Market movers today
• With a very thin calendar focus will be on markets digesting the statement from the G20 meeting over the weekend.
• US existing home sales are expected to continue to improve in June. In May the increase in existing home sales of 4.2% m/m resulted in the highest annualised rate since November 2009.
• Earning reports are currently also affecting market movements. McDonald’s report for Q2 is due for release today.
• During the week the most interesting data releases will be global PMIs and German IFO. In the euro area we expect PMIs to continue to improve, which should reflect a move from recession to slow growth. For US Markit PMI consensus is for a small improvement. In China we expect the latest decline in HSBC manufacturing PMI to continue as slower credit growth starts to weigh on domestic demand.
Read the full report: FX Daily
Danske Bank