The markets were seen trading mixed with the U.S. dollar showing signs of easing back on Monday. Economic data was sparse with only the speech by Cleveland Fed President Loretta Mester.
Speaking at a conference in Paris, Mester said that the Federal Reserve will most likely maintain its rate hike guidance for the year while at the same time tolerate an overshoot of inflation target. The comments however failed to push the U.S. dollar higher on the day.
Looking ahead, the economic data for the day will be dominated by the preliminary GDP release from Germany and the French final inflation rate. Later in the day, the UK’s labor market data will be released. Expectations show that the UK’s unemployment rate held steady at 4.2% in the three months ending April. Wage growth is expected to rise at a modestly slower pace of 2.7% compared to the 2.8% increase seen previously.
The Eurozone second revised GDP estimates will also be coming out today. The median expectations point to 0.4% increase, unchanged from the preliminary increase.
Economic data from the United States will see the release of the retail sales report followed by the Empire State Manufacturing Index.
