Happy Friday everyone! We don't have much in the European session today other than some ECB speakers who are going to tell us again that they are data dependent and they won't pre-commit to anything as they wait for more information before September.
The only notable release will be the University of Michigan Consumer Sentiment survey in the American session.
14:00 GMT/10:00 ET - University of Michigan Consumer Sentiment
The University of Michigan consumer sentiment is expected to improve to 72.0 vs. 69.1 prior. Compared to the Conference Board consumer confidence report, which is more biased towards the labour market, the consumer sentiment survey is more weighted towards consumers’ finances.
In fact, analysts believe that it’s a better predictor of consumer spending than the consumer confidence report, which is also why the expectations index in the survey is included in the Leading Economic Index (LEI). As a reminder, we got a huge miss the last month, so another such miss might weigh on the sentiment, which is already a bit precarious.
Central bank speakers:
- 09:00 GMT - ECB's de Guindos (neutral - voter)
- 09:00 GMT - ECB's Lane (neutral - voter)
- 13:30 GMT/09:30 ET - ECB's Schnabel (hawk - voter)
- 17:30 GMT/13:30 ET - ECB's Lagarde (neutral - voter)
- 18:00 GMT/14:00 ET - Fed's Goolsbee (dove - non voter)
