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Rabobank analysts suggest that in the US session, after the Employment Report, the ISM non-manufacturing index (16:00 CET) for April will be published.

Key Quotes

“The most important PMI for the US services sector fell to 56.1 in March from 59.7 in February. Earlier this week its manufacturing counterpart dropped to 52.8 in April from 55.3 in March, continuing a downward pattern since August last year. In contrast, the services sector PMI has moved sideways in the same period. This shows that so far most of the current headwinds to US corporates have been coming from abroad, as the services sector is less dependent on the global economy. Today’s figure will tell us whether this still is the case.”

“Finally, we also get a range of Fed speakers. Chicago Fed President Charles Evans (16:15 CET) will speak at the NABE International Symposium at the Riksbank in Stockholm. He will have a prepared text and there will be a Q&A with the audience. Note that Evans is a voting member of the FOMC this year.”

“Fed Vice Chairman Richard Clarida (17:30 CET) will speak on models, markets and monetary policy at a Hoover Institution conference at Stanford University. NY Fed President John Williams (19:45 CET) will speak on ‘Tying down the anchor: monetary policy rules and the lower bound on interest rates’ at the same conference.”

“Finally, Fed Governor Michelle Bowman (21:00 CET) will give introductory remarks for the panel ‘Friedman and the Long History of Monetary Policy Rules’ at the same conference. However, as she will have no text and no Q&A we are not likely to learn much about her monetary policy views.”