More PMIs to come from Europe (final readings though)
Good day, everyone! Hope you're all doing well as we move towards European morning trade later. The dollar is holding firm as we begin the day but notably the aussie and kiwi are a little weaker following poor Chinese data once again.
There's quite a number of economic data releases on the agenda in the session ahead but they will offer little to markets in terms of trading sentiment.
0730 GMT - Switzerland February CPI figures
Prior release can be found here. Swiss headline inflation has been on a downtrend but the silver lining is that core inflation is still holding up. Let's see if we'll get more of the same for February. Either way, inflationary pressures are still a long way from convincing of a change of stance in the SNB for now.
0815 GMT - Spain February services, composite PMI
0845 GMT - Italy February services, composite PMI
0850 GMT - France February final services, composite PMI
0855 GMT - Germany February final services, composite PMI
0900 GMT - Eurozone February final services, composite PMI
The services sector in the Eurozone is the counteragent to the poor manufacturing sector over the past few months. That is expected to show here considering that these are final readings for France, Germany and the overall Eurozone. The releases here aren't likely to offer anything new unless they deviate substantially from initial estimates to produce a change of sentiment in markets.
0900 GMT - Italy Q4 final GDP data
Preliminary release can be found here. As this is the final reading, it's not expected to impact markets all too much; even if the Italian economy is not shown to have suffered a technical recession (growth is still recession-like).
0930 GMT - UK February services, composite PMI
Prior release can be found here. Brexit uncertainty continues to preside over the UK economy and the same is expected to show in the readings here. In January, economic activity is seen to have flat-lined so be wary of the pound taking a minor knock if the readings here fall into contraction territory (<50).
1000 GMT - Eurozone January retail sales data
Prior release can be found here. A gauge of consumption/spending activity in the Eurozone economy. Given the rebound in German retail sales as we saw last week, more of the same is expected here. A minor data point.
That's about it in terms of data releases in the session ahead. I wish you all the best of days to come and good luck with your trading!
