A bit of an anti-climax today after yesterday’s flood of important news. The USmarkets are closed for Independence Day celebrations and outside Scandinavia wehave a very light calendar.
In the euro area the only major release is May factory orders in Germany. We expecta drop, partly reflecting a payback on the strong factory orders in April. However,recent manufacturing surveys suggest that the German manufacturing engine has lostsome steam in recent months.
It possible that Moody’s will announce a rating decision on Belgium (current rating isAA3 stable) and Fitch could announce a rating decision on the European FinancialStability Facility (current rating is AA+).
In Sweden industrial orders and production data are released at 09:30 CET.
Read the full report: FX Daily