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Manufacturing PMI to hit wires

  • EUR German Retail Sales m/m: -0.9
  • EUR German Unemployment Change: -11K
  • EUR M3 Money Supply y/y: 4.6%
  • EUR CPI Flash Estimate y/y: 0.1%
  • EUR Core CPI Flash Estimate y/y: 0.8%
  • USD Core PCE Price Index m/m: 0.2%
  • USD Personal Spending m/m: 1.0%
  • USD Chicago PMI: 49.3
  • USD CB Consumer Confidence: 92.6
  • AUD GDP q/q: 1.1%

Bonds fell yesterday as the Federal Reserve seem adamant to hike interest rates this summer, amid signs that inflation is picking up. Oil data headed for its longest run of monthly gains in five years. The Greenback remained unchanged from last Friday, whilst EUR/USD remained above the key 200 day moving average. On Friday, Fed Chair, Janet Yellen said the improving economy meant a rate increase could be expected “in the coming months”, giving the Greenback a boost before the bank holiday weekend. The Guardian poll revealed that the EU leave camp was ahead, with voters split 52% -48% in favour of Brexit. 

Yesterday’s calendar was relatively quiet, we started the day with a look into the Eurozone’s inflation after Consumer Price Index was released. Eurozone CPI continued into deflation territory, registering an expected -0.1%. However, Core CPI which excludes the volatile, food, energy and alcohol prices registered at 0.8%, keeping the Euro at a steady pace. Across the pond, the US posted two poor pieces of high tier data; CB Consumer Confidence and Chicago PMI. Both readings failed to meet economists’ consensus, with Chicago PMI failing to expand at 49.3, whilst Consumer Confidence registered a poor 92.6 figure.

  • EUR Spanish Manufacturing PMI
  • GBP Manufacturing PMI
  • GBP Net Lending to Individuals m/m
  • USD ISM Manufacturing PMI
  • NZD GDT Price Index
  • AUD Retail Sales m/m
  • AUD Trade Balance

Today, two pieces of key secondary sector data will be released from the UK; Eurozone and US. Firstly, Manufacturing PMI from the Eurozone is expected to register a 51.5. UK Manufacturing PMI follow shortly after, with the reading forecast to improve to 49.6. However as the figure is below 50 it indicates contraction in the sector. Finally in the afternoon, US ISM Manufacturing PMI is due to post a slightly worst figure than last month at 50.5.