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PMIs on the Agenda in European Trading Today
August 14th, 2024
FX is in the midst of a slow start to the new week. Today, PMI numbers for the euro area and UK will make their way through. However, it should be noted that these will be the final estimates, which means they will not hold much sway.
The highlight of the day will be the French, German, and Eurozone PMIs for June. They will provide some indication of the economy’s resilience since the better showing in May.
Quick Snapshot of Curbs Relaxed
Here is a quick snapshot of some of the recent restrictions that have been relaxed:
- Restaurants and bars are now able to stay open later.
- Social gatherings are now allowed with a maximum of 10 people.
- All non-essential shops are now open.
Manufacturing PMI in Euro Area
According to Trading Economics’ global macro models, the Manufacturing PMI in the Euro Area is expected to be 47.60 points by the end of this quarter.
The Euro has edged higher due to an uptick in PMIs. The final manufacturing PMI prints will fill the data docket in the days ahead.
Euro Exporters Vacillating
German exporters are vacillating between hope and pessimism over the prospects of the EU striking new trade deals during the European elections.
The big one to watch will be later in US trading, with the ISM services PMI for July coming up. Markets are already reeling after the US jobs report.
Equities Under Pressure
Equities are under pressure again, while bond yields are pushing higher, both of which are underpinning the greenback. USD/JPY is a notable mover amid a Japanese holiday today, with the pair seen up 0.6% to 153.90 currently.