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Libations scheduled for Wednesday before ECB announces monetary policy decision on Thursday
Here is the agenda of the July 24th press releases:
07:15 GMT – France July flash manufacturing, services, composite PMI
07:30 GMT – Germany, flash manufacturing in July, services, composite PMI
The data are expected to show generally stable figures, the composite readings of France and the euro zone to remain stable at 52.7, while the composite readings of Germany are expected to decrease slightly from 52 , 6 to 52.4 in June.
This week's publication will be badyzed as a last-minute potential compbad on the ECB's dovish this Thursday.
At present, markets are largely waiting for the central bank to change its forecasts to reaffirm that additional stimulus will be taken in September. But a quarter is expecting a reduction in the deposit facility rate as early as this week.
Therefore, if the above data is very disappointing, expect the markets to continue the price race. The OIS market reduced the deposit facility rate by 10 basis points this week to around 36%, so the euro could fall further if traders started to see a higher probability than Such an event occurs.
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