US consumer confidence and housing in focus today

The US is back from a holiday today and that will put the FX market at full staff after a period of low volumes. That means we could see some bigger flow-driven moves today, especially with month-end looming. Volatility could also spike if there is a surprise in the economic data.

First up at the bottom of the hour is the Canadian April PPI report.The market is at 63% for a June 5 BOC rate cut so every piece of economic data from here will be a market mover. I’m also watching carefully for any kind of BOC leak this week.

Then it’s onto US housing data at 9 am ET with the housing price numbers from the FHFA and Case-Shiller.

Top billing comes at 10 am ET with May US consumer confidence. This is a good forward-looking indicator and the consensus is 95.9 from 97.0.

Fedspeak includes Kashkari at 9:55 am ET and Cook at 1:05 pm ET.

This article was written by Adam Button at www.forexlive.com.