Morning Juice – Europe Session Prep
Good Morning Traders! This Wednesday we get Services and Composite PMI for the Eurozone, Germany and the UK.
Here is what to expect for the day.
Sentiment
The head of the Federal Reserve, Jerome Powell, noted that while recent data indicates inflation is beginning to decline, more proof is still needed before interest rates be lowered.
In May, Australian retail sales exceeded forecasts, primarily due to bargains that consumers took advantage of despite high borrowing prices.
In the final round of legislative elections on Sunday, competitors attempting to keep the far-right out of power are being outwitted by Marine Le Pen’s National Rally.
The $27 trillion Treasury market is seeing traders wagering on higher long-term bond yields as Wall Street begins to acclimatise to the possibility of Donald Trump’s comeback to the White House.
Around a two-month high was maintained for oil as there were indications of a large reduction in US crude stockpiles.
Docket
03:55 ET
German Services PMI Final
Median Forecast 53.5 | Prior 53.5 | Range 53.7/53.5
German Composite PMI Final
Median Forecast 50.6 | Prior 50.6 | Range 50.7/50.6
04:00 ET
Eurozone Services PMI Final
Median Forecast 52.6 | Prior 52.6 | Range 52.8/51.5
04 30 ET
UK Services PMI Final
Median Forecast 51.2 | Prior 51.2 | Range 51.4/51.1
UK Composite PMI Final
Median Forecast 51.7 | Prior 51.7 | Range 51.7/51.6
Speakers
04:00 ET
ECB’s de Guindos Speaks
05:00 ET
ECB’s Cipollone Speaks
06:30 ET
ECB’s Lane Speaks
07:00 ET
Fed’s Williams Speaks
Good Luck today, traders!
