The releases are scheduled for Wednesday, before the ECB announces their monetary policy decision on Thursday
Here's the agenda for the releases on 24 July:
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
Expectation is for the data to show largely steady figures for the most part with France and Eurozone composite readings expected to hold steady at 52.7, while Germany's composite reading is expected to fall off slightly to 52.4 from 52.6 seen in June.
The release this week will be scrutinised as a potential last-minute compass for how dovish the ECB will be this Thursday.
Currently, markets are largely expecting the central bank to alter its forward guidance to reaffirm that additional stimulus will come in September. But there is a small quarter expecting a cut in the deposit facility rate as soon as this week.
Hence, if the data above disappoints heavily, expect markets to race to price in those expectations further. The OIS market has a 10 bps rate cut in the deposit facility rate this week at ~36% so there is scope for the euro to fall should traders start seeing a higher probability of such an event taking place.
