Market movers today
• Euro-area flash PMIs are expected to improve but to remain in recessionary territory. In April the final euro-area PMIs showed upward revisions pointing to improvement during the month, signalling that data might have improved in May.
• Loads of ECB speeches. Liikanen speaks on structural reform and Coeuré on a European Banking Union, both in Copenhagen, Nowotny and Noyer hold press conferences, finally topped by Weidmann and Draghi speeches this afternoon.
• US manufacturing PMI is expected to improve slightly and signal that the US recovery is strengthening.
• Fed’s Bullard speaks on monetary policy: as with recent Fed speeches, today’s talk will be scrutinised for views on a Fed exit from quantitative easing (QE)
• A quiet day likely ahead in Scandi markets with focus in Sweden on assessing the (seemingly dovish) stance of the two newly appointed Riksbank members.
Click here to read the full report: FX Daily
Danske Bank