FXstreet.com (San Francisco) - The Eurozone is scheduled to release July flash PMI figures on Tuesday with slight increases expected in the composite as well as services and manufacturing indexes. "We are expecting a marginal pickup in the flash estimate," says the RBS European Economics team. "But before anyone gets excited we still have this key diffusion indicator in clear contraction territory."
In the PMI composite index, market expects the index to hold unchanged at 46.4 but the RBS bank sees the "euro area composite PMI rising to 46.7 in July from 46.4 in June," according to recent preview analysis published.
"This would arrest the down trend that has held sway since January after an unchanged reading in June," continues RBS.
In the manufacturing component, RBS "forecast can be broken down into a 0.6 point increase to 45.7 (on the back of a turnaround in the stock-orders ratio)." It is more than 0.2 points rises to 45.3 expected by market.
In the PMI composite index, market expects the index to hold unchanged at 46.4 but the RBS bank sees the "euro area composite PMI rising to 46.7 in July from 46.4 in June," according to recent preview analysis published.
"This would arrest the down trend that has held sway since January after an unchanged reading in June," continues RBS.
In the manufacturing component, RBS "forecast can be broken down into a 0.6 point increase to 45.7 (on the back of a turnaround in the stock-orders ratio)." It is more than 0.2 points rises to 45.3 expected by market.
