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EURUSD to high of the day but limited FI reaction


EURUSD to high of the day but limited FI reaction


PMI: "Unprecedented" rise in output prices


PMI data: Inflationary pressures "grew stronger"


Day ahead

MNI Global Morning Briefing

MNI (London)
     LONDON (MNI) - It's a service stop morning in Europe Tuesday with services
PMI from the Euro Area and the UK.
     Starting in Spain at 0715GMT, the services PMI for May comes out off the
back of a strong April reading of 55.6. That will be followed half an hour later
at 0745GMT by Italy, with their services PMI. The Italian April's reading was
52.6, and all eyes are looking for any change on the flash read from the
political situation.
     Next up in five minute intervals is France and Germany. France previously
had an April reading of 54.3, whilst Germany had a reading of 52.1. As always,
the Euro Area services PMI comes out after these countries' readings. Analysts
expect an unchanged figure from April's 53.9.
     Moving to 0830GMT and the UK's Services PMI will be published. The services
PMI rose to 52.8 in April after March's 20 month low of 51.7.
     Back to the Euro Area at 0900GMT and the latest retail trade data will be
published. Previously, m/m and y/y growth was at 0.1% and 0.8%.
     The BOE are hosting many speeches this week and one of these is at 1000GMT
when Deputy Governor Jon Cunliffe speaks in London.
     In Canada, at 1230GMT, labour productivity and costs data will be released.
Previously, labour productivity grew by 0.2%.
     The US ISM nonmanufacturing index (1400GMT) is expected to rise to a
reading of 57.7 in May from 56.8 in April. The Philadelphia nonmanufacturing
index rose to 45.3, while the flash Markit Services index rose to 55.7.
     The next speech comes at 1730GMT with EBC Governing Council member Jens
Weidmann speaks in Brussels.
     Closing out the calendar early morning Tuesday is Japan with their average
wages preliminary estimate at 0000GMT and Australia's quarterly GDP at 0130GMT.
Japan's real wages previously saw y/y growth of 0.7%. Australia's quarterly GDP
is expected to rise strongly from a prior 0.4% q/q growth to 0.8% q/q growth.
--MNI London Bureau; tel: +44 203-586-2225; email:
MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |