Quote:
‘Glory be to God for dappled things –
For skies of couple-colour as a brinded cow;
For rose-moles all in stipple upon trout that swim.’ Gerard Manley Hopkins (1844-1889)
The News:
India’s Congress party just 11 seats short of majority after lengthy general election.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB May Rightmove House Prices +2.4% M/M, -6.2% Y/Y, versus +1.8% and –7.3% April.
05:00 JP April Tokyo Condominium Sales –8.5% Y/Y, versus –46.2% March.
06:00 JP April Consumer Confidence 33.2, Households 32.4, versus 29.6 and 28.9 March.
06:30 JP April Tokyo Department Store Sales –11.9% Y/Y, Nationwide –11.3%, vs –12.9% and –13.1% March.
10:00 EZ16 March Trade Balance (versus –€4.0B February).
10:00 DE ECB’s Weber speaks at a Bundesbank event, Düsseldorf.
16:30 US Treasury’s Geithner speaks at an event organised by Newsweek Magazine, Washington.
18:00 US May NAHB Housing Market Index (14 to 19 versus 14 April).
The Psychology:
Victory Day holiday in Canada.
The Risk:
Yen crosses gather pace and trade lower.
Today’s most interesting chart: CHF/JPY
‘Bearish engulfing’ candle on the weekly charts against Fibonacci resistance and the Ichimoku ‘cloud’.
