Top reports next Tuesday will be the German IFO Business Climate Index, the Conference Board US Consumer Confidence Index, and US new home sales. Developed economies continue to recover on the back of economic opening and vaccinations, and the data is likely to confirm the trend. Nevertheless, the American economy began to recover earlier and much has already been price in regarding its recovery. Therefore, data on the German economy should have a greater impact on the market.

The Central Bank of New Zealand makes a decision on next Wednesday. Like many other central banks, it will probably hint at early tapering of stimulus which could support NZD. The EIA's US oil reserves data will also have an impact on the fragile balance in the oil market.

In the second half of the week, investors' attention will be focused on the data on the US economy. Among them are orders for durable goods for April, claims for unemployment benefits and GDP. A positive surprise in the data is likely to increase pressure on the US currency as it will support risk appetite, which is negative for USD.

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