Happy Monday.

Today’s trading activity will be very limited due to bank holidays in the UK and the US and Whit Monday across the European continent. The market has opened on a positive note in Asia and the USD is a bit weaker after the principles around a debt ceiling deal was agreed upon during the weekend. Remember that USD liquidity can now only move lower, which we covered in our Sunday flagship editorial here.

The week ahead of us is FULL of macroeconomic action, so let’s have a look at the five most important key figures to watch.

1) European inflation
Markets expect German inflation to print at 0.2% MoM, which looks relatively fair but the scope for surprises on the low side is increasing to due pent-up weakness in input costs. The PPI has fallen off a cliff since late 2022 alongside lower electricity -and gas prices.

We will get the first clues from Spain already on Tuesday and from German regions on Wednesday.

We lean short on inflation!

Find the remaining four charts of the week with a FREE trial below.