Eurozone: A Super Thursday is coming  - Danske Bank


Next week data from the Eurozone included the PMIs, the German Ifo and the European Central Bank minutes, all to be released on Thursday. According to analysts from Danske Bank, the PMI is likely to show a small uptick from the current low level, while the German ifo number may already reflect the trade uncertainty.

Key Quotes: 

“In the euro area, we are in for a Super Thursday, with German and euro area flash PMI, German ifo and ECB minutes. The latest months’ gloomy PMIs have been somewhat at odds with the brighter hard macro data. Despite the 0.4% q/q Q1 GDP growth, the euro area manufacturing PMI remained below the recession-indicating territory of 50 for the third successive month in April, while the service sector still seemed to underpin growth.”

“We expect to see a very limited rebound in the manufacturing print to 48.3 on the back of the improving order situation in the April survey. The latest negative developments in the trade negotiations between the US and China could weigh on the PMIs and on the German ifo print, which we are due to get on Thursday as well. Thus, we see scope for a decline in the expectations component, while we expect some stabilisation in the business climate print on the back of the hard macro data.”

“The ECB minutes from the 11 April meeting may prove uneventful for the market. While we are interested in the discussion on inflation and the growth outlook to assess the ‘delayed-not-derailed’ message from Mario Draghi, we doubt there will be any new colour on this, or on the potential ‘tiering system’ and the upcoming TLTRO3 modalities.”

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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.

EUR/USD News

GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 

GBP/USD News

Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures