Morning Juice – Europe Session Prep

Good Morning Traders.
It is Monday the 19th of May. Here is what to look out for today.

Sentiment
A key House committee advanced President Donald Trump’s giant tax and spending package after Republican hardliners dropped a blockade against the legislation. It wasn’t immediately clear what changes party leaders may have agreed to before the House Budget Committee approved the legislation late Sunday night after a weekend of negotiations. China’s industrial output expanded faster than expected in April while consumption disappointed, highlighting the challenges facing the world’s second-largest economy despite a quick de- escalation of trade tensions with the US. China’s defiant stance in negotiating a tariff truce with the US has convinced some countries they need to take a tougher position in their own trade talks with the Trump administration. Hedge funds and long-term investors are re-entering trades looking for the yen to rally ahead of potential currency talks this week between the US and Japan. UK and European Union negotiators worked into Sunday evening in a bid to reset post-Brexit relations under Keir Starmer’s new Labour government ahead of a summit in London

Docket
05:00 ET
Eurozone CPI
YoY – Forecast: 2.2%, Prior: 2.2%, Range: 2.2% / 2.1%
MoM – Forecast: 0.6%, Prior: 0.6%, Range: 0.6% / 0.6%
Core YoY – Forecast: 2.7%, Prior: 2.7%, Range: 2.7% / 2.6%

Speakers
05:30 ET
ECB’s Muller hold press conference in Tallinn following IMF visit to assess Estonian economy.