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Tuesday throws up a quiet data session in Europe, with the only release of note the German Q2 GDP. In the US, the Philly Fed non-manufacturing index is the highlight.
German Q2 GDP to be confirmed higher (0700 BST)
German final second quarter GDP will be published at 7BST Tuesday and will be confirmed higher by 1.5% q/q. Although a strong bounceback from the Q1 weakness, Germany was, perhaps surprisingly, at the lower end of the leading eurozone states. Year-on-year, GDP rose 9.2%.
According to Destatis, the national stats agency, growth 'was mainly due to higher household and government final consumption expenditure.'
Destatis also noted that GDP remains '3.4% lower in the second quarter of 2021 than in the fourth quarter of 2019, the quarter before the coronavirus crisis began.'
U.S. data is largely second tier and includes the release of the Philadelphia Fed non-manufacturing Index at 1330BST, the Redbook at 1355BST and New Home sales at 1500BST.
Among policymakers slated to speak on Tuesday is ECB Executive Board member Isabel Schnabel at 1330 BST.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.