Morning Juice – Europe Session Prep

Good Morning Traders.
It is Tuesday the 12th of May. Here is what to look out for today.

Sentiment
The ceasefire between the US and Iran reached a particularly precarious moment Monday as President Donald Trump said the agreement was on “massive life support” after he rejected Tehran’s latest peace offer. Oil pushed higher as US President Donald Trump cast doubt over the ceasefire with Iran after rejecting Tehran’s latest peace offer, prolonging the effective closure of the vital Strait of Hormuz Keir Starmer was facing growing pressure to step down as Britain’s prime minister after dozens of members of Parliament, including Cabinet allies, joined the calls for him to set out a timetable for his departure. Japan’s Finance Minister Satsuki Katayama confirmed that her team is coordinating closely with US Treasury Secretary Scott Bessent on currency policy, signaling tacit US approval of Japan’s recent suspected market intervention. The Bank of Japan signaled the possibility of a hike to its benchmark rate next month with a summary of views from last month’s board meeting that conveyed concerns over upside inflation risks stemming from the conflict in the Middle East. Japan’s household spending fell for a fourth consecutive month even as wages continued to grow, highlighting the fragility of consumption.

Docket
02:00 ET
German CPI
YoY – Forecast: 2.9% | Prior: 2.9% | Range: 2.9% / 2.9%
MoM – Forecast: 0.6% | Prior: 0.6% | Range: 0.6% / 0.6%
HICP YoY – Forecast: 2.9% | Prior: 2.9% | Range: 2.9% / 2.9%
HICP MoM – Forecast: 0.5% | Prior: 0.5% | Range: 0.5% / 0.5%

05:00 ET
German ZEW
Current Conditions – Forecast: -78 | Prior: -73.7 | Range: -68 / -83
Economic Sentiment – Forecast: -19.5 | Prior: -17.2 | Range: -10 / -25