Morning Juice – Europe Session Prep

Good Morning Traders.
It is Thursday the 24th of July. Here is what to look out for today.

Sentiment
Commerce Secretary Howard Lutnick said Fed Chair Jerome Powell “has got to go,” in a Fox News interview adding “he should either resign or be replaced.” He reiterated that interest rates need to be lower. Donald Trump will personally visit the Federal Reserve Thursday, amid escalating criticism over the central bank’s renovations, and against the backdrop of the president’s near-constant criticism of Fed Chair Jerome Powell for not cutting rates. US President Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising. Top representatives from the European Union will meet with Chinese President Xi Jinping and other key leaders Thursday, their first in-person summit since 2023 that’s exposing a divide between the bloc and Beijing just months after earlier signs of a possible detente.

Docket
03:15 ET
French PMI
Services – Forecast: 49.6, Prior: 49.6, Range: 51.0 / 49.0
Composite – Forecast: 49.1, Prior: 49.2, Range: 49.7 / 48.8
Manufacturing – Forecast: 48.5, Prior: 48.1, Range: 49.3 / 47.7

03:30 ET
German PMI
Services – Forecast: 50.0, Prior: 49.7, Range: 51.0 / 49.2
Composite – Forecast: 50.7, Prior: 50.4, Range: 51.1 / 49.1
Manufacturing – Forecast: 49.5, Prior: 49.0, Range: 50.0 / 48.3

04:00 ET
Eurozone PMI
Services – Forecast: 50.6, Prior: 50.5, Range: 51.0 / 50.0
Composite – Forecast: 50.7, Prior: 50.6, Range: 51.2 / 50.1
Manufacturing – Forecast: 49.8, Prior: 49.5, Range: 50.1 / 49.0

04:30 ET
UK PMI
Services – Forecast: 52.9, Prior: 52.8, Range: 53.6 / 51.5
Composite – Forecast: 51.8, Prior: 52.0, Range: 52.4 / 50.9
Manufacturing – Forecast: 48.0, Prior: 47.7, Range: 48.7 / 47.0

08:15 ET
ECB Interest Rate
ECB Deposit Rate
ECB Rate Statement