German industrial production drops 2.5% in May, raising more concerns

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In the upcoming session, Eurozone retail sales figures are set to be released, attracting the attention of investors. A rise in consumer spending could potentially lead to demand-driven inflation, potentially affecting the timing of an ECB rate cut. Economists are predicting a 0.2% increase in retail sales for May, following a 0.5% decline in April.

However, all eyes are on the crucial US Jobs Report, which is expected to have a more significant impact on the financial markets. A weaker-than-expected wage growth and a rise in the US employment rate could solidify investor expectations of a Fed rate cut in September. Economists are forecasting a 3.9% year-on-year increase in average hourly earnings for June, down from 4.1% in May.

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Furthermore, the US unemployment rate is expected to hold steady at 4.0%. Fed Chair Powell recently highlighted the importance of wage growth, emphasizing the significance of the average hourly earnings data.

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