Morning Juice – Europe Session Prep

Good Morning Traders! This Tuesday we get German PPI.

Here is what to expect for the day.

Sentiment

At its May policy meeting, Australia’s central bank restarted a debate of interest rate rises before finding that the case to hold put was stronger because it intends to avoid “excessive fine tuning”

Loretta Mester, President of the Cleveland Fed, stated that while policy remains tight, policymakers must wait for additional data concerning inflation’s path before increasing interest rates. Mester, who had previously favoured three rate cuts this year, said she doesn’t think three reductions would still be appropriate for 2024 given first-quarter inflation numbers.

China’s local governments raised the least money from land sales in eight years, another symptom of the nation’s increasing housing crisis, forcing Beijing to inject more cash.

The oil market is exhibiting symptoms of weakness despite a recent increase in geopolitical tensions ahead of an OPEC+ meeting on supplies.

Docket

02:00 ET
German PPI YoY
Median Forecast -3.1% | Prior -2.9%

German PPI MoM
Median Forecast 0.3% | Prior 0.2%

Good Luck today, traders!