“Euro weakness remains the dominant theme of FX markets and usually important data releases are currently playing secondary roles in the FX markets,” says UBS in a research note prepared by Chris Walker.
In the week ahead, Advance July PMI data for the Eurozone and Germany is due on Tuesday. “The manufacturing and services indices are likely to fall to 44.5 (from 45.1) and 46.5 (from 47.1) for the Eurozone, and 44.5 (from 45.0) and 49.0 (from 49.9) for Germany,” forecasts UBS.
On the flip side, “the US economy probably expanded at the slowest pace in a year in the second quarter as US Q2 GDP likely slowed further to 1.50%,” notes UBS. Next Friday, UBS forecasts the final July estimates of Univ. of Michigan “to show a marginal increase to 73.0 from 72.0.”