There will be more PMI data to come from the euro area today
Good day, everyone! Hope you're all doing well as we look to get things going in the European morning session ahead. Major currencies are light on movement again as markets look to be in a calmer mood following a more composed session in overnight trading.
There are a couple of economic data points to move things along later but right now it's all about markets trying to figure out if the risk recovery is the start of a turnaround or just merely a dead cat bounce as many would describe.
0715 GMT - Spain May services, composite PMI
0745 GMT - Italy May services, composite PMI
0750 GMT - France May final services, composite PMI
0755 GMT - Germany May final services, composite PMI
0800 GMT - Eurozone May final services, composite PMI
Focus will be on the prints from France, Germany, and Eurozone overall but given that these are final readings, they should do little to offer a fresh take on economic sentiment. As such, the releases matter little unless they deviate substantially from initial estimates.
0830 GMT - UK May services PMI
Prior release can be found here. The more important component that contributes to the UK economy but in light of Brexit uncertainty, the print here should mainly reaffirm that economic conditions are continuing to limp as we navigate through Q2. Shouldn't be a release that offers too much for pound traders.
0900 GMT - Eurozone April PPI figures
Prior release can be found here. This is a lagging indicator of inflation pressures in the euro area, as such the release here matters little since we already have CPI data for May as seen in yesterday's release here.
0900 GMT - Eurozone April retail sales data
Prior release can be found here. A general indication of consumption activity in the euro area, a minor data point.
1100 GMT - US MBA mortgage applications w.e. 31 May
Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. Not the biggest of data points, but a general indicator of the housing sector sentiment.
That's all for the session ahead. I wish you all the best of days to come and as always, good luck with your trading!
