Tomorrow's Macro Roadmap: BOJ core CPI / Swiss total sight deposits / BOC & ECB speak / US house prices & consumer confidence
In Switzerland, the SNB will release its update on sight deposits for last week at 10:00 CET. They have been rising for four weeks in a row but are far from a perfect proxy for SNB interventions in foreign exchange markets and are influenced by other factors, yet they remain worth monitoring. In its latest statement, the central bank said that
"in view of international developments, we are increasingly prepared to intervene in the foreign exchange market. We stand ready to intervene in the foreign exchange market to curb a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability."
US consumer confidence is expected to have declined marginally in May. Although stocks have risen, which should have improved sentiment, other consumer sentiment surveys are rather downbeat for May. The reason might have been rising gasoline prices.
Important to watch will be the labour market differential for hints on where the unemployment rate might be heading next.
Good luck, and feel free to ping me in the chat to discuss markets and views!