Morning Juice – Europe Session Prep
Good Morning Traders! This Monday we get Euro-Area PMI, coupled with a UK Bank Holiday.
Here is what to expect for the day.
Sentiment
According to European Central Bank Chief Economist Philip Lane, recent euro-area statistics have increased his confidence that inflation is reverting to the 2% target, enhancing the prospect of a first interest rate drop in June.
A Chinese programme that insures developer bonds will be tested this week, when payments from one of the most indebted builders are due.
US Treasury Secretary Janet Yellen recognised substantial fluctuations in the value of the yen this week, but declined to say whether Japan acted to stabilise the currency.
Oil rose following a weekly decline, as Saudi Arabia raised selling prices for grades to Asia for the third month in a row, signalling confidence in the forecast with the OPEC+ cartel lowering supplies.
Saudi Arabia has boosted the price of its flagship crude to Asia for the third consecutive month, as the country strives to tighten the oil market to avert a worldwide global surplus.
Docket
03:55 ET
German Services PMI Final
Median Forecast 53.3 | Prior 53.3 | Range 53.5/53.3
German Composite PMI Final
Median Forecast 50.5 | Prior 50.5 | Range 50.7/50.5
04:00 ET
Eurozone Services PMI Final
Median Forecast 52.9 | Prior 52.9 | Range 52.9/52.1
Euirozone Composite PMI Final
Median Forecast 51.4 | Prior 51.4 | Range 51.4/51.2
Speakers
07:15 ET
ECB’s Villeroy Speaks
07:30 ET
ECB’s Nagel Speaks
Good Luck today, Traders!
