Talking Points:

- After zero 'high' rated events last week, the UK represents more than half of all top billed releases and speeches on the calendar: CPI is on Wednesday and GDP is on Friday. - The US Dollar rally may stall with the May FOMC[1] minutes and April US Durable Goods Orders due out between Wednesday and Friday. - The Euro, desperate for a lifeline, may not get one with the preliminary May PMI readings due out on Wednesday. Join me on Mondays at 7:30 EDT/11:30 GMT[2] for the FX Week Ahead webinar, where we discuss top event risk over the coming days and strategies for trading FX markets around the events listed below. 05/23 Wednesday | 08:00 GMT | EUR[3] Eurozone PMI Composite (MAY P) The only significant data due out in the week ahead for the Euro out are the initial May PMI readings. The mix of individual country releases at the start of the week will culminate in stagnant readings in the cumulative Eurozone PMIs due out on Wednesday (no change or declines are anticipated). Notably, the composite reading is due in at 55.1 unchanged. Although there has been some speculation that inclement weather over the winter months led to the drop in PMIs, that April and May have gone by without inclement weather and the PMI readings have yet to rebound speaks to the underlying slowdown in growth (marginal or otherwise). Pairs to Watch: EUR/GBP, EUR/JPY, EUR/USD[4][5][6] 05/23 Wednesday | 08:30 GMT | GBP[7] Consumer Price Index (APR)

Read more from our friends at Daily FX: