There’s no doubt that Thursday will be the most important day this week, but there are also some interesting reports worth looking at in upcoming hours. Traders will also react to rumours from the ECB (if there are any leaks) as well as to the new polls from the United Kingdom.
Last day of the UK campaign – Britain is going to the polls for the third time in just over two years on Thursday, for a snap election called by Prime Minister Theresa May in a bid to strengthen her mandate during the upcoming Brexit negotiations. Today is the last day of the pre-elections campaign, so expect some interesting speeches and many polls that will be published today. The pound was one of the weakest currencies among G10 earlier today, so new polls could have a solid impact on the GBP.
DOE report – 3:30 pm BST – U.S. crude-oil stocks are expected to show a decrease in data due Wednesday from the Department of Energy, according to a survey of analysts and traders by Bloomberg. Estimates from 8 analysts and traders surveyed showed that U.S. oil inventories are projected to have decreased by 3.2 million barrels, on average, in the week ended June 2. Forecasts range from a decrease 5 million barrels to a decrease of 1.6 million barrels. The American Petroleum Institute, an industry group, said late Tuesday that its own data for the week showed a 4.6-million-barrel decrease in crude supplies, a 4.1-million-barrel increase in gasoline stocks and a 1.8-million-barrel increase in distillate inventories.
Oil could be prone for an upward move in upcoming hours. It has broken from the wedge and is now above two moving averages. In addition, the shorter-term SMA crosses the longer-term one from the downside.
US Consumer Credit – 8:00 pm BST – April consumer credit is expected to increase $17.0 bln after an $16.4 bln gain in March. Increases in non-revolving credit are leading the largest series of gains since 2001. However, a chance of an increase in volatility is rather minmal, as consumer credit data is typically ignored by the market. It doesn’t mean, however, that the data will be ignored by the FED. The central bank meets next week and each report could have an impact on the decision.