A short week but an important one
Currencies Direct June 30th 2014 - < 1 minute read
Markets are closed in the US on Friday, 4 July for Independence Day, but the short trading week has lots of important data releases to digest ending with the US non-farm-payrolls on Thursday. Estimates are for a continuation of steady jobs growth of 210,000 with the unemployment rate holding steady at 6.3%. Upcoming US data takes on slightly more significance after a horrendous final Q1 GDP revision, to minus 2.9% on an annualised basis. The June ISM manufacturing figure is forecast to remain in expansionary territory at 55.5 and Janet Yellen is due to speak on financial stability at the IMF conference on Wednesday.
The ECB rate decision on Thursday will not see any major announcements after Mario Draghi unveiled a raft of new easing measures last month, but the markets will be looking to the ECB chief for further details on both the TLTROs and the possibility of outright QE. Eurozone inflation data is expected to hold steady at 0.5%, but further disinflation will put increasing pressure on the ECB to expand the measures already announced and fast.
UK data out this week focuses on the housing market with mortgage approvals and the nationwide house survey expected to show robust growth continuing. The manufacturing, services and construction PMI data due later in the week are all expected to stay in strong expansion, reaffirming the upgrades to UK growth in the last three months and will keep Sterling on the front foot.
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