a bevy of major data releases Here is what to watch:
UK—The first data point on the schedule for the day will come at 07:00 AM and will be the release of the Halifax House Price Index YoY for May. A 1.1% increase was seen in the April release, with the consensus now at +1.2% and a forecast of +1.3%.
ECB Cuts Rates
Canada—At 01:30 PM, key labor market data will be released in the form of the Unemployment Rate for May. In the last release, the figure was 6.1%. The consensus is at 6.1%, while the forecast is 6.2%.
ECB Cuts Rates
US—Also at 01:30 PM, in the US Non-Farm Payrolls (NFP) for May. The last released figure was at 175K, and the consensus expects an increase to 185K, while the forecast is at 151.0K.
ECB Cuts Rates
ECB President Speech—Later in the afternoon, at 03:15 PM, European Central Bank President Christine Lagarde will deliver a speech in Paris on the role of central banks in a changing world. Markets will be attentive to any hints about future ECB policy directions.