Market Brief 05 July: Eyes on U.K. Services PMI
Hello traders! Today, we have a few events that are likely to impact the markets. Also, the New York Stock Exchange is back after celebrating the 4th of July.
EUR 08:55 a.m. GMT +1, German Services PMI (Jun) – analysts do not expect any changes in company performance in the service sector with 53.7 for June, and the same performance for the period before. If we see an actual result higher than expectations, this should be e bullish sign for the euro. However, a lower performance should be seen as weakening for the common Euro Zone currency.
GBP 09:30 a.m. GMT +1, Services PMI (Jun) – there is a slight decrease expected in the service sector of the United Kingdom with 53.5 for June vs. 53.8 for May. A performance above the level of 50 shows expansion of the sector, while a reading below 50 would be a clear indication that the service sector is slowing down. Thus, a higher than expected result, should be read as positive for the cable, while a lower than predicted result should be read as a devaluating sign for the currency.
EUR10:00 a.m. GMT +1, Retail Sales (MoM) (May)- a prime indicator of consumer spending. Expectations are for a slight increase at 0.3% vs.0.1% for the period before. If the result comes out strikingly better than expected, this should be read as a positive influence on the euro. And, if the news is worse off, then this should be read as a bearish sign.
USD 19:00 GMT+1 FOMC Meeting Minutes – this is a written record of the policy-setting meeting of the committee which took place two weeks ago. It is important because it gives clues as to the monetary policy and course and decisions taken regarding interest rate decisions.
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