UK elections next week, big risk event for pound

Next week will be quite busy in terms of key events – with the UK elections on May 7 and US nonfarm payrolls on Friday.

Monday begins with a number of manufacturing PMI releases are published, including the HSBC China Manufacturing and Eurozone Manufacturing PMI. Australia will publish building permit data while the Eurozone will release Investor Confidence data. Meanwhile, in the US publishes factory orders data.

On Tuesday focus will be in Australia, where the Reserve Bank of Australia announces its latest interest rate decision. Expectations are for rates to remain at 2.25% although there is increasing speculation for a rate cut. Australia will also issue new home sales numbers and trade data on the same day.

Later in the European session, the UK Construction PMI is published by Markit while producer price figures are out for the Eurozone. Then trade data are out in Canada and the US, with the latter also seeing the release of the US Services PMI.

On Wednesday, retail sales numbers will be released by Australia and the Eurozone while services PMI will be issued for various countries, including China and Europe.

In the UK, parliamentary elections will be held. This will be one of the highlights of the week.
In the US, private payrolls by ADP will be out.

On Thursday, Australia sees the release of employment data. This will be important to watch.
Factory orders figures are due for Germany and the Halifax house price data for the UK will then be issued. In Canada, building permits figures are updated, while the US sees initial jobless claims numbers.

On Friday, focus will be on trade balance data from China and the UK. Then all eyes will be on the all important US nonfarm payrolls numbers.

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