It's a slow week on the US economic data calendar but a bit week elsewhere
1) Comey testifies on Thursday
The stakes will be huge when former FBI director James Comey testifies at a Senate committee on Thursday. The big question is whether Trump tried to influence him and what else might have led to his firing. Comey could also offer new evidence about Trump's ties to Russia. A huge twist would be if Trump tried to invoke executive privilege before Thursday to stop Comey from speaking.
2) UK election on Thursday
It's super-Thursday for political drama as Theresa May tests her popularity. She decided to push for a larger majority when polls were in her favour but underestimated how frustrated UK voters are with the status quo and an unnecessary election. Polls have been all over the place with some giving her a huge majority and others a minority win. That uncertainty will make for a dramatic night.
3) ECB decision on Thursday
As if Thursday wasn't exciting enough, we also get the ECB decision. The debate is on how close to neutral to shift communication. The outlook has no doubt improved but some central bankers are preaching patience, in part because they don't want euro strength. Every word will be watched closely.
4) RBA decision on Tuesday
The RBA decision is only hours away. There is no risk of a shift from the 1.50% cash target but there is a chance of a dovish change in communication. The chance of a cut before year end is up to 20% after a series of disappointing data releases and continued pressure on iron ore. The Australian dollar was the worst-performer in May. Aussie Q1 GDP is also due on Wednesday.
5) Canada jobs on Friday
It's one of those rare months where Canada releases its employment report at a different time that non-farm payrolls. Poloz may have some comments on Thursday with the release of the financial system review but Bank of Canada is most likely to be shaped by this jobs report. The consensus is for 11.0K new jobs
