Federal Reserve Vice Chairman Stanley Fischer attempted to boost the Greenback in a speech in Aspen on Sunday. Fischer said that US economic conditions are close to hitting the central bank’s targets as he gave an upbeat assessment of the US economy. The hawkish comments have added fuel to the fire that a rate rise in the States may still occur this year. Market focus now switches to Fed Chair Janet Yellen who will be speaking at the Jackson Hole symposium on Friday.
It was a relatively light economic docket yesterday with no pieces of high tier data released. We did have wholesale sales figures released from Canada earlier in the day which posted a better than expected 0.7%. Shortly after, Australia released the Conference Board leading index which looks at the health of the Australian economy. This reading posted a 0.1% figure which was equal to the previous month.
Flash manufacturing and services PMI’s from Germany and then Eurozone are today’s main data releases. The powerhouse of the single currency zone Germany, are set to see both PMI readings remain constant in July at around 53.7 for the manufacturing sector and 54.3 for services. The Eurozone as a whole are also forecasted to post around last month’s reading. Later in the day from the US, new home sales will hit the wires with a slight fall back of 575k expected for July.