Market movers today
• In Europe, final service PMIs for June are released for France (09:50 CET), Germany (09:55 CET) and the eurozone (10:00 CET). UK service PMI is due at 10:30 CET.
• In the US, there are several interesting data releases on the calendar. First up is the ADP employment report (13:15 CET), which, together with initial jobless claims data (14:30 CET) and the employment component in the non-manufacturing ISM (16:00 CET) will provide clues on what to expect from Friday’s important labour market report. For the nonmanufacturing ISM headline index, an uptick in line with consensus expectations seems reasonable given that data have recently indicated improving consumer sentiment in the US. Finally, trade balance data are released.
• In Scandinavia, the Riksbank rate decision (09:30 CET) takes centre stage.
• Markets are also likely to be dominated by more cautious sentiment ahead of key events later this week (ECB, US employment report). Liquidity seems to be drying out, exacerbated by the US closing early today ahead of the 4 July holiday.
Read the full report: FX Daily
Danske Bank