Key Economic Data and Interest Rate Decision
Yesterday, the Bank of Canada (BoC) released its interest rate decision , cutting rates by 25 basis points to 4.75% compared to the earlier rate of 5%, in line with the consensus and forecast of 4.75%, a move that shows that BoC is trying to balance economic growth and inflation.
In the early hours this morning the Australian Balance of Trade figures for the month of April came in at A$6.548B, above and beyond the A$6.0B forecast and previous A$4.841B. The interestingly high surplus in trade might mean that Australia has seen a good deal of export activity and positively reflected economic health.
At 10:00 AM, the Eurozone will present data on Retail Sales YoY. The consensus is pointing at 0.1%, weaker than the last figure of 0.7%, with the forecast at 0.4%.
Later on in the day 01:15 PM, the focus will be on the interest rate decision from the European Central Bank. The consensus is at 4.5%, above the forecast and previous rate of 4.25%. This will be a crucial piece in terms of understanding ECB monetary policy on inflation and economic growth.