- The UK services sector is hovering close to stagnation according to June’s PMI reading of 50.2. With a reading over 50.0 representing industry expansion, June’s figure was the lowest in 3 months and down from 51.0 in May. The survey’s creator, IHS Markit said risks remain to the downside as sentiment about the year ahead is worryingly subdued with businesses likely to continue struggling into Q3.
- Eurozone Final Services PMI 53.6 (53.4 Exp)
- Employment in the US private sector rose by 102,000 in June according to the ADP Non-Farm print released yesterday afternoon. That was however down on the 140,000 expected.
- The Canadian Dollar was one of the best performers in FX space yesterday afternoon following a much better than expected Trade Balance figure in May. In fact economists had forecast the Canadian economy would see a trade deficit of -1.7Bn, however the CAD Dollar was boosted following a surprise +0.8Bn surplus as exports in cars, aircraft and energy products surged.
- US Trade Balance -55.5Bn (-53.2Bn Exp)
- US Unemployment Claims 221K (220K Exp)
- US President Donald Trump tweeted yesterday that the US should match those practices of the EU and China which he said amounted to ‘currency manipulation’ and the pumping of money into their banking system in order to compete with the US economy. Trump said the alternative was to continue being the dummies who sit back and politely watch.
- US ISM Non-Manufacturing PMI 55.1 (56.1 Exp)
- Former UK Chancellor George Osborne is considering throwing his hat in the ring to become the next head of the International Monetary Fund, replacing the outgoing Christine Lagarde.
- According to Larry Kudlow, trade negotiating teams from the US and China are set to hold talks in the coming week. Reports separately suggest that China is considering buying some US agricultural products as a gesture of goodwill.
- Australia Retail Sales m/m 0.1% (0.2% Exp)
- Swiss CPI m/m 0.0% (-0.1% Exp)
- The United States will be celebrating Independence Day today as such economic data is incredibly thin on the ground.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|All Day||USD||US Bank Holiday|
|09.30||GBP||Housing Equity Withdrawal q/q||-6.9Bn||-6.2Bn|
|10.00||EUR||Retail Sales m/m||0.4%||-0.4%|