It's PMI day in Europe
Happy Friday, everyone! Hope you're all doing well as we round off the trading week and look forward to the weekend. It's been quite a decent start to proceedings with risk notably taking a hit in Asian trading as commodity currencies are lower alongside yen pairs.
After the ECB is said to be mulling changing its language on risks being "broadly balanced" to more of a "tilted to the downside", the PMI prints today will receive more scrutiny as it could be a precursor for what the ECB may hint at next year.
0700 GMT - Germany November wholesale prices
Prior release can be found here. The index measures the value of sales made by wholesalers in Germany, it provides an indicator of consumption and retail pattern. A minor data point.
0800 GMT - Spain November final CPI figures
Preliminary figures can be found here. As these are final readings, they're not expected to produce much - if any - reaction in markets. Given that the ECB has already viewed softer inflation for next year, a downward revision here wouldn't really do much to knock down the euro.
0815 GMT - France December flash manufacturing, services, composite PMI
0830 GMT - Germany December flash manufacturing, services, composite PMI
0900 GMT - Eurozone December flash manufacturing, services, composite PMI
The main highlights of the economic calendar in European trading. As mentioned above, with the ECB growing more concerned about risks slowly "tilting towards the downside", these figures will come under immediate scrutiny to justify if those concerns are warranted. Further slowdown in economic data will only help to increase chances of the ECB feeling less optimistic about the economy come next year.
There's also a couple of ECB speakers to follow - I'll highlight that in a separate post - before we get US November retail sales data to come in North American trading. I wish you all the best of days ahead and good luck with your trading!
