Morning Juice – Europe Session Prep

Good Morning Traders.
It is Thursday the 22nd of May. Here is what to look out for today.

Sentiment
House Republican leaders released a new version of President Donald Trump’s massive tax and spending bill with a higher limit on the deduction for state and local taxes and other changes in a bid to win over warring GOP factions to support the legislation. Treasury Secretary Scott Bessent and Japanese Finance Minister Katsunobu Kato “reaffirmed their shared belief that exchange rates should be market determined and that, at present, the dollar-yen exchange rate reflects fundamentals,” the Treasury department said Wednesday. US and Japanese finance chiefs confirmed existing currency views and did not discuss foreign exchange levels during a meeting in Canada, sending the yen briefly lower as markets wound back expectations for a more aggressive stance.

Docket
03:15 ET
French PMI’s
Manufacturing – Forecast: 48.7, Prior: 48.9, Range: 49.6% / 47.4
Services – Forecast: 47.3, Prior: 47.7%, Range: 49.0% / 46.3
Composite – Forecast: 47.8, Prior: 48.1%, Range: 50.0 / 46.7

03:30 ET
Germany’s PMI’s
Manufacturing – Forecast: 48.4, Prior: 48.8, Range: 50.1 / 47.4
Services – Forecast: 49.0, Prior: 49.5, Range: 50.5 / 48.5
Composite – Forecast: 50.1, Prior: 50.3, Range: 51.0 / 49.2

04:00 ET
German IFO’s
Business – Forecast: 86.9, Prior: 87.3, Range: 94.0 / 86.6
Current – Forecast: 86.4, Prior: 86.6, Range: 87.3 / 85.9
Expectations – Forecast: 87.4, Prior: 88.0, Range: 92.4 / 87.5
Eurozone PMI’s
Manufacturing – Forecast: 49.0, Prior: 49.2, Range: 50.5 / 48.0
Services – Forecast: 50.1, Prior: 50.5, Range: 51.0 / 49.5
Composite – Forecast: 50.4, Prior: 50.6, Range: 51.5 / 49.9

04:30 ET
UK PMI’s
Composite – Forecast: 48.5, Prior: 49.3, Range: 50.2 / 49.0
Manufacturing – Forecast: 45.4, Prior: 46.1, Range: 47.0 / 45.0
Services – Forecast: 49.0, Prior: 50.0, Range: 51.4 / 48.5