Market movers today
• Final euro area service PMIs will most likely confirm that the euro area is moving from recession to slow growth. We expect last month’s decline in the Italian figure to be countered and the Spanish number to catch up with the improvement in manufacturing PMI.
• Euro area retail sales are expected to decline as indicated by the first country releases. The expected decline follows an increase of 1.0% m/m in May. Retail sales have only increased at this monthly pace five times over the past six years.
• In the US we expect the ISM non-manufacturing index to rebound somewhat after last month’s drop and return to a level above 53. Decent figures for employment in the service sector and an increasing NAHB housing index suggest that non-manufacturing is still in a good shape.
• In Sweden it is time for service PMI.
Read the full report: FX Daily
Danske Bank