What are the main events for today?

Today the main event will be the US ISM Manufacturing PMI but we will get some minor economic releases before that. In fact, in the European session we have the Swiss Retail Sales, the Final S&P Global PMIs and the German inflation readings. These are low tier releases and shouldn’t be market moving.

14:00 GMT/10:00 ET – US ISM June Manufacturing PMI

The US ISM Manufacturing PMI is expected
at 49.0 vs. 48.7. We got a great S&P
Global US Manufacturing PMI which increased
to 51.7 vs. 51.3 prior and overall the data highlighted the fastest economic
expansion for over two years, hinting at an encouragingly robust end to the
second quarter while at the same time inflation pressures have cooled.

The survey also brought welcome news in
terms of job gains, with a renewed appetite to hire being driven by
improved business optimism about the outlook. Selling price inflation has
meanwhile cooled again after ticking higher in May, down to one of the
lowest levels seen over the past four years. Historical comparisons
indicate that the latest decline brings the survey’s price gauge in line
with the Fed’s 2% inflation target.

Central bank speakers:

• 19:00 GMT/15:00 ET – ECB’s Lagarde (neutral – voter)

This article was written by Giuseppe Dellamotta at www.forexlive.com.