German IP, Japan GDP, Japan & China Trade Data – While German industrial production is expected to have rebounded in April, I’m not sure that’s significant any more, given the sharp decline in factory orders during the month that was reported yesterday. Factory orders are a fairly good leading indicator of the trend in industrial production, so market participants may discount a good IP figure. A disappointing one on the other hand might be accepted as confirming the story from the factory orders and therefore be EUR-negative.
In Britain, the Halifax house price index is coming out. The Nationwide index showed a slowdown in prices, but the Rightmove asking price index continues to rise. The Halifax may help to settle the argument. It could therefore be important for GBP, although if another Brexit poll comes out, that will probably take precedence.
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