It will be a fairly busy day in terms of potentially market-moving news.
In Europe focus will be on the German ZEW indicator for July. We expect a slightimprovement and would especially focus on the expectations sub-index, which weexpect to have increased – indicating a slight pick-up in German growth.
In Britain Bank of England governor Mark Carney will be questioned in the Britishparliament. Market focus will be on whether Carney will give any hints about possiblemonetary tightening from the BoE as UK growth continues to pick up.
In the US the Empire Manufacturing PMI will give us an early indication of thestrength of the continued recovery in the US manufacturing sector. The consensusexpectation is for a slight setback in July from June.
This afternoon Federal Reserve chair Janet Yellen will be speaking before the SenateBanking Committee. No major new ‘message’ from Yellen is expected.
Read the full report: FX Daily