Major overnight headlines:
•Norway’s may manufacturing PMI at 52.0
•ECB says banks deposited eu85.6 bln with it overnight
•ECB says banks borrowed eu24.0 mln at marginal rate
•Spain may manufacturing PMI rises to 48.1 from 44.7 in April
•Spain may manufacturing new orders index jumps to 49.5 from 43.0 in April, slowest contraction in 25 months
•French final may manufacturing PMI rises to 13-month high of 46.4 (flash 45.5, april 44.4)
•Italy may manufacturing PMI rises to 47.3 (April 45.5, f’cast 46.2)
•German may manufacturing PMI 49.4, highest since Feb (flash 49.0, april final 48.1)
•POBC Zhou says china won’t competitively depreciate Yuan
•UK manufacturing PMI rises to 51.3 in may from upwardly revised 50.2 in April, highest in 14 mths (poll 50.2) – markit/cips
•UK manufacturing new orders index jumps to 53.7 from 51.4, highest since March 2011
Click here to read the full report: FX Daily
BMO