ECB Minutes and Eurozone PMIs amongst market movers today – Danske Bank

In the euro area, the Flash PMI is due and are going to be the key market moving economic release for today’s session, according to analysts at Danske Bank. 

Key Quotes

“After reaching an all-time high of 60.6 in December 2017, manufacturing PMI fell for six consecutive months to 54.9 in June 2018. The July figure reported a small increase to 55.1 and we believe manufacturing PMI will stabilise around this level for now. This is supported by the rebound in August ZEW economic expectations, and the trade deal between the EU and US in July has also diminished the immediate threat of tariff measures. Hence, we look for manufacturing PMI at 55.2 in August (in line with consensus).”

“The second tranche of tariffs between the US and China comes into effect today. It will lead to another 25% tariff on goods worth USD16bn. We continue to look for further escalation of the trade war during autumn.”

“ECB minutes from the July meeting are also being released. Although we do not expect any major new information as the meeting was relatively uneventful, we will look out for any hints regarding the Governing Council's interpretation of the date-dependent part of the forward guidance on rates ('at least through the summer of 2019').”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.