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In the US,  we’ll get a better grasp of Q2 economic activity with the release of several indicators for May, points out the research team at NBF.

Key Quotes

“Both personal income and personal spending likely rose in the month, buoyed by decent earnings growth. Meanwhile, the annual core PCE deflator may have gained one tick to 1.9%, just one tenth shy of the Fed’s target.”

“Also in May, durable goods orders probably retreated for a second month in a row, in line with falling civilian plane orders. Sales of new homes, for their part, likely bounced back, erasing April’s retreat. In other news, Q1 GDP growth could be revised down two ticks, reflecting weaker-than-anticipated personal consumption.”