Empire Fed leads off the US economic calendar

Forex

Empire Fed expected to improve to -30

The economic calendar is going to be overshadowed by coronavirus news and broad economic sentiment today.

At the bottom of the hour, the June Empire Fed manufacturing survey is forecast to improve to -30 from -48.5.This year before the virus it was in the +3.3 to +12.9 range so there is still a massive hole to climb out of.

Turning back the clock a bit, Canadian manufacturing sales for April are due at the same time. The consensus is -20.0%.

At 9 am ET, the Canadian existing home sales report for May is due. There is no consensus but expect a major bounce from the -56.8% reading as real estate restarted.

On the Fed calendar, we will hear from Kaplan at 10 am ET (1400 GMT) and Daly  at 12:30 am ET (1630 GMT).

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