US Consumer Confidence Report: What to Expect Today?
Today’s main event to keep an eye on is the US Consumer Confidence report, which is expected to tick lower in May to 95.9 compared to 97.0 in April. The previous report missed expectations by a significant margin, reaching the lowest level since July 2022. The Chief Economists at The Conference Board highlighted that consumers have become less positive about the current labor market situation and more concerned about future business conditions, job availability, and income. Despite the dip in the overall index, optimism about the present situation continues to outweigh concerns about the future. The Present Situation Index will be a key indicator to watch, as it is generally a leading indicator for the unemployment rate.
Canadian PPI Data: What You Need to Know
Another important release to watch today is the Canadian PPI data for April. The Canadian PPI M/M is expected at 0.6% versus 0.8% prior. The Producer Price Index measures the average change over time in the selling prices received by domestic producers for their output. It is a crucial economic indicator used to measure inflation at the wholesale level. The PPI covers various industries, including manufacturing, mining, agriculture, and utilities. Although the PPI has been rising recently, it remains in negative territory on a year-over-year basis. We will need to see much higher readings before it becomes a concerning sign for consumer inflation.
Fed Speakers: What to Expect from Today’s Remarks
In addition to the economic releases, we will also hear from some Fed speakers today. Fed’s Kashkari, a hawk and non-voter, will speak at 13:55 GMT/09:55 ET. Fed’s Cook, a dove and voter, will speak at 17:05 GMT/13:00 ET, along with Fed’s Daly, a neutral and voter. Their remarks could provide insights into the central bank’s monetary policy outlook and market expectations.
Today’s events include crucial economic releases and speeches that could impact market sentiment and trading dynamics. Stay tuned for updates on the US Consumer Confidence report, Canadian PPI data, and Fed speakers’ remarks to make informed trading decisions.