Some respite for sterling
It was a quiet enough day on the currency markets yesterday. There was some respite for sterling remaining largely unchanged at just under 88p versus the euro, while the euro was also steady against the dollar at $1.11. Brent oil prices rose off their lows to $45.50 per barrel
According to the ECB’s latest Economic Bulletin published yesterday, economic data in the Euro area points to stronger momentum in the second quarter, with economic growth projected to expand at a somewhat faster pace than had been previously expected
Euro area ‘Flash’ PMI’s for June are due for release later this morning. According to the consensus forecast, they are expected to show the manufacturing PMI eased back from May’s high of 57.0, with the services PMI also edging down but remaining close to its record high
There was a slight increase in US jobless claims last week which brought its 4 week rolling average to 245,000 – this remains amongst the lowest readings in the series history and is consistent with a resilient labour market
Also in the US, today we get ‘flash’ PMI’s for June, while Fed members Bullard, Mester and Powell are all due to speak later