Morning Juice – Europe Session Prep

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

Sentiment
President Donald Trump threatened to escalate strikes on Iran and said he’d hold the country responsible for any further attacks by the Yemen-based Houthis on ships in the Red Sea, as the widening Middle East war puts new strain on global energy supplies. The US will collect duties of between 10% and 12.5% on imports from most major trading partners, its biggest move yet to reconstruct President Donald Trump’s tariff wall that was pierced by the Supreme Court. The yen is on track for its biggest weekly loss in more than two months, with intervention warnings doing little to deter investors betting on further weakness. Japan’s key inflation gauge picked up for the first time in three months, keeping the Bank of Japan on course for another interest-rate hike this year. Japanese authorities will take bold steps to counter moves in the currency market decisively as needed, and a US Treasury report issued overnight underscores a shared view that excessive currency moves are undesirable, Finance Minister Satsuki Katayama said.

Docket
02:00 ET
UK Retail Sales
YoY – Forecast: 2.4% | Prior: 3.2% | Range: 3.2 / 1.7%
MoM – Forecast: -0.3% | Prior: 1.2% | Range: 0.5% / -1%
Core YoY – Forecast: 3.2% | Prior: 4.6% | Range: 4.1% / 3%
Core MoM – Forecast: -0.5% | Prior: 1.2% | Range: 0.5% / -1%

03:15 ET
French PMI’s
Services – Forecast: 47.5 | Prior: 46.8 | Range: 49 / 45.7
Composite – Forecast: 47.8 | Prior: 47.2 | Range: 49.2 / 46.5
Manufacturing – Forecast: 51 | Prior: 51.2 | Range: 52 / 50.2

03:30 ET
German PMI’s
Services – Forecast: 49 | Prior: 48.6 | Range: 50 / 47.2
Composite – Forecast: 49.5 | Prior: 49.7 | Range: 50.4 / 48.5
Manufacturing – Forecast: 50.5 | Prior: 50.3 | Range: 51 / 49.9

04:00 ET
Eurozone PMI’s
Services – Forecast: 49.8 | Prior: 49.4 | Range: 52.6 / 47.6
Composite – Forecast: 50.2 | Prior: 50 | Range: 52.5 / 48.4
Manufacturing – Forecast: 51.5 | Prior: 51.4 | Range: 52.6 / 50.3

ECB CPI Expectations

04:30 ET
UK PMI’s
Services – Forecast: 49.4 | Prior: 48.8 | Range: 50.5 / 47.8
Composite – Forecast: 49.8 | Prior: 49.3 | Range: 50.4 / 48
Manufacturing – Forecast: 52 | Prior: 52.5 | Range: 54 / 50.9