It's PMI day in Europe ahead of the ECB tomorrow
Handling Brexit be like...
Good day, everyone! Hope you're all doing well as we look to get things going in the session ahead. It's been a steady start to the day so far after the dollar solidified gains in overnight trading, with only the aussie losing a couple of pips after weaker PMI data.
Looking ahead, the focus will turn towards euro area PMI data and that will help to set up expectations ahead of tomorrow's ECB meeting decision.
0645 GMT - France July business, manufacturing confidence
Prior release can be found here. General indication of economic sentiment in France. Not a major release by any means.
0715 GMT - France July flash manufacturing, services, composite PMI
0730 GMT - Germany July flash manufacturing, services, composite PMI
0800 GMT - Eurozone July flash manufacturing, services, composite PMI
With the ECB set to meet up tomorrow, the release here will hold more importance as it has the potential to temper with expectations on what the governing council may decide. Estimates show that the data should roughly stick closely to that in June but any further deterioration will see markets price in a 10 bps rate cut more aggressively for tomorrow. The OIS market shows a roughly ~42% probability now of the ECB cutting its deposit rate facility by that amount tomorrow so that's the focus to watch out for.
0800 GMT - Eurozone June M3 money supply data
Prior release can be found here. General indication of money supply in the euro area, which can be seen as a proxy for credit conditions. A minor data point.
0830 GMT - UK Finance June mortgage approvals
Prior release can be found here. The data measures only a proportion of the demand in the UK housing market - those which are approved by High Street Banks in the UK. It provides an indication of housing market sentiment; not a major release.
1100 GMT - US MBA mortgage applications w.e. 19 July
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 good luck with your trading!
