Morning Juice – Europe Session Prep
Good Morning Traders.
It is Wednesday the 3rd of June. Here is what to look out for today.
Sentiment
Japan’s Finance Minister Satsuki Katayama reiterated that authorities are prepared to respond to foreign exchange moves as needed at any time, in comments that came as the yen weakened to levels near where authorities intervened to prop it up in late April. Oil rose for a third day on pessimism over the prospects of the US and Iran reaching a peace deal and as fresh fighting flared up in the Middle East. Japan’s cabinet approved a $19.4 billion extra budget to fund measures meant to cushion households from inflation tied to Middle East turbulence, putting fiscal policy back in the spotlight for bond investors. Andy Burnham canceled a call with hedge fund managers this week that was due to discuss fiscal policy and the bond market, as the would-be UK premier continued his campaign to win a seat in Parliament. Federal Reserve Chairman Kevin Warsh has hired conservative policy analysts Paul Winfree and Daniel Heil as temporary advisers, according to people familiar with the matter. China’s capital controls remain among the world’s strictest. Individuals are generally limited to transferring $50,000 overseas each year, while emigrants are given a one-time opportunity to move their assets abroad.
Docket
03:50 ET
French PMI’s
Services – Forecast: 42.9 | Prior: 42.9 | Range: 43.6 / 42.9
Composite – Forecast: 43.5 | Prior: 43.5 | Range: 44 / 43.5
03:55 ET
German PMI’s
Services – Forecast: 47.8 | Prior: 47.8 | Range: 47.8 / 47.8
Composite – Forecast: 48.6 | Prior: 48.6 | Range: 48.6 / 48
04:00 ET
Eurozone PMI’s
Services – Forecast: 46.4 | Prior: 46.4 | Range: 47.2 / 46.4
Composite – Forecast: 47.5 | Prior: 47.5 | Range: 48.3 / 47.5
04:30 ET
UK PMI’s
Services – Forecast: 47.9 | Prior: 47.9 | Range: 48.9 / 47.9
Composite – Forecast: 48.5 | Prior: 48.5 | Range: 49.5 / 48.5
05:00 ET
Eurozone PPI
YoY – Forecast: 4.9% | Prior: 2.1% | Range: 5% / 2.8%
MoM – Forecast: 0.6% | Prior: 3.4% | Range: 1.5% / 0.4%
