FXStreet (Edinburgh) – Pernille Henneberg, Senior Analyst at Danske Bank, notes today’s most relevant releases in Euroland and the US.
Key Quotes
“Euro-area manufacturing PMI is expected to decline as suggested by the ZEW expectations. Although it has a reputation as only describing the stock market, it has been good at signalling a change in the trend in both Ifo expectations and manufacturing PMI. The German manufacturing PMI should show a modest decline as recent hard data have been good. The current trend in euro-area service PMI is lower, which likely stems from the headwind to consumers from the higher oil price”.
“US durable goods orders for May are due for release. The core measure, nondefence capital goods orders ex aircraft, has been depressed since mid-last year, which is surprising since businesses have added to payrolls. As the recovery progresses, we expect business fixed investments to pick up pace and the durable goods orders report will give an indication of whether this was the case in May”.
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