Alongside the US Q1 GDP revisions we have durable goods orders for May.
The capital goods non defence ex-air component of the data is one to watch for it’s link to investment. It’s been a bit volatile of late but some solid gains underneath the negative -1.2% number last month gave it a more positive slant.
The main headline for durable goods is expected in flat for May at 0.0% from a revised 0.6% (0.8% prior) in April
Within the GDP revisions we also have the personal consumption revisions (2.4% exp vs 3.1% prior) and some price data by way of the GDP price index (unch at 1.3% exp) and core PCE prices (unch at 1.2% exp). The main PCE data out tomorrow will be a better indicator of inflation but it’s worth noting any large revisions for possible inflation signals.
Again, just for good orders sake, the headline GDP revision is expected in at -1.8% from -1.0% prior and the consensus range is -2.4% to -1.0%
To finish off the 13.30 (gmt+1) treble we have revised Q1 US corporate profits. The first read should a decline of 13.7%.
Last on the calendar is the US Markit services PMI flash for June at 14.45 (gmt+1) and we’re looking for 58.0 from 58.1 prior. Not a big data point but it is another little piece of the puzzle.
After that you can all go back to sleep
