This week encloses many events that will drive the market, like U.K. snap election, ECB policy meeting on Thursday and RBA interest rate decision on Tuesday. Furthermore, a plethora of important indicators including Markit PMI for several countries, Eurozone’s and Australia’s GDP and many others that will be monitored.
Monday is a Markit PMI day. The services PMI is coming out for many countries including U.S., Euro area, Germany and U.K. and will complete the final composite PMI for May. Both services and composite PMI for the 19-nation union are expected to meet preliminary figures 56.2 and 56.8 respectively. German services sector is also anticipated to expand at the same pace as the flash estimate at 55.2.
U.S. services PMI is predicted to slow down to 55.0 from 55.6 in April. Going to the second half of the trading day, U.S. services PMI will be released as well as ISM non-manufacturing PMI and factory orders for May and the factory orders for April.
Later in the Asian session, on Tuesday 04:30 GMT, the Reserve Bank of Australia will publish its interest rate decision. They will probably keep their benchmark rate unchanged at 1.5% as per market consensus...
Read the full weekly market outlook on JFD Research.